Fixed Assets
Track capital assets and calculate depreciation.
Fixed Assets
Track equipment, vehicles, furniture, and other capital assets over their useful life.
Asset Fields
| Field | Description |
|---|---|
| Name | Asset description |
| Asset Number | Unique identifier (FA-001, etc.) |
| Purchase Date | When the asset was acquired |
| Purchase Price | Original cost (cents) |
| Residual Value | Expected value at end of life (cents) |
| Useful Life | Expected life in months |
| Depreciation Method | Straight line or declining balance |
Depreciation Methods
Straight Line
Equal monthly depreciation:
Monthly = (Purchase Price - Residual Value) / Useful Life MonthsDeclining Balance
Double-declining rate applied to net book value:
Monthly Rate = (2 / Useful Life Months)
Monthly = Net Book Value × Monthly RateRecording Depreciation
Click Record Depreciation on an asset to:
- Calculate the monthly depreciation amount
- Create a journal entry (DR Depreciation Expense, CR Accumulated Depreciation)
- Update the asset's accumulated depreciation and net book value
Use Run Depreciation on the assets list page to process all active assets for the current calendar month at once (idempotent if already run for that month).
Opening balances and conversion
When loading a register after a conversion journal has already posted cost and accumulated depreciation to the chart:
- Create assets with purchase price, accumulated depreciation, and net book value that match the year-end register (do not post a second set of opening journals unless the GL is empty).
- Run monthly depreciation only for periods after the register as-at date so you do not double-count historical dep already in the conversion.
- Capital purchases after conversion that hit the cost account via bank categorization (amount excluding VAT) should be added to the register promptly so Run Depreciation includes them.
Matching the general ledger
Periodically compare total purchase price by cost account on the register to the cumulative balance on that chart account (e.g. Computer Equipment @ Cost). Differences usually mean a bank categorization to the cost account was never registered as a fixed asset.
Fixed asset register report
For year-end packs and advisor export, open Reports → Fixed asset register. Choose an as at date (and optionally a depreciation period), then download PDF or Excel. See Financial Reports.
Disposal
When disposing of an asset:
- Enter the disposal date and sale amount
- A journal entry records:
- DR Accumulated Depreciation (to remove)
- CR Fixed Asset (to remove)
- DR/CR Gain or Loss on Disposal
Asset Status
- Active — In use, being depreciated
- Fully Depreciated — Net book value equals residual value
- Disposed — Asset sold or scrapped