FrontAccounting forum — Fixed Assets

Fixed assets purchased and paid for in the past

null@example.com (demmystone) — Wed, 20 Dec 2023 06:31:05 +0000

How do I treat fixed assets purchased and paid for in the past in the newly installed FrontAccounting now? I don't want the purchase to go to the account payable. I need a guide on which accounts I should create for both debit and credit, emphasis these fixed assets have been paid for in the past 5 years.

Depreciate Fixed Assets in Batch

null@example.com (MacKenzie) — Sun, 19 Feb 2023 20:46:49 +0000

If I have 100 Fixed Assets, someone please tell me I don't have to hit "process depreciation' 100 times. Where's the batch option? Thanks.

Convert building materials to fixed asset

null@example.com (mfonnix) — Wed, 02 Nov 2022 10:47:34 +0000

We have a building that was just constructed. I want to capture the building as a fixed asset.
There are two ways that I have tried to do this:
1. the first approach is to add the building as fixed asset, and capture the cost of building it as the purchase price.
The problem with this approach is that it will debit/credit the accounts twice. first as revenue/expenditure during the purchase of building materials for constructing the building.

2. the second approach is to capture only the building materials (debit/credit bank/building - under fixed assets). the problem I have notice with this approach is that although the account will balance, the building will not show up in fixed assets register, and depreciation/valuation cannot be carried out on the building.

please what is the proper way to handle this

How do I transfer an asset from a sister company?

null@example.com (kh.rawasy) — Sun, 24 Jul 2022 03:03:03 +0000

Hello
How do I transfer an asset from a sister company?
Note - there is no purchase invoice
How do I prove the amount and Quantity of the original without creating a purchase invoice?

Why we need separate Category and location for Fixed Assets ?

null@example.com (kvvaradha) — Mon, 09 May 2022 16:58:49 +0000

Suppose if i have only one location for my business. how do i add fixed assets location. ?

I need to create separate location for fixed assets. but actually its not original, As i need to use the same location that i have.

And also the category.

Fixed Assets inquiry has not connected with right GRN

null@example.com (kvvaradha) — Sat, 07 May 2022 14:49:27 +0000

From fixed assets inquiry page, we have a purchased column with link, thats giving wrong trans_no.

get_fixed_asset_purchase function get invoice now, how do we link the invoice trans no in place of GRN trans no.

function purchase_link($row)
{

      if ($row['purchase_date'] === NULL)
        return "";

      return get_supplier_trans_view_str(ST_SUPPRECEIVE, $row["purchase_no"], sql2date($row["purchase_date"]));
}

Here the $row['purchase_no'] has not exist.

function purchase_link($row)
{

      if ($row['purchase_date'] === NULL)
        return "";
      //my suggestion would be something like this to get GRN now.
       $sql ="SELECT trans_no FROM ".TB_PREF."stock_moves WHERE 1=1 AND type =".ST_SUPPRECEIVE." AND stock_id =".db_escape($row['stock_id'])." AND qty > '0' ";
      $res = db_query($sql, "Can't get grn no");
       $row2=db_fetch($res);

     return get_supplier_trans_view_str(ST_SUPPRECEIVE, $rows["trans_no"], sql2date($row["purchase_date"]));
}

@Joe, check it. otherwise we need to connect the invoice, instead of the GRN in purchase link.

and also i see, we can try the depreciation start with the date given from fixed assets input date. i dont know the reason why we are using every month start date.

How to process Fixed Assets multiple quantity ?

null@example.com (kvvaradha) — Thu, 05 May 2022 16:15:50 +0000

Suppose if i buy 20 laptops or computers in a same brand and same config. How do i add it in fixed assets?

each time should i need to create separate fixed asset and do the purchase and make the depreciation?

How about buying of 50 computers. or 100 Computers. ?

What is the use of parent class in Fixed Assets class ?

null@example.com (kvvaradha) — Thu, 05 May 2022 11:21:33 +0000

As i am trying out with Fixed assets, and came to know what is the use of parent class id in the fixed assets class.

I feel it was not used anywhere from the depreciation to the entire system.

Can the Initial Value field for a fixed asset be edited?

null@example.com (diventi.enterprises) — Sat, 23 Oct 2021 19:43:08 +0000

I own injection moulds that I want to add as Fixed Asset but the tooling was purchased years ago and outside of FA. It appears that the process of purchasing the asset is how the Initial Value is set. There doesn't appear to be any way to edit the assets Initial Value field after the asset has been purchased. I've checked the permissions associated with Administrator but don't see anything that allows editing Fixed Assets.

So, is my only option then to purchase the asset in FA and then do a JE to reverse the credit to Bank and the debit to Capital Assets account?

Fixed asset depreciation straigtht line

null@example.com (cedricktshiyoyo) — Thu, 17 Jun 2021 13:37:01 +0000

Dear all , i am trying to depreciate my fixed asset using straight line, but the depreciation value is not correct according to the method and percentage.

e.g i have and asset value of 20,000 with depreciation of 5% straight line, after depreciation the value must be 19,000 but instead it giving lesser value

anybody can help explain how depreciation works a bit more?
Does the tax affect the amount in the depreciation? @joe

thanks

Not Able to find asset, update or delete from the system

null@example.com (cedricktshiyoyo) — Wed, 05 May 2021 10:24:00 +0000

Dear @joe I just installed new FA on Ubuntu 20.4 with PHP 7.43 MYSQL 8

After registering assets in the system, i am not able to find them again, to modify or delete them,
supposed to be under maintenance fixed Asset tab, but it only showing 2 tabs, general settings and transactions. there is no where to select existing assets to either modify the description, code or depreciation date.

thanks

How to Create an opening balance in Fixed Assets?

null@example.com (Ashraf73) — Tue, 02 Mar 2021 14:14:20 +0000

I have an existing company accounts in another accounting software. Now I want to transfer the accounts from that software to the FrontAccounting system. I have the fixed assets balance and the accumulated depreciation balance in that software. How shall I transfer these balances directly to FrontAccounting?

Fixed Assets Valuation Report

null@example.com (mugao-em) — Fri, 12 Feb 2021 19:14:20 +0000

Printing this report for a past date, (e.g 31st Dec 2019) does not give the correct accumulated depreciation. Instead the accumulated depreciation will be as of current date.
I realized FA Assets module does not store anywhere Fixed Asset depreciation transactions, instead values are updated into material_cost column in the stock_master table. This makes it difficult to print any backddated report as per any date.

Please advise how to go about this.

FIXED ASSET ENTRY NOT REFLECTING IN BALANCE SHEET

null@example.com (aolandoh) — Fri, 08 Jan 2021 14:40:57 +0000

I made an entry for a Vehicle purchase and this particular entry does not reflect in the balance sheet. However, it reflects in the trial balance. What could I have done wrong?

Also, in an attempt to remove this entry and post a new one, the fixed asset valuation report is showing both values. I need to remove one to have a correct fixed assets value. How do I remove the entry completely?

There are no fixed assets that could be depreciated.

null@example.com (cedricktshiyoyo) — Tue, 29 Dec 2020 13:25:14 +0000

Hello everyone, I am getting this error whenever I want to process asset depreciation, I am getting this error saying "THERE ARE NO FIXED ASSET THAT COULD BE DEPRECIATED" yet I have created my fixed asset class, category, then inserted fixed asset, purchased it. but when I click process depreciation I get that error. what could be the problem? Maybe I am not doing it the right way!

Any help please!!!