Fixed Asset Register Guide
Fixed Assets are items bought for long-term use by the business. For example property, office equipment, vehicles, computers and furniture. Fixed assets are also known as non-current assets.
Fixed Assets can be recorded in the Fixed Assets Register (FAR). This captures important information about each Fixed Asset, including its purchase date, purchase cost, useful life, and depreciation method. Additional Attributes (and/or Analysis Entities) are available to further analyse Fixed Assets in user-definable ways.
See Configuration -> Attribute Wizard or contact Support or your Consultant.
Depreciation represents the reduction in value of the asset over its useful life.
How to Get Started: Enabling Depreciable Assets for an Aqilla Instance
Depreciable Assets are enabled by a setting in Configuration -> Instance Settings:
Setting Depreciable Assets Enabled to "Yes" gives immediate access to the following functionality:
Fixed Asset Register (FAR) - under the Reference Tab
Fixed Asset Depreciation Run (FADR) - under the Processes Tab
Fixed Asset Depreciation Document (FADD) - under the Documents Tab
the ability to create a new Fixed Asset during Purchase Invoice Entry
It does not enable the ability to select an existing Fixed Asset during Purchase Invoice Entry.
Permission to use Depreciable Assets
New Permissions have been created to give Users access to the new menu options.
The three relevant Permissions are all "View" Permissions:
View: Fixed Asset Depreciation Document: Granted
Gives access to Fixed Asset Deprecation Document (under the Documents tab).
View: Fixed Asset Depreciation: Granted
Gives access to Fixed Asset Depreciation Run (under the Processes tab).
View: Fixed Assets Register: Granted
Gives access to Fixed Assets Register (under the Reference Tab).
These three new Permissions have all been given to the 'administrator' Role.
Once Depreciable Assets have been enabled, any User with access to the 'administrator' Role will have full access to Depreciable Assets.
If other Roles need access to Depreciable Assets then these new Permissions can be added to those Roles.
Alternately, a new 'Fixed Asset' Role could be created that includes the necessary Permissions, like this:
For help with these tasks, please contact Support or your Consultant
Important Note:
Before it can be depreciated, a Fixed Asset requires a ledger transaction to be Posted to record the initial Cost Value.
This can be done via a Purchase Invoice document or a Miscellaneous document.
https://help.aqilla.com/helphome/how-to-add-an-existing-asset-to-the-fixed-assets-r
Use this guide to add an existing asset to the Fixed Assets Register:
1. Create a new Fixed Asset |
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The Fixed Asset Register may be found:
It is possible to create a new Fixed Asset directly from the Fixed Asset Register screen (under the Reference Tab), or during the creation of a Purchase Invoice document (under the Documents Tab). This enables Fixed Assets to be created directly (like other types of Reference record), or 'on the fly' during Purchase Invoice Entry. The two methods complement each other and this allows users to choose the method which most closely matches their way of working. If the Fixed Asset is to be created during Purchase Invoice Entry, then clicking on '+' opens up a Create New Asset window which populates the Fixed Asset Register. See also Create a new Fixed Asset during Purchase Invoice Entry. |
2. Assign a cost value to an asset |
If the Fixed Asset has already been created then it is essential that a Cost Value is posted to the ledger for the asset. To assign existing assets to the Fixed Assets Register, see this article: Assets may be linked to a Miscellaneous document or a Purchase Invoice document using the Depreciable Assets field on the Document line. These documents can then be used to post values to existing assets. |
3. Create and Calculate Depreciation Run |
Depreciation is calculated for a defined number of Financial Periods by carrying out a Fixed Asset Depreciation Run (FADR). There are two ways to initiate the calculation of depreciation.
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4. Post Depreciation |
Clicking on Create Document will create a Fixed Asset Depreciation Document. It is necessary to post this Document to the Ledger to see the Depreciation To Date in future runs. Posting the Document will add Depreciation transactions to the Ledger. They will be posted to the selected Financial Year. The Depreciation for the year will be apportioned across the chosen number of Periods. |
