Fixed Assets Categories List and Inquiry

The Asset Categories List provides a centralized way to define and organize your assets into groups. By setting up categories, you automate the accounting process, ensuring that every asset assigned to a specific category follows the same tax rules and maps to the correct General Ledger (GL) accounts for sales, depreciation, and disposal. To access this list, navigate to Fixed Assets > Click the "Categories" Tab.
 
Add New Category
The blue + Add New button allows you to create a new asset classification. This is where you define the default tax types and the financial accounts that will be used for all assets within this category.
 
Categories Table
This table displays the configuration for each asset category, ensuring financial consistency across your inventory.
  • Name: The identifying name of the category (e.g., TEst). Clicking the blue link opens the category details for review.
  • Tax Type: The default tax rate applied to assets in this category (e.g., GST 5%).
  • Units: The standard unit of measure used for assets in this category (e.g., CM).
  • Sales Account: The GL account code where revenue is recorded if an asset from this category is sold.
  • Asset Account: The primary balance sheet account used to track the value of these assets.
  • Depreciation Cost Account: The expense account used to record periodic depreciation charges.
  • Depreciation/Disposal Account: The account used to record accumulated depreciation or the financial impact of disposing of an asset.
  • Assembly Account: The account associated with assets that are part of an assembly or manufacturing process.
 
More Actions & Bulk Tools
Manage individual entries or perform bulk cleanup using the following tools:
  • Edit (Pencil Icon): Modify the category name, tax settings, or linked GL accounts. Changes here will apply to future transactions involving this category.
  • Delete (Trash Can Icon): Removes a single category. Note that categories linked to existing assets usually cannot be deleted until the assets are reassigned.
  • Delete All: A bulk action button to remove multiple selected categories at once. Use with caution as this action cannot be undone.
  • Show also Inactive: Check this box to view categories that have been retired or disabled from active use.
 

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