1. When a fixed asset has been created via a bill, it will have a link to the bill in the top right corner.
2. The asset name is a brief outline of what the fixed asset is.
3. The asset number is required to have a unique code. It will automatically generate the subsequent number to the previous fixed asset but can easily be amended if required.
4. The purchase date should be the date in which the asset was acquired.
5. The purchase price is the cost of the asset purchased, including any relevant expenses to bring the asset into full working order. 6. The warranty expiration date is optional, this is just extra information you can add to help keep track of any assets under warranty. 7. This is optional and just extra information you can add to help identify a specific asset. This can be useful when a large quantity of the same asset is purchased, such as HP laptops. 8. This is the type of asset in which you have purchased, such as computer equipment, motor vehicles or fixtures and fittings. 9. This test client has a tracking item set up for region, therefore depending on each individual business tracking options (if any), each fixed asset can then be tracked. This is an optional feature, but can help with identifying a location of an asset, such as which premises the asset is kept at. 10. The description is for any additional information in which you feel as necessary and has not been included. E.g. If the asset is being solely used by one employee, it may be beneficial to note who is using this. 11. The depreciation start date is when the asset is to start being depreciated, this is usually the same date as when the asset was purchased.
12. The type of depreciation method can be chosen from the drop-down box provided.
13. The averaging method determines how exact you wish to calculate depreciation, whether by the exact day or based on the full month.
14. The rate is simply the percentage in which the asset is to be depreciated.
15. The effective life is the alternative to the percentage in point 14. You can input the expected useful economic life of the asset.
16. The fixed asset can then be saved as draft if not ready to be registered as a fixed asset.
17. This will then register the fixed asset and remove it from the draft tab.
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