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Note. If you purchased or created multiple identical units of the item which will be used as fixed assets, you must create a unique name and assign a unique ID to each unit of this item, that is, you must create a separate fixed asset master record for each unit.
Once the document is posted, the fixed asset is considered accepted for accounting, and by default its status changes to Active.
The "Fixed Asset Entry (create)" form. The Fixed Asset tab
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The Initial Cost field is automatically populated with the initial cost of the fixed asset calculated based on the costs of the items listed on the Inventory tab.
Use the Salvage Value field to enter the estimated book value of this asset at which depreciation will stop. The salvage value can be used as a base for sale price at the end of its useful life.
The Depreciable Cost field is automatically populated with the amount that is equal to difference between the Initial Cost and Salvage Value.
In the Depreciation method field, you can select one of the following depreciation methods available:
- Straight Line: To calculate depreciation in equal monthly amounts during the fixed asset useful life.
- Units of Production: To calculate depreciation amounts proportionally to actual usage of the fixed asset.
Use the Useful Life (Months) field to enter the number of months the fixed asset is being planned to be used.
The UOM and Estimated Production Volume fields are used only for assets for which the Units of Production is selected as the depreciation method. You can enter the maximum usage in the specified UOMs required for full depreciation of the asset.
In the Depreciation Method field, you can select one of the following depreciation methods available:
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