Fixed Asset
The Fixed Assets form is used to store all the detailed information about your fixed asset. You will be able to view details like the date the asset is acquired, is placed in service, its retirement date and its depreciation method for each of your fixed assets. You can be as detailed as you feel necessary since the more information you enter, the easier it will be to identify the asset.
What is Fixed Asset?
A long-term tangible piece of property that a firm owns and uses in the production of its income and is not expected to be consumed or converted into cash any sooner than at least one year's time.
The term “property, plant and equipment” is commonly used by most manufacturing enterprises. For merchandising and service enterprises, the term “fixed asset” is more appropriate.
You will notice at the top of this form three (3) tabs, which help group the asset information better. The Asset ID, Description, Currency and Date Acquired fields at the top of the form remain there in all the tabs so you always know what fixed asset you are working on when switching between the tabs.
The three tabs are listed below and described in detail in other areas of the documentation.
The General Tab shows the general fixed asset information. See: Fixed Asset General Tab
The Depreciation Tab shows the depreciation status, accounts impacted and other information about depreciation. See: Depreciation Tab
The Depreciation History Tab shows all the depreciation transaction for a specific fixed asset. See: Depreciation History Tab
This form can be used to add, edit or delete records in the Fixed Assets form. To add new Fixed Assets, see: Adding Fixed Assets. If the Fixed Asset is acquired it will be necessary to unacquire it prior to making any changes. For complete details on all the field descriptions for this form and a step by step guide on how to enter new Fixed Assets. See: Adding Fixed Assets
The record navigation buttons at the bottom of the form are used to move from one record to another. It also displays how many records are in the Fixed Assets form and what record you are currently on. Clicking on one of the four buttons will navigate you through your existing data. You may use the Find button to find a specific record.
There are several helpful options that can be set in the Company Preferences forms to help make data entry easier and faster. One great feature in the Company Preferences form is to have the text fields displayed a certain way when you enter data so that it is easier to read and more consistent throughout the program. You should also take a look at the Security form > Default Accounts tab and the Starting Numbers form for other related options that can be set.
Toolbar Buttons
Toolbar Buttons perform an action on the current record like adding, deleting or saving.
The New button will clear the form to allow a new Fixed Asset to be added.
The Save button will save the selected Fixed Asset.
The Find button will enable you to Find Fixed Assets.
The Delete button will delete the selected Invoice.
The Undo button will cancel out the last change/s done to the record reverting it to its older state.
The Acquire button is used to acquire fixed assets.
The Unacquire button is used to unacquire fixed assets.
To unacquire Fixed Asset it is necessary to unpost and delete all depreciation transactions associated to that asset in Fixed Asset Journal and the acquisition transaction of that asset in the General Journal form.
The Dispose button is used to dispose fixed assets.
The Transfer button is used to transfer fixed asset from one Department to another or from one Job to another.
Press F1 or click F1-Help button at the bottom left of the form for help on the form that is currently opened.