The Fixed Assets Register

Note: Creating a fixed asset does not post any transactions to the audit trail.

1. Modules > Fixed Assets Register.

2. Asset Record > complete the Asset Record window as follows::

   Details tab

   Asset Reference	Enter up to 8 characters for the asset reference.
   Description	Enter a description of the asset. This can be up to 3 lines each containing up to 60 characters.
   Serial Number	You can add up to 60 characters for the asset reference or serial number.
   Location / Employee	Enter the location or employee where the asset is allocated. For example, if the asset is a company car you can enter the name of the employee using the vehicle. You can enter up to 15 characters.
   Date Purchased	Enter the date on which the asset was purchased. Note: The date is for reference purposes only. It is not used in the depreciation calculation to back date depreciation and does not act as a start date for the depreciation.
   Supplier A/C	If required, enter the supplier's account reference. Note: This is for reference purposes only. No transactions are posted to the supplier's activity.
   Assets	From the drop-down list choose the relevant asset category. Tip: Assets Categories and the text label for the box can be amended within the Configuration Editor.

   Posting tab

   Department	If required, choose the department.
   Balance Sheet Depreciation N/C	Choose the nominal code to be used for the balance sheet depreciation posting - Journal Credit. Tip: This posts when you run the month end option. The default Balance Sheet nominal codes are: 0021 - Plant/Machinery Depreciation 0031 - Office Equipment Depreciation 0041 - Furniture/Fixture Depreciation 0051 - Motor Vehicle Depreciation
   P & L Depreciation	Choose the nominal code to be used for the profit and loss depreciation posting - Journal Debit. Tip: This posts when you run the month end option. The default profit and loss nominal codes are: 8000 - Depreciation 8001 - Plant/Machinery Depreciation 8002 - Furniture/Fitting Depreciation 8003 - Vehicle Depreciation 8004 - Office Equipment Depreciation
   Depreciation Method	Note: If you are unsure which method to use you must refer to your accountant for advice. The fixed asset register supports the following depreciation methods: Straight (Straight Line) Reducing (Reducing Balance) Write Off Tip: Once you depreciate and asset you can only change the method to Write Off.
   Depreciation Rate	Enter the annual depreciation rate. Note: If you are unsure which method or what rate to use you must refer to your accountant for advice.
   Cost Price	Enter the original cost price of the asset. Note: If you were charged VAT and you have or can reclaim it then you should enter the net value. Tip: Once you depreciate an asset this box is inactive.
   Book Value	New fixed asset - Enter the cost price. Existing fixed asset - Enter the current book value, the depreciated value.
   Next Depreciation	Shows the depreciation value that will post when you run the month end.
   Depreciation To Date	Cost Price - Book Value.
   Date Last Posted	Blank - The asset has not yet been depreciated. Shows the software date when the asset was last depreciated as part of the month end. You cannot depreciate the asset again in this month or prior to it.

3. Save > Close.

You have successfully created a new record. The fixed asset will start to depreciate when you next run the Month End option and select Post Depreciation.

The Asset Valuation window includes more information than the Fixed Assets list, with totals for cost, depreciation to date and value available at a glance.

To access the Asset Valuation window:

• Modules > Fixed Assets Register > Fixed Assets window > Asset Valuation.

The Asset Valuation window appears and includes the following information:

Asset Reference	Record > Details tab
Description	Record > Details tab
Cost Price	Record > Posting tab
Depreciation To Date	Record > Posting tab
Book Value	Record > Posting tab
Total Cost	Cost Price column total
Total Dep'n	Depreciation to date column total
Total Value	Book Value column total

You can use the Asset Disposal option to remove assets from the Fixed Assets Register when you sell them or write them off.

1. Fixed Assets > Asset Disposal > complete the Asset Disposal window as follows:

   Fixed asset to be disposed	Choose the asset you want to dispose.
   Posting date	The date that you dispose of the asset.
   Department	If necessary, choose the department associated with the asset.
   Fund	If necessary, choose the fund associated with the asset.
   Original purchase nominal code	Choose the purchase nominal code that was used when the asset details were first recorded.
   Original purchase tax code	The tax code that is used when the asset is purchased.
   Sales of assets nominal does	The nominal code that is assigned for the sale of assets.
   Bank account	The bank account to be debited.
   Gross sale	The gross total value (including tax) that you sold the asset for.
   VAT on sale	The VAT amount of the gross sale figure.
   Net sale value	The net amount of the gross sale figure.

2. Next > Post.