Adding a New Fixed Asset Item

Adding a New Fixed Asset Item

Introduction

In the Fixed Asset module, admins can maintain a Fixed Asset register with a unique ID for each fixed asset item. Before entering the purchase of new fixed assets, you must first create a fixed asset item. The steps to add a new fixed asset item and purchase are as follows:
  1. Add the required Class at Fixed Assets Classes.
  2. Add the required Category at Fixed Assets Categories. 
  3. Add the required Location at Fixed Assets Locations.
  4. Create a Fixed Assets Item with the applicable Class and Category.

 

Next, proceed to enter the fixed asset purchase:

  1. Ensure the required Supplier has been added at Purchases > Maintenance > Supplier.
  2. Enter the purchase details at the Fixed Assets Purchase page and select the Item & Location.

​A. Add the Required Class at Fixed Assets Classes

1. Go to Accounting > Fixed Assets > Maintenance > Fixed Assets Classes.


2. In the section below, enter a code for the Fixed Asset Class and the asset class name at Description. Enter the appropriate Basic Depreciation Rate (%). You may skip the other fields, as they are optional.

Example:

Fixed Asset Class: 200

Description: Furniture and fixtures

Basic Depreciation Rate: 20%

 

Next, click on the "Add new" button to save.



3. The newly added Fixed Asset class will be displayed in the listing.



B. Add the Required Category at Fixed Assets Categories

1. Go to Accounting > Fixed Assets > Maintenance > Fixed Assets Categories.


2. In the section below, enter the Category Name and information. Select the appropriate default values (UOM and GL accounts) that will be applied when entering a purchase of new fixed assets under this category. Next, click on the "Add new" button to save.


3. The newly added Fixed Asset category will be displayed in the listing.



C. Add the Required Location at Fixed Assets Locations

1. Go to Accounting > Fixed Assets > Maintenance > Fixed Assets Locations.


2. In the section below, enter the Location Code and Location Name. You may skip the other fields, as they are optional. Next, click on the "Add new" button to save.



D. Create a Fixed Assets Item

1. Go to Accounting > Fixed Assets > Maintenance > Fixed Assets.


2. Select "New item" from the drop-down menu to create a new Fixed Asset item.

In the section below, enter the Item Code (a unique identifier) and the specific Name of the asset. Select the appropriate fixed asset Category and Fixed Asset Class from the respective lists (these options were created in the previous steps). You may also choose to enter other general information or skip those fields as they are optional.

Example:

Item Code: 300

Item Name: Laptop

Category: Computer Equipment

Fixed Asset Class: Computer Equipment


Next, click on the "Insert New Item" button to save.





3. The newly added Fixed Asset item will be displayed in the Item listing above.


E. How to Enter a Fixed Asset Purchase

1. Go to Accounting > Fixed Assets > Transactions > Fixed Asset Purchase.


2. If you’ve already created a fixed asset item for your purchase, you can proceed to enter the supplier invoice details on this page.



3. Select the supplier at the Supplier dropdown. Select the appropriate Invoice Date and Due Date, enter the invoice number at Supplier’s Reference and enter the address for Deliver to.



4. Next, select the invoice item from the Item Description dropdown. Enter the price before tax, then click the “+” icon to add the line to the invoice. If necessary, repeat this step to add additional line items to the document.


5. You can also choose to include Remarks or upload a document using the Attached File function. Finally, click the “Process Invoice” button at the bottom to save the transaction.


Note: If some of the screenshots or steps viewed here are different from the ones in the current system, this is due to our continuous effort to improve our system from time to time. Please notify us at info@timeteccloud.com, we will update it as soon as possible.

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