Asset register
Every fixed asset of the store with its cost, the depreciation charged so far and its book value. An asset takes its method, life, rate and salvage from its category unless you set its own; an asset carried in from an old register keeps the depreciation already charged and the month it was charged through. Buying for cash or by bank posts the purchase to the ledger; the month-by-month schedule shows what each run will post. An asset is disposed with its proceeds, and the gain or loss is posted. Part of the Fixed assets add-on.
Steps
- Open Fixed assets → Asset register. Active keeps the assets in use, Disposed the ones sold or scrapped; the tiles add up the cost, the accumulated depreciation and the book value of the rows shown. Filter by category or search by code, name, tag, serial or custodian.
- Press New asset: the name, the category, the cost and the month it came into use are enough; the category fills in the method, the life, the rate and the salvage. Tag, serial number, location and custodian help you find it later.
- Under Purchase, choose how it was paid: Cash or Bank posts the purchase to the ledger now (asset account against cash or bank); leave it when the purchase is already in the books. For an asset from an old register, enter under Already depreciated what was charged and the month it was charged through.
- Open an asset to see its figures and the Schedule: every month's charge, the accumulated depreciation and the book value after it; posted months are marked. Once a run is posted the cost, the start month and the depreciation settings are locked; reverse the runs to change them.
- Dispose sells or scraps the asset: the date, how and the proceeds; the gain or loss shows before you confirm. The accumulated depreciation and the proceeds are posted against the asset's cost, the difference to Gain or Loss on asset disposal.
Tips
- An asset starts depreciating in the month it came into use; a run charges every month up to its own that is not posted yet, so an asset added late catches up in the next run.
- Straight line charges the same amount every month down to the salvage value; declining balance charges the yearly rate on the book value, spread over the months, and stops at the salvage value or the end of the life.
- An asset with no run posted yet can be deleted; one with posted runs is disposed instead, so the ledger keeps its history.
In the app, press F1 or ? on this screen to open this guide next to your work.
This guide belongs to the Fixed assets module. Learn more
Related guides
- Asset categories
- Depreciation runs
- Asset register report
- Chart of accounts
- Store modules and their settings
More guides in Finance & accounting
- Malta VAT: rates, Article 11 and invoice wording
- Receipts from the portal
- Bank statements
- Bank rules
- Expenses
- Expense categories
- Debit notes (customer receipts)
- Credit notes (customer refunds)
- Capital
- Capital withdrawals
- Dividends
- Journal postings
- Journal vouchers
- Period lock
- VAT return
- Budgets
- Cost centres
- Client stores
- Currencies and rates
- Ledger
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