Creating your first company

Fixed Assets allows you to create a separate database for each company for which you need to track depreciation.

 

Each database needs to be prepared for use before you can begin entering assets.

 

Unless you are registered for multiple companies you will be limited to a single company only. However, you'll still need to prepare your database.

 

Before you can begin entering assets you should follow these steps.

 

1. Enter company details

2. Create groups for the assets

3. Set up options and defaults

 

Creating groups, branches and departments

 

Each asset in Fixed Assets must be assigned to an Asset group in the group tree, made up of parent categories (major group) and child categories (minor group).

Each asset must also be assigned to a branch and a department. This allows you to view summaries and reports of depreciation for parts of your company as you need to, rather than the entire company at once.

 

The Groupings window allows you to create and maintain groups.

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You can create as many or as few groups as you wish (small businesses with a very small asset count might want to create only one of each), but you need to create at least one major group, one minor group, one branch and one department before you can finish setting up a company and adding assets to it.

 

The Creating asset groups help page has more advice on how to plan and create new groups.

 

 

Setting up options and defaults

 

After you've set up your first groups, you should use the Administration options window to set up the company's options.

 

This window allows you to set up the company's asset defaults and data entry rules.

 

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The asset defaults are used to:

 

· Set default groups for new assets.

· Set default depreciation methods for new assets.

· Define the first month of the financial year.

 

The choices stored on this window will be used as defaults every time a new asset is created.

 

The data entry rules are used to control how assets may be entered and modified. For now, the important one is Setup mode, which allows you to enter assets which were purchased before the current financial year. This option is normally off, to prevent existing assets from being added. When you first set up your company you should turn Setup mode on, and enter all existing assets before doing any further changes.

 

The Administration options window has more information about the defaults and data entry rules.

 

 

What next?

 

Once you've entered your company details, created asset groups and set up options, you should begin entering assets. The Entering assets page shows you how to enter your assets into Fixed Assets.