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Fastbase Accounting System - Online Manual

Asset Maintenance

Document 103029/1

Entered Fri, 28 Mar 2003 11:59 by Peter Campbell
Updated Wed, 9 Jul 2003 12:54

This option allows the user to add and maintain assets, you can enter new assets anytime via this option but typically the computer will prompt you for new asset details when you enter a suppliers invoice or gl cash payment and enter an asset control account in the analysis.

Entering a New Asset

Asset Number: enter a unique number for this asset. Your system can be setup to allocate numbers automatically, refer to Utilities - Module: Fixed Assets for instructions.

Most details are for reference only, enter as appropriate.

When selecting the asset type the system will automatically set the default depreciation method (straight line or diminishing value) and the rate. These values can be changed on an individual asset basis.

Enter the purchase price.
If the asset was purchased prior to the current financial year you will need to enter the accumulated depreciation upto the beginning of the year.
If the asset was purchased prior to the current month and depreciation has already been posted to the depreciation expense account you will need to enter the YTD Depreciation. When the system calculates the depreciation expense for the current period it will take into account the YTD Depreciation processed so far.

Once all assets have been entered you should verify all details by running the Depreciation Schedule.

Modifying an Asset

Changes can be made at any point to the asset details, however care should be taken when changing any values that affect depreciation.

Deleting an Asset

Assets can only be deleted from the system if they have not had any depreciation accumulated yet. The correct way to remove an asset from the register is to dispose of it, see Asset Disposal.

Alternatively see Deleting Accounts for details (this option can be used if the asset contains no transactions).

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