Asset register
The asset register lists every asset with its cost, accumulated depreciation and book value. An asset starts as a draft, and depreciation begins once you activate it.
Open Fixed Assets›Asset Register. Filter by category, branch and status (Draft, Running, Fully Depreciated, Written Off, Sold), or search by code, name, serial number or location. The totals at the top show the cost, accumulated depreciation and book value of the assets held.
From a bill
Post a bill with a fixed asset item. A Draft asset is created for it (marked Created from bill), with the cost, date and vendor filled in. The register reminds you of drafts waiting to be activated. Open each one, complete it, and click Save & Activate.
By hand
- Click New Asset.
- Under Asset Details: the Asset Code, Name, Category, Branch and, for tracking, the Location, the Custodian (the employee responsible), the Serial No. and the Vendor.
- Under Cost & Depreciation: the Purchase Date, the In-Service Date (from when it is depreciated), the Cost, the Residual Value, the Useful Life (months) and the First Month rule. They start from the category's defaults.
- Check the accounts, and the Depreciation Schedule with the amount for each month.
- Click Save & Activate.
Is the cost already in your books?
When you activate a hand-made asset, choose:
- Off (default): the cost is already in the ledger, for example entered with your opening balances, so activating posts nothing.
- Post the cost to the ledger when activated: Fiscal posts the cost to the asset account against the Credit Account you choose, for example Opening Balance Equity or the bank.
Assets you already owned
For an asset that was partly depreciated before you started with Fiscal, tick Already depreciated before using FiscalApp (opening asset) and enter the Depreciation to Date and the month it goes Up To. Fiscal depreciates only the rest.
Once an asset is active, its accounts are fixed. A draft can still be deleted.
The asset's summary
Each asset shows its residual value, monthly depreciation, accumulated depreciation, book value, and the month it is depreciated up to. The schedule marks which months are posted. To add the cost of an improvement or fix a wrong cost later, see Adding value or correcting an asset's cost.
The Documents & Expiry card keeps the asset's papers with an expiry date, such as a vehicle's registration, insurance and periodic inspection, or a warranty, with their scans. You are warned before they expire. See Documents and expiry alerts.