Register and manage fixed assets

The asset register holds every fixed asset your company owns, from delivery vans to production machines. Registering an asset gives it its own account in the books, records how it will be depreciated and, when you name the account it was paid from, posts the acquisition entry in the same step.

Before you start

• Set up the asset type the asset belongs to, with its three accounts.

• To post the acquisition entry, the fiscal year of the in-service date must be open for your branch. See fiscal years.

Register an asset

1. Open Accounting › Assets › Assets and select Register asset.

2. Enter the Name, and the Name (Arabic) if you use it.

3. Choose the Asset type and enter the Serial no. Both are required.

4. Enter the Cost and the Scrap value. Scrap value is what you expect the asset to be worth at the end of its life. Depreciation stops when the book value reaches it. Enter 0 if you expect nothing.

5. Choose the Depreciation method, then fill in Months / rate:

   • Straight line: enter the useful life in months, for example 60 for five years. Each month carries the same charge.

   • Declining balance: enter the yearly rate as a percentage, for example 40. Each month charges that rate on the remaining book value, so the charge falls over time.

6. Set the In-service date. Depreciation starts in that month. If the date is not the first of the month, the first month is charged in proportion to the days in service.

7. Optional: choose the Payment account the asset was paid from, such as a bank, a cash box or the supplier's account.

8. Optional: enter the Responsible employee and the Location.

9. Select Save.

What happens when you save

• The system creates a new posting account for the asset under the asset account of its type, named after the asset. The asset's cost and later movements are kept on that account.

• If you chose a Payment account, the system posts the acquisition entry dated on the in-service date: the new asset account is debited with the cost and the payment account is credited. If that entry cannot be posted, for example because the fiscal year is closed, nothing is saved.

• If you left the payment account empty, no entry is posted. Use this when the purchase is already in the books, then move the cost to the asset's account with a journal entry.

Read the register

The list shows one row per asset, with its Code, Name and serial number, Cost, Scrap value, Accumulated depreciation, Book value, Account, Classification, Depreciation method, Useful Life (yrs), Location, Responsible employee, In-service date and Status (Active or Disposed). Filter by Asset type or Branch, or search by name, serial number or code. Use Export to download the list as Excel or PDF.

Book value is cost minus accumulated depreciation.

Open the asset card

Select a row to open its card. It groups the asset's identity, its values, the acquisition details, the depreciation settings with the expense and accumulated depreciation accounts, the disposal details once disposed, and the depreciation schedule: one line per posted month with the opening book value, the charge, the accumulated depreciation and the closing book value.

Edit an asset

Open the row's actions menu and select Edit. You can change the name, serial number, cost, scrap value, depreciation method and life or rate, in-service date, responsible employee and location. The asset type and the account cannot change. A disposed asset cannot be edited.

Common questions

Can I register assets I bought in previous years? Yes, but plan the depreciation first. The form has no field for depreciation charged before you started using the system, and each month is posted from the in-service date onward in a year that is still open. Agree with your accountant whether to register the original cost or the current book value, and leave the payment account empty when the amount is already in your opening balances.

Where do I post depreciation? See post depreciation and dispose of an asset.