Fixed Asset Setup

Before you can start adding assets to Fixed Asset Management, a bit of setup work needs to be completed first.

What you'll find:

Security: Role Permissions

Fixed Asset Groups

Fixed Asset GL Accounts

Security: Role Permissions

You'll need permission to perform the following functions:

General Ledger tab

Calculate Depreciation

Chart of Accounts / Add (if you want to setup new GL accounts to use for fixed asset management)

Chart of Accounts / Edit (to flag existing GL accounts as Fixed Asset Accounts)

Fixed Asset Groups

Fixed Assets

Undo Calculate Depreciation

Report - Fixed Asset Base

Report - Fixed Asset Book Value

Fixed Asset Groups

Before you can add a fixed asset, you'll need to create a group to put it in.

Adding Fixed Asset Groups

To add fixed asset groups

Navigate to General Ledger > Fixed Assets > Manage Fixed Asset Groups.
The Manage Fixed Asset Groups window opens.

T ype the group name in the Description column.
The Active box is checked by default. To deactivate a Fixed Asset group, uncheck the Active box.

When you've added all the groups that you need, click Save.
Saving closes the Manage Fixed Asset Group window.

Removing Fixed Asset Groups

You can remove empty fixed asset groups.

Groups that contain assets cannot be removed; you would need to edit the fixed asset and assign it to different group before the group can be removed.

To remove an empty fixed asset group

Navigate to General Ledger > Fixed Assets > Manage Fixed Asset Groups.
The Manage Fixed Asset Groups window opens.

Select the empty group and click Remove FA Group.
If the button is greyed out, the asset group is not empty and cannot be removed.

When you've removed all the groups that you no longer need, click Save.
Saving closes the Manage Fixed Asset Group window.

Fixed Asset GL Accounts

There are three required GL accounts for a fixed asset:

#1. Fixed Assets

#2. Accumulated Depreciation

#3. Depreciation Expense

and one optional GL account:

#4. Gain/Loss

Direct postings (e.g. journal entries) can be made to all of these GL accounts.

Tip

You may decide that you want more than one 'set' of fixed asset GL accounts.
For example, you may want to separate fixed asset postings for Land, Buildings, Equipment, and Vehicles into different GL accounts (just like you may have separate GL account 'sets' for different product types like Fertilizer, Chemicals, and Seed).

You'll need to flag only the Fixed Asset GL account (#1) as a Fixed Asset Account. The other three are regular GL accounts and should not have that flag checked.

To flag a GL Account as a Fixed Asset GL Account

Navigate to General Ledger > Manage > Chart of Accounts.
The Manage Chart of Accounts window opens.

Add a new GL account, or select an existing account that you want to flag as a fixed asset account and click Edit.
The Add or Edit GL Account window opens.

Ensure that the Fixed Asset Account checkbox is checked and Save your changes.

Repeat for all Fixed Asset GLs.