Recording Fixed Assets

Manage the Fixed Assets Register

You can manage your fixed assets register by selecting Others >>Fixed Assets in the Accounting Menu

Fill out the Asset Details entry fields and refer to the asset account the asset belongs to. In the Depreciation tab you enter the Asset Type and Depreciation Method, Start date and start book Value. Depreciation rate and Depreciation Account is taken from the Fixed Assets Setting Information
For fixed assets purchased in the past the Start Date and Start Book Value on the date of registering the asset in the system can be entered. Once the Fixed asset is saved it will show in Pending status.
When you buy fixed asset you have to create Account Payable Invoice and select account in type fixed asset, the system will automatically create Fixed Asset Item in status "Pending" after that user have to click register

Different Status of assets are shown in the Status bar

Pending

Pending Items are fixed assets that have been: entered and saved without a depreciation method or depreciation rate or imported. These items have no impact on your financial data.

Registered

Fixed assets that have had a depreciation method applied and are registered can be viewed from the Registered Items tab. You can open and view a Registered Item.

Sold and Disposed

Fixed asset items that have been sold or disposed will appear on the Sold and Disposed tab. They don't have depreciation run against them but details of the total amount of depreciation and disposal date will still appear in the Fixed Asset reports.

Computing Depreciation values

The depreciation of all registered assets can then be computed by clicking on the Depreciation button

The depreciation will be updated at To Date entered date and the book value of all Fixed assets will be updated.
Selecting a Fixed Asset in the register will show the following information:

The summary information shows the latest computation of actual book value and last depreciation

Selling and Disposing Fixed Assets

Sell an asset

If you have sold an asset which is registered in the Fixed Assets register, you will need to record the item as sold in the Option Menu >>Sell
Selling an asset is the same process as disposing an asset as both actions remove the asset from your asset register.

Enter details of when the asset was sold, the account to debit for the sale and the tax exclusive sale price.
Enter details of the final depreciation amount to be run against the asset item. You can choose to include no depreciation for the current financial year or all depreciation up to and including a specific date.

Dispose an Asset

To dispose of an asset simply choose the Dispose option in the Option menu for the Registered Item you want to dispose.

Choose the date you would like to record the asset item as being disposed of.
Enter details of the final depreciation amount to be run against the asset item. You can choose to include no depreciation for the current financial year or all depreciation up to and including a specific date.

Simply choose an account to code losses to. If a suitable account does not exist in the list, you can add one directly from the Chart of Accounts.