Fixed Asset Classes
Fixed Asset Classes group your assets for reporting and automated depreciation. Grouping similar items — vehicles together, office equipment together — means they follow the same accounting rules and the same depreciation rate without being set individually.
Where to find it
Go to Fixed Assets > Settings > Classes.
Adding a New Fixed Asset Class
Click Add New and fill in:
| Field | Description |
|---|---|
| Parent Class | Creates a hierarchy. Choose a parent where this is a sub-category — "Laptops" under "Computer Equipment" — otherwise select No parent selected. |
| Fixed Asset Class Code | A unique alphanumeric code identifying the class in the register and on purchase entries. |
| Description | A clear name, such as "Office Furniture". |
| Long Description | What kinds of asset belong in this class. |
| Basic Depreciation Rate | The annual percentage. This becomes the default for every asset in the class, which is what automates the period-end calculation. |
Managing the Class List
| Feature | Description |
|---|---|
| Hierarchical View | Shows how classes nest, so you can see the whole asset breakdown. |
| Edit | Update descriptions or default rates. A rate change typically affects assets added afterwards. |
| Delete | Only possible while no active assets are linked. Reclassify them first. |
Best Practices
| Practice | Why |
|---|---|
| Structure first | Set classes up before adding assets — the class decides the item's default financial behaviour. |
| Consistency | Use codes your finance team recognises, so nobody hesitates at the purchase invoice stage. |
| Regular review | Check rates periodically against current tax law and company policy. |
Changing a rate does not restate assets already depreciating. If the law changes, the existing assets need adjusting deliberately — the new rate only carries forward to what is added next.
Related pages
- Categories — tax and GL account grouping
- New Fixed Asset — where a class is applied
- Depreciation — where the rate is used
- Assets — the register by class