Entering A Fixed Asset

See the Fixed Asset Help Manual for instructions on how to enter a new Fixed Asset.

The module works based on financial years

At the moment, if you go to Fixed Assets / Setup / Manage Fixed Assets Defaults, you will see the Financial Year that you are running as CURRENT for the Fixed Assets module.

So, for example, if you are running the Fixed Assets module on the Financial Year starting in April 2020, this means your CURRENT financial year for Fixed Assets is 2020/2021.

Based on that any new asset bought within the CURRENT financial year, is entered only with the purchase value and no accumulated depreciation.

If you need to create an asset for an item bought on a previous financial year, then you enter the original purchase value AND you enter an amount for accumulated depreciation at the time you are setting it up. The accumulated depreciation value is the difference between the original purchase value and the opening book value that the asset is supposed to have at the beginning of the CURRENT Financial Year.

Example:

Current year starts in April 20120

Asset 1: Purchase date 08/05/2020

Original Purchase Value:              $1,000.00

Accumulated Depreciation:                $0.00

Opening Book Value:                   $1,000.00

Asset 2: Purchase date 15/08/2019

Original Purchase Value:              $1,000.00

Accumulated Depreciation:           $300.00

Opening Book Value:                     $700.00