Fixed Assets

The Fixed Assets tab is designed for tracking and managing long-term valuable items for your business, such as land, buildings, vehicles, or machinery. It enables you to log purchases and monitor the accumulated depreciation of these assets efficiently and accurately over time.

Creating a New Fixed Asset

To create a new fixed asset:

1. Navigate to the Fixed Assets tab.
2. Click the New Fixed Asset button.

When you create a new fixed asset, its acquisition cost will initially be zero since no transactions have been allocated to it yet.

Setting Up the Acquisition Cost

To set up the acquisition cost, you need to create a transaction that represents the purchase of the fixed asset.

Recording a Cash Purchase

If you purchased the fixed asset with cash:

1. Go to the Payments tab.
2. Click the New Payment button.
3. Allocate the payment to the Fixed assets at cost account.
4. Select the specific fixed asset.

Recording a Credit Purchase

If you purchased the fixed asset on credit from a supplier (through a purchase invoice):

1. Navigate to the Purchase Invoices tab.
2. Click the New Purchase Invoice button.
3. Allocate the purchase to the Fixed assets at cost account.
4. Select the specific fixed asset.

Disposing of a Fixed Asset

Every fixed asset will eventually be disposed of, either by being sold or written off.

Recording the Sale of a Fixed Asset

When a fixed asset is sold:

1. Allocate the sale transaction to the Fixed assets at cost account, just like when the asset was originally purchased.
2. Mark the fixed asset as disposed:
   • Click the Edit button on the fixed asset.
   • Check the Disposed Fixed Asset checkbox.
   • Enter the Date of Disposal.

By marking the fixed asset as disposed, Manager will automatically create a transaction that sets the fixed asset's book value to zero. The difference between the book value and the disposal proceeds is posted to the Fixed Assets Loss on Disposal account on your Profit and Loss Statement.

Fixed Assets Tab Columns

The Fixed Assets tab includes several columns:

Code (GetCode)

• The code assigned to the fixed asset for identification.

Name (GetName)

• The title or name of the fixed asset.

Description (GetDescription)

• A description of the fixed asset.

Depreciation Rate (GetDepreciationRate)

• The rate of depreciation applied to the fixed asset.

Control Account (GetControlAccount)

• Specifies the control account the fixed asset belongs to.
• If you are not utilizing custom control accounts, it displays the default Control account for fixed assets.

Division (GetDivision)

• Shows the name of the Division this fixed asset belongs to.
• If you don't use divisions, this column will be empty.

Acquisition Cost (GetAcquisitionCost)

• The sum of transactions attributed to this fixed asset.
• Represents the acquisition cost of the fixed asset.

Depreciation (GetDepreciation)

• The total from Depreciation Entries related to this fixed asset.
• Reflects the accumulated depreciation of the fixed asset.

Book Value (GetBookValue)

• Calculated by subtracting Depreciation from the Acquisition Cost.
• Represents the current value of the fixed asset.

Status (GetStatus)

• Indicates whether the fixed asset is marked as Active or has been marked as Disposed.

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By utilizing the Fixed Assets tab effectively, you can maintain accurate records of your assets, monitor depreciation, and manage disposals, ensuring comprehensive asset management within your accounting system.