Fixed Assets

Overview

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.

Fixed Assets

Adding Fixed Asset

To add a fixed asset, follow these steps:

  1. Open the fixed assets list
  2. Click New
  3. Fill the fixed assets card
  4. Click Save

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

Fixed Assets

Editing Fixed Asset

To edit the fixed asset, follow these steps:

  1. Open the fixed assets list and click on the asset
  2. Edit the fixed assets data
  3. Click Save

Deleting Fixed Asset

To delete the fixed asset, follow these steps:

  1. Open the fixed assets list and click on the asset
  2. Click Delete
  3. Click Confirm on the confirmation dialog