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- Initial Cost
- Whether the asset will be depreciated
- Which depreciation method will be used: Straight Line or Units of Production.
- Useful Life
- GL Accounts
- Business activity
- Expense Item
At any time, you can view the list of fixed assets and the accounting parameters by using the Fixed Assets master data.
Changing the Accounting Parameters for Fixed Assets
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If you need to change the parameters of depreciation for a particular fixed asset, you can create a new Changes to Fixed Asset Accounting Parameters document. You can change any or all of the following parameters:
- Initial Cost
- Useful life
- Whether the asset will be depreciated
- Depreciation method
- GL Accounts
- Business activity
- Expense Item
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Write offs of fixed assets are registered by creating the following documents: Accounting > Fixed Assets > Fixed Asset Write Offs. For details, see Fixed Asset Write Offs.
A fixed asset write off involves reversing of both the recorded cost of the fixed asset and the corresponding amount of accumulated depreciation. Any remaining difference between the two is recognized as either a gain or a loss. Proper fixed asset write offs ensure that the balance sheet correctly reflects the assets actually owned by the entity.
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To find all the documents related to a particular fixed asset, go to: Accounting > Fixed Assets > Fixed Asset Documents. Using this form, you can filter all the fixed asset documents by document type, particular fixed asset or both. Also, you can search the document by inventory number or a string in the fixed asset description. For more information, see Fixed Asset Depreciation documents.
Reporting Fixed Assets on Financial Statements
Your organization must show both tangible and intangible assets on your balance sheet, with tangible assets listed first. For details, refer to Financial Statements.
For managing fixed assets, you can use the following reports in the Accounting module:
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For more information on details, refer to Accounting Reports.