Fixed Assets is a section designed for the accounting of the fixed assets turnover, creating fixed asset cards and depreciation schedules.
All Fixed Assets – is a list of fixed assets. The list can be sorted by date, inventory number, name, account, initial and residual value, and accumulated depreciation. The list contains all cards with a status of Draft, Waiting for Approval, Approved/Registered, and Disposed/Sold.
Waiting for Approval – is a list of fixed assets with a status of Waiting for Approval.
Approved/Registered – is a list of fixed assets with a status of Approved/Registered.
Upcoming Depreciation – is the depreciation schedule of a fixed asset.
Fixed Asset Card
A fixed asset card contains the following tabs:
General Info – provides information about the fixed asset including the name and general ledger account of the fixed asset, accumulated depreciation account, account for accumulated depreciation writing-off, book value, accumulated depreciation amount, residual value, registration date, and inventory number.
Depreciation Schedule – is a form to create the depreciation schedule of a fixed asset according to the formula or in equal amounts.
The following placeholders are available:
- G – book value;
- N –residual value.
The salvage value field is available. Salvage value is the amount up to which depreciation is calculated (depreciation expense will be limited if the calculated amount would result in the book value dropping below the salvage value).
Book Value Changes – is a report on the fixed asset book value changes created based on the journal entries made. The report contains the transaction date and type as well as changes in the book value, residual value and accumulated depreciation.
You can delete any record (along with the corresponding journal entry) from this report. Deleting a record zeroes out the depreciation schedule. After the record is deleted (along with its entry), a new depreciation schedule needs to be created.
Journal Entries – is a list of all journal entries related to the fixed asset.
Events – is a feed updated by the user with the information about the fixed asset.
Files – is a list of uploaded files related to the fixed asset.
Working with Fixed Assets
Fixed asset cards can be copied or deleted, but you can delete only a card that has no journal entries.
All journal entries are available in the Value Changes tab and can be deleted by clicking the delete icon near each entry.
To write-off a fixed asset, click Dispose/Sell and update the entry for writing-off a fixed asset. The entry will zero out the fixed asset and depreciation account and change the status of the fixed asset card into Disposed/Sold.
To change the value of a fixed asset, click Adjust/Revalue and update the entry for adjusting the value of a fixed asset. Note that changing the value of a fixed asset automatically zeroes out the depreciation schedule, and a new depreciation schedule will need to be created.