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.
|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: