The Fixed Asset Management screen allows you to view, manage, and perform actions on your assets. This screen lists all assets along with their critical details, such as their purchase date, depreciation method, current value, and status.

Key Components:

1. Asset List View:

   • # (Asset ID): A unique identifier for each asset.
   • Description: The name or brief description of the asset. Clicking on this link will take you to the detailed view of the asset.
   • UOM (Unit of Measure): The unit in which the asset is measured, e.g., CM (Centimeters).
   • Class: The category to which the asset belongs, e.g., Fixed Asset.
   • Rate or Lifecycle: The depreciation rate or expected lifecycle of the asset.
   • Method: The depreciation method applied to the asset, e.g., Straight Line.
   • Purchased: The purchase date of the asset.
   • Initial Value: The initial value of the asset when purchased.
   • Depreciations: The total depreciation that has been applied to the asset to date.
   • Current Value: The current value of the asset after accounting for depreciation.
   • Liquidation or Sale: Indicates if the asset is liquidated or sold.
   • Status: The current status of the asset, e.g., Purchasable, Active.

2. More Actions:

   • Depreciation Button: This button allows you to calculate or update the depreciation for the asset. Clicking it will open the depreciation settings where you can apply or update depreciation as per the selected method.
   • Edit Button: Clicking the pencil icon opens the edit screen for the selected asset, allowing you to update asset details such as description, purchase date, depreciation method, etc.
   • Delete Button: The red cross icon allows you to delete the asset from the system. Note that this action is irreversible, and you should only delete assets that are no longer needed or were added by mistake.

Depreciation Process:

• Depreciation Calculation: Use the Depreciation button to periodically calculate the depreciation value based on the chosen method (e.g., Straight Line). The system will automatically update the depreciation field with the calculated amount.
• Depreciation Review: Regularly review the depreciation to ensure it aligns with your accounting policies. You can update or change the method and rates as necessary.

Editing an Asset:

• If you need to modify any details of an asset, use the Edit button. Ensure all necessary fields are updated correctly to reflect the asset's current status and value.

Deleting an Asset:

• Deleting an asset should be done with caution. Once deleted, all information related to that asset is permanently removed from the system.