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Introduction

Fixed asset file: Define fields

1. 1
   Asset Type: Assets must be divided into types to facilitate operations and get their own reports. This field is defined in the Asset Types screen.
2. 2
   Number: A unique number distinguishing each asset from others.
3. 3
   Statement: Definition of the asset.
4. 4
   Purchase Date: Date of purchasing asset.
5. 5
   Beginning of depreciation for the current period: This date is used to calculate depreciation. It is usually the purchase date if the asset was purchased during current year, or start date of the period if the purchase was made during a previous year.
6. 6
   Depreciation Rate: Default value of this field is obtained from Asset Type screen and can be changed.
7. 7
   Locations: Location of asset, a group of locations can be defined in the Asset Locations file.
8. 8
   Color / In custody of: Asset color, and name of employee responsible for this asset. Value of custody is set automatically from the Custody Voucher screen.
9. 9
   Note: Any other notes.

Fixed asset types file: Define fields

1. 1
   Code: A unique code for each type of asset. Assets must be divided into types to facilitate operations and get their own reports.
2. 2
   Statement: Definition of asset type.
3. 3
   Depreciation Rate: Default value for this type is set and can be changed for each asset individually.
4. 4
   Account Number: Main asset account number for this type.
5. 5
   Depreciation Account: Asset depreciation account number for this type. This account is for the current year's asset depreciation expenses.
6. 6
   Accumulated Depreciation Account: Accumulated depreciation account number for this type. This account contains cumulative depreciation values during current year and previous years.

Add a new asset

1. 1
   From main menu click on Fixed Assets >>> Fixed Asset Types File.
2. 2
   Add asset type if it was not already added.
3. 3
   From main menu click on Fixed Assets >>> Fixed Assets File.
4. 4
   Enter the new asset number to be added then press Enter.
5. 5
   Enter the rest of the data.
6. 6
   Click Save.

Record the opening balance of the asset

1. 1
   From main menu click on Fixed Assets >>> Opening Balances.
2. 2
   From main menu click on Fixed Assets >>> Fixed Assets File.
3. 3
   Enter the asset type and number.
4. 4
   Enter the rest of the data.
5. 5
   Click Save.

Record depreciation of fixed assets

This feature allows calculating asset depreciation up to a specific date.

1. 1
   From main menu click on Fixed Assets >>> Record Depreciation of Fixed Assets.
2. 2
   Enter the date up to which you want to calculate the depreciation.
3. 3
   Enter the type of assets whose depreciation is to be recorded.
4. 4
   Click Add All button to calculate depreciation for all assets under selected type.
5. 5
   Make sure that all entered values are correct.
6. 6
   Click Post / Confirm.

Direct dealing with asset accounts

Sometimes there is a need to adjust some values of asset accounts. This can be executed through Journal Voucher screen as follows:

1. 1
   From main menu click on Accounts >>> Journal Voucher.
2. 2
   Enter the date and other data.
3. 3
   Enter the debit account number and then the amount debit or credit.
   Since the asset has been defined through Asset File, the following formula must be used for account number:
   ( Main asset account number - Type number + Asset number )
   Example: If main asset account number is 1102, asset type number is 02, and asset number is 2001, then asset account number is:
   1102-022001
4. 4
   When finished click on Confirm to post the transaction.