Fixed Assets
Fixed Assets tracks the long-lived property your business owns — vehicles, machinery, computers, furniture — from the day you buy one to the day you sell or scrap it. It holds their book value, runs their depreciation, and keeps the balance sheet honest without anyone maintaining a spreadsheet alongside.
What counts as a fixed asset
A fixed asset is physical property used to run the business rather than to be sold on, and not expected to be consumed or turned into cash within a year. On the balance sheet these are your property, plant and equipment.
Set up in this order
| # | Setting | Why it comes here |
|---|---|---|
| 1 | Classes | The broad accounting groups. A class sets the default depreciation rate. |
| 2 | Categories | The GL accounts and tax treatment every asset in the group will use. |
| 3 | Locations | The sites assets are held at and moved between. |
| 4 | Fixed Assets | The assets themselves, which inherit from the three above. |
Classes and categories before assets. The class decides how an asset depreciates and the category decides which accounts it posts to — get them in afterwards and each asset has to be corrected by hand.
The asset lifecycle
| Stage | Screen |
|---|---|
| Register what you already own | New Fixed Asset |
| Buy a new one from a supplier | Purchase Invoice |
| Move it between sites | Transfer |
| Write down its value each period | Depreciation |
| Sell it to a customer | Sale |
| Scrap or write it off | Disposal |
Sale or disposal
| Sale | Disposal | |
|---|---|---|
| Use when | A customer is buying the asset. | The asset is scrapped, lost or written off. |
| Produces | A tax invoice and a receivable. | A write-off against your loss on disposal account. |
| Money in | Yes, at the agreed price. | No. |
Finding your way around
- Overview — total assets, book value and depreciation at a glance
- Assets — the asset register
- Movements — every transaction against an asset
- Depreciation View — one asset's depreciation history
Where to go next
- Classes — start here on a new installation
- New Fixed Asset — register your first asset
- System and GL Setup — the disposal and depreciation accounts
In this section · 14 articles
New Fixed Asset
A Fixed Asset is long-term physical property the firm owns and uses to generate...
Fixed Asset Purchase Invoice
The Fixed Asset Purchase Invoice records buying an asset from a supplier. Unlike an...
New Location Transfers
A Location Transfer records moving a physical asset from one site to another. Keeping...
New Fixed Asset Disposal Form
The Fixed Asset Disposal form removes an asset from the company's books when it...
New Sale
The Fixed Asset Sales Invoice is used when you sell a registered asset to...
Depreciation
Depreciation is the systematic reduction of a fixed asset's recorded cost over its useful...
Fixed Assets List and Inquiry
The Fixed Asset Management screen is your asset register. It lists everything the company...
Movements
The Asset Movements list is a ledger-style audit trail of every transaction against an...
Fixed Assets Location
Fixed Asset Locations define the sites, offices and warehouses where your assets are held....
Fixed Asset Classes
Fixed Asset Classes group your assets for reporting and automated depreciation. Grouping similar items...
Fixed Assets Categories List and Inquiry
The Asset Categories list defines and organises assets into groups. Setting up categories automates...
View Of Depreciation for Fixed Assets
The Asset Depreciations view breaks down how one asset's value has been reduced over...
Fixed Assets Overview
The Fixed Assets Overview is the register at a glance — how much you...
Asset Category Setup
Category Setup is where an asset category is created or edited. A category carries...