Account — Fixed assets, at cost

The Fixed assets at cost account is a built-in account in Manager that tracks the original purchase cost of your fixed assets. While this account is automatically created when you add your first fixed asset, you have the option to customize it to better suit your accounting needs. You can rename the account, assign it a code, or change its group placement on the Balance Sheet.

Accessing the Fixed assets at cost account

To customize the Fixed assets at cost account:

1. Go to the Settings tab.
2. Click on Chart of Accounts.
3. Locate the Fixed assets at cost account in the list.
4. Click the Edit button beside it.

Customization options

When you click Edit, you can modify the following fields:

Name

This is the name of the account as it will appear throughout Manager. The default name is Fixed assets at cost, but you can rename it to something that makes more sense for your business, such as Property and Equipment Cost or Capital Assets.

Code

You can assign an optional code to the account. This can be useful for sorting accounts or integrating with other systems that use account codes.

Group

Select the group under which this account should be presented on the Balance Sheet. Grouping accounts helps organize your financial statements and can make them easier to read. You can choose an existing group or create a new one that fits your reporting structure.

Saving your changes

After making your desired changes:

1. Click the Update button at the bottom of the form.
2. Your Chart of Accounts will reflect the updates you've made.

Important notes

• Cannot be deleted: The Fixed assets at cost account is a permanent feature once you have fixed assets recorded. It cannot be deleted from your Chart of Accounts.
• Automatic addition: This account is automatically added to your Chart of Accounts when you create your first fixed asset in Manager.

For more information on managing fixed assets, such as adding new assets or recording depreciation, refer to the Fixed Assets guide.