The basic rule of recognizing a newly-acquired fixed asset is to record the new fixed asset’s acquisition cost, acquisition date, and depreciation method. This simple rule will apply to the majority of a company’s fixed assets.
Adding a New Fixed Asset
There are two ways to open a new fixed asset page:
- Click “+” icon on the top navigation bar, or
- Click sidebar navigation menu “Fixed Asset” -> select “Fixed Asset” sub-menu -> click “New Fixed Asset” button on the upper right-hand of the index page.
New Fixed Asset Page
Four Information Groups Related to a Fixed Asset
- Main information (mandatory fields)
- Fixed Asset additional information
- Purchase information
- Location information
- Description*: consists of the description of the new fixed asset
- Payed with cash: the default value is to record asset acquisition payed with cash. Uncheck the box if the acquisition uses A/P vendor account.
- Code*: enter asset code / tagging information
- Asset Cost*: the acquisition cost to acquire the asset
- Quantity*: allows asset split when quantity is more than 1 piece
- Accumulated depreciation: default value is 0 for any new asset. Please add current accumulated depreciation if the asset isn’t new.
- Asset group*: selected from Asset Group. When assigned to an asset group, the new fixed asset will inherit depreciation life and maintenance class.
* required field
- Serial number
- Person Responsible: assign to a person or a department to be in-charge to maintain the fixed asset
- Retirement Date: enter the data when the asset is being retired
- Disposition Reason: enter the reason why
- Maintenance Class
- Warranty Start Date
- Warranty End Date
- Residual value
- Asset life
- Purchase place
- Unit of Production
- Purchase date
- Install date
- Location address
Bulk Import Fixed Assets Data
When user is bringing fixed assets data from other sources, the fastest and most convenient way is to use CSV file.
To use CSV import, click “IMPORT FROM CSV” button on the upper right-hand corner. And use the attached Excel template file with your existing fixed assets data.