New addition of Fixed Assets

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Regardless you are an existing business or newly setup business, fixed assets will be added into the business operation from time to time, to generate revenue.

If your company had recently purchase a fixed asset , you will enter the information here to be part of the fixed asset listings.

At the earlier training, you had learn how to  issue a payment to credit your bank and debit the fixed assets account,

: New addition of fixed asset                        FAQ: If there are multiple FA items (chairs) that are bought at the same time


Your company had recently make a payment for the purchase of a computer equipment

After record your payment for the purchase of your fixed asset,


Now, add the new fixed asset to the asset master and generate the monthly schedule.

Step 1/5. At [Fixed Asset], click [Asset Master]


Step 2/5. Click [Add] (See Copy)


Step 3/5 : Enter the relevant information as shown below. Give your asset an asset code.



Step 4/5: Click on the tab [Depreciation] and choose the Depreciation method, cost, purchase date and first depreciation date.

Residual value : An example a desk had a useful life of seven years. How much is the desk going to worth at the end of seven years (its fair market value as determined by agreement or appraisal) is its residual value, also known as salvage value.


Note : If your company is GST registered, record your fixed asset value as $1,200, do not include the GST of $84.00.
If your company is not GST registered, you will record your fixed asset value as $1280.00




Next, click on [11] Depreciation schedule




Related Topics

Chart of accounts - Fixed Asset & Accumulated Depreciation


Payment to supplier for the purchase of fixed asset


FAQ : Balance Sheet report without Acc Depreciation



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