Fixed Asset Classes

“In this page, you will find everything related to the Fixed Asset Classes page, including how to access the page, its features, and how to add a new category.

To access the ‘Fixed Asset Classes’ page, please follow these steps:

• Start by clicking on the ‘Assets’ section from the main menu in the system.
• Then, you will see the Assets screen; look for the ‘Asset Structure’ window in the top bar of the page.
• Click on this ‘Asset Structure’ window and then click on the ‘Fixed Asset Classes’ page link.

Options and features of the ‘Fixed Asset Classes’ page:

• Diverse Operations: The system provides a variety of operations related to fixed asset classes, whether you want to add a new class, modify existing ones, or delete them. You can do so easily according to your needs.
• User-Friendly Interface: The system offers a user-friendly interface for entering new class details effortlessly. You can input basic information such as the name and class type easily.
• Organized Display: In addition to data input, you can view class data in an organized and readable manner. You’ll find a list of all registered classes with the ability to search and sort based on various factors.
• Classes and Asset Relationships: After creating and defining stored classes, these classes become a powerful tool for organizing and categorizing fixed assets. You’ll use them to group similar assets under one class, making it easier to control assets and track their movements more effectively. By using fixed asset classes, you’ll be able to organize and categorize assets specifically, making asset management more efficient.
• Default Settings: Each class comes with preset settings. When adding a new fixed asset and choosing that class, the settings will be automatically filled. Of course, you can modify these settings as needed.

Explanation of how to add a ‘New Fixed Asset Class’:

• You will need to enter the general settings for the class, including the following:

  1. Class Name: Enter the name of the class you want to add. It’s advisable to also add a description that clearly reflects the class’s characteristics and features.
  2. Tax Type: Select the appropriate tax type for the class based on the applicable tax policies.
  3. Unit of Measurement: Choose the appropriate unit of measurement for the class, such as pieces, kilograms, or liters, based on the suitable measurements for the class.
  4. Exclude from Purchases: You can activate this option as needed. If activated, assets associated with these classes will not appear in purchase documents, as per your choice.

• You must specify the general ledger accounts associated with the class:

  1. Sales Account: Select the appropriate account for accounting entries related to asset sales.
  2. Asset Account: Choose the appropriate account for asset purchase transactions.
  3. Depreciation Account: Select the account used for recording depreciation.
  4. Disposal Account: If there is an asset disposal, select the appropriate account for this purpose.

Finally, click the ‘Add New Record’ button.