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A fixed asset may be composed of multiple inventory items. You can create one fixed asset for specific quantity of the inventory item, or you can create a fixed asset for each unit of the specified quantity of the item. For example, a fixed asset Conference Room Chairs may include multiple chairs used in a conference room. Also, you can associate multiple items of different types with a single fixed asset. For example, a warehouse fixture may include multiple racks and shelves purchased separately.
Accounting for the fixed assets is performed in the accounting currency. The cost of the fixed asset may include the item purchase prices of items and additional expenses allocated to item costs. Notice, that if the item any item (included in a fixed asset) was purchased by using a foreign currency, conversion to the accounting currency is was performed automatically using the actual exchange rates of both currencies with respect to the national currencyon the date of purchase. For each inventory item on the Inventory tab, you can manually enter the cost (in the accounting currency) in the Total Cost column and adjust the fixed asset cost on the Fixed Asset tab, so that it becomes equal to the total costs sum of the itemsitem costs.
To start depreciation calculation, you must select one of the depreciation methods (Straight Line or Units of Production) and its parameters applicable to the fixed asset. Then select the Depreciate check box to start depreciation in the month next to the month when the fixed asset was accepted to accounting – this is the default option. If you choose to start depreciation in the same month in which the asset was accepted to accounting, select the Depreciate in the Current Month option.
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