Create a Fixed Asset Item

Purpose

To create or edit a fixed asset item

Prerequisites

Each fixed asset requires the following:-

  1. a Fixed Asset Class
  2. a Fixed Asset Category
  3. a Fixed Asset Location

You can of course re-use class's, categories and locations for other relevant fixed assets

Procedure

The top part is the same as adding or editing an item in the inventory

At the bottom you will need to add the following information:-

Fixed Asset Class: Select the fixed asset class

Depreciation Method: Select Depreciation Method (Depending on your choice, the options will change as documented below)

  1. Declining Balance:-
    1. Base Rate: Enter base rate as a %
    2. Rate Multiplier: Enter a multiplier for your base rate. (Enter 1 to keep base rate as entered)
  2. Straight Line:-
    1. Depreciation Rate: Enter depreciation rate as a %
  3. Sum of the Year Digit:-
    1. Depreciation Years: Enter the number of years the asset will be depreciated for
  4. One-Time:-
    1. Fixed as 100% (Well its a 'One-Time' depreciation isn't it?)

Depreciation Start: Enter the date that the depreciation will start.

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Tips and Tricks

To be written

FAQ's

To be written

Please note:

The FA wiki is for everyone, you can add, edit, comment, reword, add an example, etc. All you have to do is login (top right corner) with your FA forum account details and click the edit button at the bottom. Please follow the wiki guidelines (top left corner)