Fixed Assets are tangible, long-term assets used in business operations and not intended for resale. They typically have a useful life of more than one year and are depreciated over time. Examples include computers, desks, equipment, and buildings.
To access Fixed Assets, go to: Finance > Ledger > Fixed Assets. You need either the FinanceGL Full or FinanceGL Read role to access this page. Follow the steps in Creating Fixed Asset to create fixed assets.
Asset Name describes what the asset is (e.g., Laser Printer, Laptop, Computer Software).
Asset Identifier uniquely identifies the asset (e.g., Laser Printer model 1056).
Acquisition Date is the date the asset was purchased.
Acquisition Price is the amount paid for the asset.
Disposal Date is the date the asset was sold or disposed of.
Disposal Price is the amount received for the asset.
Disposal Method indicates how the asset is disposed of (e.g., sale, trade-in, discard, abandonment, lost or stolen, transfer). Note: The DBA Full role is required to create disposal methods.
Asset Status indicates the current status of the asset (e.g., active, under repair, retired, surplus, storage). Note: The DBA Full role is required to create asset statuses.
Depreciation refers to the depreciation method (Custom, Linear, Remaining Life, Declining Balance 150%, Declining Balance 200%, Sum of Years). To depreciate a fixed asset, follow the steps in Depreciating Fixed Asset.
Frequency is how often the asset is depreciated (Yearly, Semi-Yearly, Quarterly, Monthly).
Convention is the depreciation convention used (Acquisition Date, Full Month, Mid-Month, Mid-Quarter, Mid-Year).
Life of Asset is the number of years the asset is expected to be in use.
Residual Value is the minimum value the asset is expected to retain.
Asset Account is the GL Account for recording acquisition cost.
Depreciation Account is the GL Account for recording depreciation.
Expense Account is the GL Account for recording the depreciation expense.
The Notes text box is used to enter additional comments or information related to the asset.