Fixed assets from purchase to disposal
Fixed assets
fiscal50 keeps a fixed asset register that is filled from your purchase bills: each bill line with an asset (capital expense) category becomes an asset, with the bill date and amount carried over. You set up each asset with straight-line depreciation (Class Life, Total Basis, Salvage Value, Monthly or Annually), then let fiscal50 create the entries on schedule for approval (Auto) or post them yourself (Manual), one asset or a batch at a time. From the same register you record regular or capital maintenance, sell an asset with the gain or loss worked out, write it off, and review every transaction posted against it. The Depreciation Report lists every posted depreciation entry by asset and category, with totals and a category breakdown.
- 01Assets created from billsAn asset is created when you record the bill for buying it, using an asset (capital expense) category on the bill…
- 02Straight-line depreciation setupSet Class Life, Total Basis and Salvage Value per asset and choose Monthly or Annually. Yearly depreciation = (Total…
- 03Auto or Manual postingWith Auto, fiscal50 creates depreciation entries on schedule and sends them for approval in Needs your attention; with…
See it work
Depreciation on schedule, waiting for your approval
Set the Class Life, Total Basis and Salvage Value once. With Auto, fiscal50 creates each straight-line entry on schedule for you to approve; with Manual, you post it.
Fixed assets
What fixed assets in fiscal50 does for you
The Fixed Assets screen is your asset register: it shows the cost basis, depreciation and current value of every asset, and it is where you set up depreciation, post it, record maintenance, sell or write off an asset, and see its transactions.
Assets created from bills
An asset is created when you record the bill for buying it, using an asset (capital expense) category on the bill line, so the purchase and the asset stay linked from the start. Each asset-category line becomes its own asset.
Straight-line depreciation setup
Set Class Life, Total Basis and Salvage Value per asset and choose Monthly or Annually. Yearly depreciation = (Total Basis − Salvage Value) ÷ Class Life; monthly = yearly ÷ 12.
Auto or Manual posting
With Auto, fiscal50 creates depreciation entries on schedule and sends them for approval in Needs your attention; with Manual, you post depreciation yourself from the Fixed Assets screen.
Batch depreciation
Tick several assets, check or change each Depreciation amount, then click Apply depreciation and choose the date to post it for.
Regular or capital maintenance
Record repairs paid straight from a bank account: regular maintenance is expensed to the category you choose, capital maintenance is added to the asset's value.
Sell with gain or loss
Record a sale with the sale amount, quantity, date and Deposit to account; the asset's cost and accumulated depreciation come off the books and the difference from its remaining value is recorded as a gain or loss.
Write off
Write off an asset that is damaged beyond repair, lost or scrapped: its remaining value is recorded as a loss, and it is marked as disposed and no longer depreciated.
Depreciation Report
Every posted depreciation entry by asset and category, with Total depreciation, a By category bar and breakdown with each category's share, and Category and Date filters that work together.
How it works
How it works in fiscal50
Record the purchase bill
Go to Expenses › Bills, click + Add Bill, and add a line with an asset (capital expense) category, a description and the amount. Save the bill; the asset appears in the register.
Set up the asset
On Assets › Asset Management, click Setup (Edit) in the asset's row, enter Class Life, Total Basis and Salvage Value, choose Monthly or Annually and Auto or Manual, then click Apply.
Post depreciation
Tick the assets, check the Depreciation amounts and click Apply depreciation, or use ⋮ › Depreciation on one asset and click Save depreciation. Auto entries post once approved.
Record maintenance
Click ⋮ › Maintenance, enter the date, choose Regular or Capital maintenance, the Payment method and Bank account, add expense lines, check the Total and save.
Sell or write off
Click ⋮ › Sell to record the sale amount, Sale date and Deposit to account, then Record sale; or ⋮ › Write off, enter the Write-off date and click Write off asset.
In your books
What it posts
Depreciation moves no cash. A sale takes the asset and its accumulated depreciation off the books and posts the gain or loss.
Example amounts.
| Account | Debit | Credit |
|---|---|---|
| Depreciation expense | 250.00 | |
| Accumulated depreciation | 250.00 | |
| Total | 250.00 | 250.00 |
| Account | Debit | Credit |
|---|---|---|
| Bank | 7,000.00 | |
| Accumulated depreciation | 4,500.00 | |
| Equipment | 10,000.00 | |
| Gain on sale of asset | 1,500.00 | |
| Total | 11,500.00 | 11,500.00 |
How do I add a new asset?
Record the bill for buying it: Expenses › Bills › + Add Bill, with a line that uses an asset category. The asset then appears in the asset register.
Why can't I depreciate, sell, or write off an asset?
The asset hasn't been set up yet. Click its Setup (Edit) button, complete the Configuration set up window, and click Apply.
What is the difference between Auto and Manual depreciation?
With Auto, fiscal50 creates depreciation entries on schedule and sends them for approval. With Manual, you post depreciation yourself from the Fixed Assets screen.
What is the difference between regular and capital maintenance?
Regular maintenance is upkeep and is recorded as an expense. Capital maintenance improves the asset and is added to its value.
What happens when I sell an asset?
Its cost and accumulated depreciation are removed from your books, and any difference between the sale price and its remaining value is recorded as a gain or loss.
Why isn't my asset's depreciation in the Depreciation Report?
Depreciation appears only once it is posted. If the asset is set to Auto, the entry may be waiting for approval in the Needs your attention list. If it is set to Manual, post it from the Fixed Assets screen.
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