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Fixed Asset Record

Warren Hamilton
Warren Hamilton
  • Updated

Create fixed asset record in the system. Capture fixed asset details from acquisition, depreciation, valuation to disposal.




1. From the homepage, go to Finance module.

2. Navigate to the Fixed Asset and select Fixed Asset.



1. Click the Add button to add new assets.

2. Under the Fixed Asset Details tab, set up the following:

a. Details

  • Fixed Asset ID
  • Status: Active, Inactive, Retired
  • Fixed Asset Type
  • Tangible/Intangible
  • Description

b. Ownership

  • Business Entity
  • Cost Centre
  • GL Account

c. Under Equipment, click the Add button and find the equipment from the list.


3. Under the Acquisition Details tab, set up the following:

a. Details

  • Acquisition Date
  • Acquisition Value

b. Purchase via PO or via Invoice, click the Add button to add the PO or Invoice from the list.


4. Under the Depreciation Details tab, set up the following:

a. Depreciation Details

  • Depreciation method: Straightline or None
  • Useful life (months)
  • Residual Value
  • Depreciation Commencement Accounting Period
  • Depreciation GL Account
  • Accumulated Depreciation GL Account

b. Net Asset Value - click the Generate Depreciation Schedule button to generate the monthly depreciation.


5. Once done, click the Save and Close button.



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