Fixed Asset

Fixed Assets is used to view and edit all existing fixed assets that you have entered.  Fixed Assets are equipment or property that your business purchases in order to operate that assist in the generation of revenue for a year or longer.  Because these assets have a long-term contribution to the business, they are accounted for differently than other business expenses. 

Specifically, the purchase price of these assets are depreciated or expensed over a period of years, typically the number of years the asset will be useful to the business, rather than expensed in the year the asset was purchased.  The purpose of deprecation is to provide a more accurate financial picture by matching the cost of the asset with the revenues it generates over its life. 

Fields

Active

Asset

Asset Account

Asset Class

Asset Type

Customer

Depreciation Account

Depreciation Class

Depreciation Method

Depreciation Total

Description

Est. Depreciation Total

Expense Amount

In Service Date

Life Years

Location

Memo

Other

Partial Year Method

PO Number

Posting Cycle

Purchase Cost

Purchase Date

Purchasing Description

Sales Date

Sales Description

Sales Price

Salvage Amount

Serial Number

Sold

Used

Vendor

Warranty Expiration Date