Register your capital assets, group them into categories that carry the depreciation defaults, and let the depreciation run post each period’s charge.
Before you start
- Pick the company you are working in and the Scope level for each record.
- Set up your asset categories first — an asset takes its depreciation defaults from its category.
- Depreciation is calculated by straight line ((cost − salvage) over the useful life) or reducing balance (net book value times a monthly rate).
[screenshot: Fixed Assets workspace showing categories, the asset register and the depreciation run]
Steps
Create an asset category
- Open Accounting → Fixed Assets and add a category.
- Enter the Name (required) and an optional Description.
- Set the Default useful life (months) (required, between 1 and 1200).
- Choose the Default depreciation method (required) — Straight line or Reducing balance.
- Optionally set the default salvage rate, the default reducing-balance rate, and per-category GL overrides for the cost, accumulated-depreciation and depreciation-expense accounts.
- Optionally set the category status (active or inactive) and save.
[screenshot: Asset category form with useful life and depreciation method defaults]
Register an asset
- Add a new asset and enter its Name (required) and optional Description.
- Link it to an asset category (optional — it supplies the depreciation defaults).
- Enter the Acquisition cost (required, at least 0.01) and the Acquisition date (required).
- Optionally set the In-service date, Useful life (months), depreciation method, Salvage value and reducing-balance rate; when left blank these default from the category.
- Optionally set the status (draft or active) and a cost centre, then save.
[screenshot: Fixed asset form with acquisition cost, dates and depreciation fields]
Run depreciation
- Run depreciation for a period to post the periodic charge for active assets.
- Review each asset’s depreciation schedule and the movement schedule (cost and accumulated depreciation opening, additions, disposals and closing), which you can export to CSV.
Result
Categories hold the defaults, each asset carries its own basis, and the depreciation run posts the charge — building the fixed-asset register and its movement schedule.