A fixed asset is a long-term tangible piece of property or equipment (such as land, buildings, and equipment) that a firm owns and uses in its operations to generate income. Fixed assets are not expected to be consumed or converted into cash within a year.
To review your fixed assets, navigate to Assets > Fixed Assets. Once there, you’ll see a list view of all fixed assets.
To add a fixed asset, follow these steps:
There is a lot of details you can insert into the fixed asset.
Field | Required | Description |
---|---|---|
name | MANDATORY | Asset name |
code | MANDATORY | Asset code |
unit | OPTIONAL | Asset unit |
purchase date | MANDATORY | The day when asset was purchased |
starting date | MANDATORY | The day when depreciation begins |
amortization type | MANDATORY | Monthly, quarterly, yearly |
purchase price | OPTIONAL | Asset purchase price |
starting price | OPTIONAL | The starting price from which depreciation will be calculated |
amortization percentage | MANDATORY | The amount of depreciation as a percentage over a specified period |
expense account | MANDATORY | Account used for expense |
fixed assets account | MANDATORY | Account used for fixed assets |
amortization account | MANDATORY | Account used for amortization |
To edit the fixed asset, follow these steps:
To delete the fixed asset, follow these steps: