How do I set up a fixed asset register?

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Summary

This article explains how to record fixed assets and the depreciation postings to made by the system.

More Information

Go to " Nominal Ledger Maintenance Options Regular Postings".

  • Click [Add].
  • Create the posting [Details] as per this article.

Asset

  • Select the [Asset] tab.
  • Set "Asset" to 'Yes'.
  • Enter the "Start Date" depreciation begins. This is for reference only. Please note the [Details] tab controls the date the postings will start.
  • Enter the "Start value" for the asset i.e. its original nett value.
  • Enter the "Current value" for the asset. As postings are made this value will be automatically reduced.
  • Set the "Type" to 'Amount' or 'Percentage' depending on the method you wish to use to depreciate the asset.
  • Specify whether you wish to use the 'Current' or {{DataValue|Start} value to base the depreciation on.

Amounts

Go to the [Amounts] tab.

  • Enter your your Fixed Asset Nominal "Centre" e.g. '60171 - Motor Vehicles - Current Depn'.
The asterix underneath the "Asset" column denotes this line of the journal relates to the asset. the <F3> function key can be used to set a different line as the asset line if required.
  • Enter the "Amount" or "Percentage", depending on your asset settings, as a negative value.
  • Enter a suitable "Comment".
  • Click [Add].
  • Enter the Profit & Loss Centre to post the deprecation value to e.g. 'Z998- Depreciation'.
  • Enter the "Amount" or "Percentage", depending on your asset settings, as a positive value.
  • Enter a suitable "Comment".
  • Click [Done] and [Accept] the record.
Each morning, following the first user log in of the day, the system checks for regular postings and posts the relevant records

.

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Keywords AND Misspellings
journals, regular, memorised, repetitive, month, expiry, hp, hire purchase, accruals, depreciation, fixed value, prepayments, fixed asset
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