Pre-requisite: You can only view this page if you have Administrator role or Regular User role with Adviser status
Fixed Asset Setup
- Find button Asset Type and click it
- Enter information on the asset type at the following fields
- Asset Type - name of your Fixed Asset
- Asset Account - account for this Fixed Asset
- Accumulated Depreciation Account - account to accumulate depreciation
- Depreciation Expense Account - contra account to asset account of that Fixed Asset
- Enter information on the Depreciation details
- Depreciation method - Straight Line or Declining Balance method
- Averaging method - Full Month or Actual days
- Rate - by percentage
- Effective Life (years) - by actual year
- You need to decide whether to use Rate or Effective Life to count for the depreciation period.
- Click Save to finalise the asset type setup