Assets

Chapter 8

Record a fixed asset purchase Assets → Fixed assets

1. Create the asset: code, name, category, purchase date and cost.
2. The category supplies the depreciation defaults — useful life, method and rate. Override them on the asset if this one differs.
3. Set the salvage value if it will be worth something at the end.
4. Record purchase to post it.

An asset can be deleted only while nothing has been posted against it. Once it is purchased or depreciated, it stays.

Depreciation and disposal Assets → Depreciation runs

1. Create a run for the period, then build it — every active asset is calculated.
2. Review, then post. This is a month-end job, not a daily one.
3. To sell or scrap an asset, open it and choose Dispose with the date and the amount received.

Disposal posts the gain or loss against net book value and cannot be undone. Make sure depreciation is up to date first, or the gain or loss will be wrong.