New asset (Assets menu)

Add new assets to Fixed Assets. If you are in Setup mode, you can also add existing assets.

When a new asset is purchased it must be entered into your Fixed Assets database, ideally as soon after its purchase date as possible. Depreciation will be calculated from the purchase date using the appropriate depreciation method.


The New asset window is used to enter all relevant information for the asset:




image\bm4.gif  If Fixed Assets is in Setup mode the Add asset dialogue will first ask you whether you wish to add a new asset or an existing asset. This gives you a choice between using adding newly purchased assets (the normal use for this command) or using the Add existing asset window to enter assets purchased before the start of the current financial year (which is how you add existing assets when you first set up your company database).


Once Setup mode has been disabled the prompt will be bypassed and only the New asset window will be available.





The Asset fields are used to enter general information and grouping information about the asset.


Asset code

The asset's code, used to identify the asset in the database. This field is required and must be unique.


A description of the asset.

Serial number

The asset's serial number. This field may be left blank.


Any further information about the asset. This field may be left blank.


The asset's quantity, used for sets of identical assets such as chairs. This field is optional and has no effect on depreciation calculations, but is correctly updated by disposal and addition transactions.


The Groups fields are used to collect assets together into related groups. These fields will default to the groupings specified in the Administration options as default groups.


Major group

The asset's major group.

Minor group

The asset's minor group.


The asset's branch.


The asset's department.


If you need to assign the asset to a group, branch or department that you haven't created yet, use the Groupings window to add the item, and then select it from the appropriate list.



Value at purchase date


The Value at purchase date fields are used to enter purchase and depreciation details about the asset:


Purchase date

The date the purchase was made. This defaults to the current working date.

Purchase value

The total value of the purchase.

Purchase note

Any further information about the purchase.

Depreciation method

The tax and accounting depreciation methods for the asset.

Depreciation rate

The tax and accounting depreciation rates for the asset.


Note that the asset's depreciation will always be calculated from the purchase date using the purchase value. Any variations to the purchase should be entered as additions at the appropriate date.


Press OK to save the new asset.


If the asset is invalid for any reason (for example, if an asset already exists for the asset code given, or if the purchase date is outside the current period) you will be alerted and given a chance to correct the asset.


Once the asset has been saved, you will be asked whether you want to add another asset. Press Yes to add a new asset, No to close the window, or Add similar to add another asset with its fields similar to the one you've just added.





To change an asset's details after it has been created, use the Asset List option. To modify an asset's value, use the  Transactions Tab from the Asset List to enter additions or disposals as needed.






See also

Add asset

Enter transactions

Administration options

Assets menu