Assets and depreciation for a client
Keep a client's fixed asset register, run the year's depreciation into the ledger and record disposals.
- Add an asset
- Run depreciation
- Posts to the ledger
The asset register lists what the client owns, like vehicles and equipment, and works out depreciation each year. Each asset can have a tax book (for the return) and an accounting book (which posts to the ledger).
How do I add an asset?
- Open the client and go to BooksAssets.
- Choose New asset.
- Fill in Name, Category, Acquired, Cost and Business use %.
- Pick the Method: Diminishing value, Prime cost or Non-depreciating (for land, say). Then the Effective life (yrs) or a rate.
- Under Books, tick tax (for the return schedule), accounting (posts to the ledger) or both. Tax is ticked to start with.
- For the accounting book, pick the Depreciation expense account and Accumulated depreciation account. Pick the Asset account (optional) too, so a sale can post later.
- Choose Add asset.
An asset with an accounting book marked Ledger accounts not set won't post depreciation to the ledger. Tax-only assets don't need ledger accounts, so they never show it.
How do I change an asset?
Choose the pencil on its row. The same form opens with what you saved. Change anything, including the ledger accounts, and choose Save.
Changes count from the next depreciation run. Run a year that's already done again to update it. A book that already has depreciation can't be taken off, and a disposed asset can't be changed.
Bringing over a whole register? Use the Fixed assets box in BooksImport books.
How do I run depreciation for the year?
Pick the Financial year, then choose the run depreciation button for that year. The accounting book posts a journal to the ledger. Running it again asks you to confirm, then replaces that year's depreciation journals, so it never doubles up.
The cards at the top show Total cost, the year's depreciation and the Closing written-down value. A dot on an asset means it's Posted to the ledger.
How do I record a sale or write-off?
- Choose Dispose on the asset.
- Enter the Disposal date and Proceeds.
- If the asset has its ledger accounts, pick the Proceeds account (where the money lands) and the Gain / loss on disposal account to post the balancing adjustment.
- Choose Dispose asset.
Without the ledger accounts, the sale is recorded on the register only.
Changing the register needs permission to manage fixed assets.
Next
Financial statements
Produce a client's profit or loss and financial position from the ledger, map accounts to lines, then finalise and download the PDF pack.
The ledger, journals and account mapping
See a client's trial balance, post and void journals, manage their chart of accounts and lock finished periods.
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