Fixed Assets - Documentation Acosys

Used By

accounting or finance staff

Data Type

master

Search Keys

Code, Name, Counter Account

When to Use This Form

When the company buys or records a new fixed asset.
When old asset data needs completing with the asset group, division, department, purchase price, or useful life.
When finance needs to make sure the asset is ready for depreciation calculation.

Before You Start

Make sure the fixed asset group, division, department, and counter account are available.
Prepare the purchase document or proof of asset acquisition.
Determine the purchase price, residual value, useful life, purchase date, and journal date.
Check the asset group because the accounts and depreciation method follow that group's settings.

Workflow

Open Finance / Fixed Assets / Fixed Assets List.
Enter the code, name, description, asset group, division, and department.
Complete the purchase date, purchase price, useful life, depreciation rate, residual value, and value when booked.
Fill in the journal reference, counter account, and journal date according to the accounting records.
Save once the asset values and accounts match the acquisition document.

Key Fields

Field	Explanation for Users	Status
Code `id`	Code is the identifier of the fixed asset. Use an asset number that is easy to trace.	Required
Name `name`	Name describes the asset recorded, for example a vehicle, machine, computer, or building.	Required
Fixed Asset Group `fagroup`	Fixed Asset Group determines the accounts and depreciation method used by the asset.	Required
Division `division`	Division indicates the business unit that owns the asset.	Required
Department `departement`	Department determines the related department, work location, warehouse, or cost center.	Required
Purchase date `acquisitiondate`	Purchase date shows when the asset was acquired.	Required
Depreciation Rate (%) `depreciationrate`	Depreciation Rate (%) determines the asset's depreciation percentage if the method used requires a rate.	Optional
Journal Reference `journalid`	Journal Reference links the asset to the accounting record of its acquisition.	Required
Counter Account `accountid`	Counter Account is the source account used when the asset is booked, for example cash, bank, payables, or an adjustment account.	Required
Journal Date `journaldate`	Journal Date determines the accounting period in which the asset is recorded.	Required
Active `active`	Active determines whether the data can still be selected in transactions.	Optional
Last Modified `updatetimestamp`	Last Modified is audit information filled in automatically by the application.	Optional

Details and Relations

This form has no detail table. The data is saved directly from the main fields.

What Happens After Saving

Active assets can be processed in depreciation and asset disposal.
Purchase price, useful life, residual value, and asset group are the basis for calculating the book value.
The journal reference and counter account help finance trace the asset acquisition record.
If any required data or asset values are not valid, the application rejects the save and shows a validation message.

Common Problems

Asset cannot be saved: check the code, name, asset group, division, department, purchase date, journal reference, and counter account.
Depreciation is wrong: check the purchase price, useful life, residual value, depreciation rate, and asset group.
Asset journal is wrong: check the journal reference, counter account, and journal date.
Asset is hard to find: use consistent asset codes and asset names.

Available Fields

The following list summarizes the fields available on the form. Rarely used fields are still listed so they are easy to look up during training or support.

Field	Explanation for Users	Status
Code `id`	Code is the identifier of the fixed asset. Use an asset number that is easy to trace.	Required
Name `name`	Name describes the asset recorded.	Required
Description `description`	Description can be used for asset details, serial number, location, or purchase remarks.	Optional
Fixed Asset Group `fagroup`	Fixed Asset Group determines the accounts and depreciation method used by the asset.	Required
Division `division`	Division indicates the business unit that owns the asset.	Required
Department `departement`	Department determines the related department, work location, warehouse, or cost center.	Required
Fixed Asset Details `detailasset`	Fixed Asset Details is used for additional remarks such as specifications, inventory number, or physical location.	Optional
Purchase date `acquisitiondate`	Purchase date shows when the asset was acquired.	Required
Purchase Price `cost`	Purchase Price is the acquisition value of the asset before depreciation.	Optional
Useful Life (yrs) `usefullife`	Useful Life (yrs) is the economic life of the asset used in the depreciation calculation.	Optional
Depreciation Rate (%) `depreciationrate`	Depreciation Rate (%) determines the asset's depreciation percentage if the method used requires a rate.	Optional
Residual Value `salvagevalue`	Residual Value is the estimated value of the asset after its useful life ends.	Optional
Value When Booked `currentvalue`	Value When Booked shows the asset's value when it was first recorded in the system.	Optional
Fixed Asset Journal `journalasset`	Fixed Asset Journal shows whether the asset record has been linked to a journal.	Optional
Journal Reference `journalid`	Journal Reference links the asset to the accounting record of its acquisition.	Required
Counter Account `accountid`	Counter Account is the source account used when the asset is booked.	Required
Journal Date `journaldate`	Journal Date determines the accounting period in which the asset is recorded.	Required
Others `others`	Others is used for additional references that do not belong in the main fields.	Optional
Active `active`	Active determines whether the data can still be selected in transactions.	Optional
Created By `usercreate`	Created By is audit information filled in automatically by the application.	Optional
Modified By `useredit`	Modified By is audit information filled in automatically by the application.	Optional
Last Modified `updatetimestamp`	Last Modified is audit information filled in automatically by the application.	Optional

User Checklist

Asset code, name, group, division, and department are correct. Purchase price, residual value, useful life, and depreciation rate have been checked. Journal reference, counter account, and journal date match the acquisition document. The asset is ready for the depreciation process.

Menu Location

Finance / Fixed Assets / Fixed Assets List
/form/fixedasset

Quick Add from the Search Field

If the icon + appears next to a search field, you can set up the fixed asset accounts directly from this form without stopping the asset entry.

Account

Available on the asset account fields in the fixed asset data. If the posting account for this asset does not exist in the COA yet, click + to create it, then continue the same fixed asset entry.