Table of Contents

Overview

The system allows you to track all types of Assets - some are financial assets and some are not.

Any asset in the system can be a financial fixed asset and have associated depreciation journals created.

The user requires the 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

The Asset must be owned by the Host Company


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

Supplier invoice to purchase the Asset

Asset value comes from Supplier Invoices that:

  1. Have a Tax code of CAP
  2. Have been linked to the Asset at the line level

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 - choose link type "Asset" and enter the Asset code to create the link

Create the Financial Asset Book Value

Once all the Creditor invoices you want to have included in the initial asset value have been linked to the asset - you can create the Asset Financial Value.

The Current book value is found on the Asset Screen

 


Creating Depreciation Journals - a manual monthly end of month task.

First the asset must have

  1.  A Depreciation Method Chosen
  2. Taxable Proportion (where 100% is zero personal use)
  3. Effective Live of the Asset
  4. A current Value (based on Capital Creditor Invoices being linked less depreciation journals

A single depreciation journal is created with a line for every asset

If you want to you can delete the depreciation journal that latest was created and create it again.

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.