Adding an Asset

Newly acquired fixed assets are normally recorded in the General Ledger first. Typically, a creditor’s invoice for the purchase of a fixed asset is charged to a GL Fixed Asset cost account, then the asset is added to the Fixed Assets register.

There are two ways of adding a new asset to Fixed Assets:

Double-click on an asset in the General Ledger Assets window (or select the asset and click Add).
Click New on the main Fixed Assets window.

In either case, the main Fixed Assets window shows the Details tab for the new asset:

Enter values for all fields, then click Save to add the asset.

Note: Adding an asset to Fixed Assets does not produce General Ledger accounting entries. The update to the General Ledger Asset Cost accounts is done independently. It is important to reconcile the GL Asset Cost accounts (and accumulated depreciation) to relevant totals from Fixed Assets.

Asset Details

The following details must be completed for all assets. These details can be edited after the asset is created.

Field	Description
Asset Number	A unique identifier for the asset. This number is generated by the system and cannot be changed.
Asset Code	A code to help you identify the asset. If you already have an existing system, you can transfer the number to this system.
Name	The name assigned to the asset.
Description	Description of the asset as listed in the General Ledger and the invoice.
Has parent	Select this option if the asset is a part of a larger asset.
Is parent	Select this option if the asset is the main asset and has other subsidiary assets.
Purch this year	Select this option if the asset was purchased this year.
Parent Asset	If the Has parent option is selected, specify the asset's parent asset.
Asset Group	Select the Asset Group that the asset belongs to. This determines default values for General Ledger accounts and depreciation rates/methods.
Serial No.	The serial number of the asset (if applicable).
Invoice No.	The Creditor Invoice number.
Branch No.	The branch that the asset is located in.
Location	The Asset Location that the asset belongs in.
Custodian	The name of the staff member responsible for the asset.
Supplier	The name of the supplier who sold the asset to you.
Serviced by	The name of the person who will service the asset (if applicable).
GL Account	The Balance Sheet Asset Cost account number.
Depreciation A/C	The Profit & Loss Depreciation expense account.
Accum Depreciation A/C	The Balance Sheet Accumulated Depreciation account.
Next Service Date	The date you want the service to take place (if applicable).
Purchase Date	The date the asset was purchased.
Commission Date	The date you want to start depreciating the asset.
Purchase Value	The price paid for the asset (excluding GST).
Status	Select whether the asset is Active (i.e. with you and being depreciated), has been Sold or has been Disposed of.
Depreciation Rates
Book [%]	The book/accounting depreciation rate.
Tax [%]	The tax depreciation rate.
Straight	Select this option if the Straight Line depreciation method is to be used for this asset.
Dim Value	Select this option if the Diminishing Value depreciation method to be used for this asset.
Depreciated Values (all read-only)
Opening Value	The opening Net Book Value for the current year.
Current Year	The amount that the asset has depreciated by this year.
Depreciated Value	The current Net Book Value of the asset (equal to Opening Val - Current Year).
Last Depreciation Date	The date when depreciation was last calculated on the asset.