Table of Contents
Table of Contents
...
Any asset in the system can be a financial fixed asset and have associated depreciation journals created.
...
| Note |
|---|
The user requires the |
...
Details of the Assets owned by the business and listed as financial assets are listed here. When Assets are to be disposed of all the details will be visible here making it easier to calculate required financial journals.
General Tab
Financial required information is tracked about the asset
...
Location or Placement History
For Assets that are placed onto customer sites you can track the placement history here
- Customer
- From and to Dates
- Free form notes
- History visible
Photographs
Photographs may be taken and attached here of the asset - use "Attach Photo" on bottom of screen to go to Financial Fixed Asset Register and upload
Journals
Shows all the journals that have referenced this asset
Master List
...
Secure Feature "FixedAssetManagement" to use this functionality |
Setting up Fixed Asset Classifications
Asset Groups link the Asset value and Depreciation value accounts
Normally Asset Accounts and Depreciation Accounts are in the Assets - Fixed Assets section of your GL
So each Asset that is to have a financial value must be linked to a Fixed Asset Class
Setting up the Initial Value of the Asset
Asset value comes from Supplier Invoices that:
- Have a Tax code of CAP
- Have been linked to the Asset at the line level
| Note |
|---|
Note that the GL code for the Capital value lines will be forced to be the same as the Asset class linked to the Asset |
The Asset will have a link to the journal/s
And will have the values showing in the Purchased / Disposal section of the Asset General Details
Creating Depreciation Journals - a manual monthly end of month task.
First the asset must have
- A Depreciation Method Chosen
- Taxable Proportion (where 100% is zero personal use)
- Effective Live of the Asset
- A current Value (based on Capital Creditor Invoices being linked
- Be after the start date and before the end of the effective live
A single depreciation journal is created with a line for every asset
If you want to you can delete the depreciation journal that was created and create it again.
| Note |
|---|
If the Asset was owned for a part of a month (ie was purchased during a month) - the system automatically only calculates the depreciation for that part of the month. Depreciation is only calculated for assets with a financial book value. Assets that were written off during a month will the depreciation journal written at the time of the write off and must be written off before the mass depreciation journal is written. |