Fixed Assets

Fixed assets are long-term assets that a company has purchased and is using for the production of its goods and services.

Fixed assets are noncurrent assets, meaning the assets have a useful life of more than one year. Fixed assets include property, plant, and equipment (PP&E) and are recorded on the balance sheet. Fixed assets are also referred to as tangible assets, meaning they're physical assets. 

Below are examples of fixed assets: 

  • Vehicles such as company trucks
  • Office furniture
  • Machinery
  • Buildings
  • Land

Fixed assets are not readily liquid and cannot be easily converted into cash. They are not sold or consumed by a company. Instead, the asset is used to produce goods and services.

Fixed tangible assets can be depreciated over time to reduce the recorded cost of the asset. Most tangible assets, such as buildings, machinery, and equipment, can be depreciated. However, land cannot be depreciated because it cannot be depleted over time unless it is land containing natural resources.

How to Create a New Fixed Asset

Go to Item Profile (Beta)

Click on the (+) mark and enter the fixed assets code, the name and give the item type then click on save button.

Note: When creating Fixed Assets, the system will automatically keep a record on Advance Analysis Profile (Beta)

How to use a Fixed Asset as a Service Item

First, create a relevant service item in Item Profile (Beta). The Item Type should be Service Item. Then Go to the Item Cost Price form and set a rate for the service item. Finally, go to Advance Analysis Profile (Beta) and search the Fixed Asset’s Address. Go to Item detail and add the service Item to the tag.
 

Fixed Assets GRN

 

 

  

This is used to enter new buying fixed assets.

 

  • GRN No – GRN No is unique and auto-generated for every transaction
  • Date – The date on which the order is posted
  • Doc No – This is used for user reference No
  • Yur Ref – To insert the manual documentation No
  • Project – To select the project which goods are requested to
  • Purchase- To select purchase account
  • Supplier - To select a supplier from where these goods are in order
  • Address – Automatically load the supplier address details. If anyone needs to add another address (Branch Address) you need to select by manually
  • Description – To enter a description for whole
  • Location – To select the location to where the request goes to
  • Item Code – To select the Item-by-Item Code and Item Name
  • Unit – Indicate the unit of the Item selected
  • Qty – To Enter the Quantity Required
  • Rate – To Enter the Price of the Item for the one Base unit of the Item
  • Sub Total – No need to enter automatically calculated (Qty * Rate)
  • Dis % - The discount percentage of the item
  • Dis Amt – No need to enter
  • VAT % - VAT percentage for item
  • VAT Amt – No need to enter
  • SVAT % - SVAT percentage for item
  • SVAT Amt – No need to enter
  • Description – To Enter the Description of the Item

 

Fixed Assets Disposal

 

 

 

 

This is used to enter sales of fixed assets.

  • Address – Automatically load the customer address details. If anyone needs to add another address (Branch Address) you need to select by manually
  • Description – To enter a description for whole
  • Location – To select the location to where the request goes to
  • Item Code – To select the Item-by-Item Code and Item Name
  • Unit – Indicate the unit of the Item selected
  • Qty – To Enter the Quantity Required
  • Rate – To Enter the Price of the Item for the one Base unit of the Item
  • Sub Total – No need to enter automatically calculated (Qty * Rate)
  • Dis % - The discount percentage of the item
  • Dis Amt – No need to enter
  • VAT % - VAT percentage for item
  • VAT Amt – No need to enter
  • SVAT % - SVAT percentage for item
  • SVAT Amt – No need to enter
  • Description – To Enter the Description of the Item