The Property tab becomes available once the Fixed Assets option is selected on the Main tab.
The option Fixed Assets option is available if the Enable Fixed Asset Accounting option is selected on the Administration > Settings > Asset Management form.
Using this tab, you can list the available fixed assets with the accounting details on the date preceding the start of operations in the application.
The Opening Balances Entering (create) document. The Property tab
To add a row, use the Add button.
The Fixed Asset subcolumn is intended for listing of the fixed assets which have balances on the date of the start of operations in the application. You can select an asset from the Fixed Assets master data, or you can create a new record. For details, refer to Adding a Fixed Asset. In the Class subcolumn, specify the class of non-current assets to which the fixes asset is related.
In the Current Status / Department column, specify the current status of the fixed asset and the department responsible for this fixed asset.
In the Depreciation method / UOM column, select the method of depreciation assigned to this asset. For the Units of Production method, select the UOM used for measurements.
In the Useful Life (Months)/ Estimated Production Volume / Depreciation column you can enter the useful life of the fixed asset during which it will be depreciated, the limit of units of usage (production) if the depreciation method is Units of Production .
Use the Gross Cost /Salvage Value column to enter the current cost of the fixed asset and its salvage value at which depreciation must stop.
Use the Depreciable Cost/ Current Depreciation column to enter the cost under depreciation and the depreciation amount in the current month.
Select the Depreciate column to indicate that the fixed asset must be depreciated; clear the check box to indicate that depreciation for this asset will not be performed.
In the Expense GL account/ Expense item column, you can select the account to record the depreciation expenses and an expense item associated with usage of this fixed asset.
In the Business Activity column, specify the business activity for which the asset is being used. The depreciation expenses will be associated with the selected business activity.
The GL Accounts column contains the link to the GL Accounts: Fixed Asset dialog box using which you can view the GL accounts involved in the transaction.
The GL Accounts: Fixed Asset dialog box
In the Transaction Content column, provide a description of this beginning balance.