Asset Categories define how different groups of assets are processed in Fixed Assets. They group together similar assets that share the same depreciation method and balance sheet grouping. Assets in the same category can also be displayed together with subtotals in reports in Fixed Assets.
Note: If you change any of the boxes on an Asset Category after it has been linked to an asset, you need to use the Override command on the Action menu to change the details on the assets. For more information, see the Asset Category Override command.
Box |
Description |
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Category |
The unique code for the Asset Category. |
Description |
The description for the Asset Category. |
Balance Sheet Group |
The Balance Sheet Group for the Asset Category, for example 'Buildings', or 'Motor Vehicles'. Balance Sheet groups are defined in the Balance Sheet Groups command and are mandatory. |
Category Group |
Category Groups can be used as an extra level of reporting. They are defined in the Category Groups command and are optional. |
Depreciation |
The depreciation method for the Asset Category. The methods available in Fixed Assets are Straight Line Amount, Straight Line Percent, Reducing Balance, Immediate Write Down or Manual Depreciation per period. |
When this option is ticked, depreciation calculations begin in the period in which the depreciation start date falls. When the option is not ticked depreciation is not calculated until the period after the depreciation start date. |
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When this option is ticked, depreciation is calculated in the period that an asset is disposed. |
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When this option is ticked, depreciation is always calculated for the whole period, even if an asset is purchased or disposed of part way through a period. |
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The expected life for the asset. Depreciation is deducted over this period of time. |
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Depreciate / Annum / Period |
This box only applies where the depreciation method selected is ‘Straight Line Percent’. It is used to calculate the straight line depreciation percentage for the year. A default percentage is calculated on the basis of the Expected Life. If you change it, the Expected Life is recalculated. |
Nominal Ledger Accounts |
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If Fixed Assets is linked to the Nominal Ledger, the Original Cost, Depreciation To Date, Disposal Adjustment, and Depreciation accounts must already be set up in the Nominal Ledger Accounts command. Some accounts must be set up as Balance Sheet accounts, others as Profit and Loss accounts. See the Nominal Ledger Types Help topic for details. If Fixed Assets is not linked to the Nominal module, these account boxes can be used for analysis and reporting purposes in Fixed Assets. |
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The Nominal Ledger account for the original cost values for assets in this category. This account must be a Balance Sheet account. |
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The Nominal Ledger account for the depreciation to date values for assets in this category. This account must be a Balance Sheet account. |
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The Nominal Ledger account for the disposal adjustment values for assets in this category. This account must be a Profit and Loss account linked to a Type of 'Expense'. |
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The Nominal Ledger account for the depreciation values for assets in this category. This account must be a Profit and Loss account. |
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