Processing

Asset

The unique reference for the asset.

If the Next Asset Number box on the Fixed Assets - Utilities - Set Options form is updated, * AUTO * is displayed on the New Asset form when you create an asset. When the asset is saved, the code is changed to the next available asset number.

You can overwrite the text with a new code of your choice if required.

Sub Asset

The four-character code alongside the main asset reference forms a separate part of the asset number. If the asset number entered is a new one, this must be left blank. After the main asset record is created, you can then add a code for the sub-asset.

Description

A mandatory description for the asset that is displayed throughout Fixed Assets.

Asset Category

The asset category for the asset. This is mandatory. You can enter the code or select one from a list by pressing F4. The list will be displayed in category or group code order. If the category belongs to a category group, the group description is displayed before the category description. After you have selected an asset category, various boxes on the asset record are updated.

Depreciation Method

Read-only. The depreciation method from the asset category. To use a different method you must either use a different asset category or use the Override command to make the change.

Original Price

The original price of the asset. The capital cost and current net book value are set to this value as well. This price cannot be less than the residual value.

Note: If the asset is leased, this is the cost of the lease.

Acquisition Date

The date of the original acquisition. The date cannot be later than this year's end of year date. The Start Depreciation Date and the Remaining Life boxes are displayed after you enter this date.

Start Depreciation Date

The date that is suggested depends on the settings on the Asset Category linked to the asset. You can change the suggested date if you need to.

Expected Life

This defaults to the number of months in the Expected Life box on the Asset Category linked to the asset. If you change it the Remaining Life is recalculated.

Remaining Life

This is set to what is remaining at the end of the last period using the Start Depreciation Date and Expected Life. If the depreciation method used is Immediate Write Down, the box is set to 1 and cannot be changed.

Depreciation/Annum (Period)

The caption and content of this field depends on the method of depreciation used for the asset. You can enter either a percentage rate or fixed amount per annum or per period accordingly.

The rate of depreciation for the asset calculated using the Original Price, Remaining Life, and Residual Value. If you change it, the Expected Life box is recalculated.

You cannot edit this field Depr./Period if the method of depreciation is ‘immediate write down’.

Capital Cost

Read-only. When the asset is added, this value is calculated from the Original Price box. This value also reflects any revaluations for the asset.

Accumulated Depreciation

Read-only. The depreciation charged to the asset in this year, and earlier years if relevant.

Current Net Book Value

Read-only. Calculated as the Capital Cost - depreciation to date.

Residual Value

The expected value of the asset at the end of it's life, or after all the depreciation for the asset has been charged.

Original Quantity

The quantity of the asset when it was added to Fixed Assets. For those cases where you depreciate several of the same assets together, you can specify how many of that item were originally purchased. For example, if you bought ten laptop computers they can be treated as one asset record. Fixed Assets lets you part dispose an asset, so if one or more laptops were written off, the remaining quantity remains in the register.

Current Quantity

The remaining quantity of the asset (excludes any disposals).