Fixed Assets Categories List and Inquiry
The Asset Categories list defines and organises assets into groups. Setting up categories automates the accounting: every asset assigned to a category follows the same tax rules and posts to the same General Ledger accounts for sales, depreciation and disposal.
Where to find it
Go to Fixed Assets and click the Categories tab.
Add New Category
The blue + Add New button creates a new asset classification. This is where you define the default tax types and the financial accounts that every asset in the category will use.
Categories Table
This table shows the configuration for each category, which is what keeps accounting consistent across the register.
| Column | Description |
|---|---|
| Name | The category's identifying name. Click the link to open its details. |
| Tax Type | The default tax rate applied to assets in this category. |
| Units | The standard unit of measure used. |
| Sales Account | Where revenue is recorded if an asset in this category is sold. |
| Asset Account | The balance sheet account holding the value of these assets. |
| Depreciation Cost Account | The expense account for periodic depreciation charges. |
| Depreciation/Disposal Account | Accumulated depreciation, and the financial impact of disposing of an asset. |
| Assembly Account | For assets that form part of an assembly or manufacturing process. |
The accounts here decide where every future transaction lands. A category pointing at the wrong depreciation account will keep posting there quietly until someone reads the trial balance — so check them once, carefully, rather than assuming the defaults fit.
More Actions & Bulk Tools
| Tool | What it does |
|---|---|
| Edit (pencil) | Change the name, tax settings or linked GL accounts. Changes apply to future transactions. |
| Delete (trash can) | Removes one category. Blocked while assets are still assigned to it — reassign them first. |
| Delete All | Removes several selected categories at once. It cannot be undone. |
| Show also Inactive | Includes retired or disabled categories in the list. |
Category or class
| Category | Class | |
|---|---|---|
| Decides | Tax treatment and GL accounts. | Default depreciation rate. |
| Structure | A flat list. | Hierarchical, with parent classes. |
| Set up at | This screen. | Classes. |
Every asset carries both — the category tells the system where to post, the class tells it how fast to depreciate.
Related pages
- Category Setup — creating and editing one
- Classes — depreciation grouping
- New Fixed Asset — where a category is chosen
- Assets — the register