Accumulated Depreciation

Depreciation accumulated for an asset in the current financial year.

Acquisition

The process of acquiring an asset. In Mindbow Fixed Assets, an acquisition creates a special case of an addition record. In effect, acquiring an asset is the first addition record to that asset.

Open Year

Our software keeps the current year open for all actions against the asset database. This removes the inflexibility of strict period by period systems. Strict period based accounting can still be applied