>> Fastbase Business Software Ltd
Fastbase Accounting System - Online Manual
Entered Fri, 28 Mar 2003 11:59 by Peter Campbell
Entering a New AssetAsset 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 AssetChanges can be made at any point to the asset details, however care should be taken when changing any values that affect depreciation.
Deleting an AssetAssets 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).