Fixed assets

Plan availability: Fixed Assets depends on your subscription. If you don't see All Assets, Register Asset, and Asset Categories in the Accounts panel, your plan may not include it — see Subscriptions & billing, or ask your workspace owner.

The Fixed Asset Register (Accounts panel → Fixed Assets) tracks long-lived assets — equipment, vehicles, furniture, fit-out, IT hardware — that you'll use over multiple years. Use it when:

• you've bought something that should be capitalised rather than expensed (typically anything above your capitalisation threshold with a useful life over a year),
• you need to depreciate the cost over its useful life and have those journals posted automatically,
• you need to record a sale or scrap of an asset with the right gain or loss,
• you need a register the auditor can tie back to the Balance Sheet.

The register keeps each asset's cost, accumulated depreciation, and net book value in step with your books, through the asset's whole life: register → (approve) → depreciate each period → transfer if it moves → dispose at the end. Depreciation and disposal journals can be reversed by an allowed user if a run was posted in error.

Step by step

Browse the register

Open All Assets (Accounts panel → Fixed Assets). Each row shows the asset number, name, category, acquisition date, cost, accumulated depreciation, net book value, and status (Pending Approval / Active / Disposed / Transferred).

Register an asset

1. Click Register Asset.
2. Enter the asset Name (e.g. "Toyota Hilux JU-12345") and pick a Category (Vehicles, Office equipment, etc.).
3. Set the Acquisition date and Cost. If the asset came from a posted bill, link the Source bill for the audit trail.
4. Pick the Depreciation method — straight-line (default), reducing balance, or none.
5. Enter the Useful life (in months) and Salvage value (the residual at end of life).
6. Pick the accounts: asset, accumulated-depreciation, and depreciation-expense. Defaults come from the category.
7. (Optional) Tag a Location, Department, or Dimension.
8. Save. With approvals on, the asset enters Pending Approval until an approver signs off.

Asset categories

Open Asset Categories. Categories group similar assets and supply default useful life, salvage value, depreciation method, and accounts, so each new asset inherits sensible values. Editing a category changes the defaults for new assets only — existing assets keep their own settings.

Run depreciation

Depreciation reduces the asset's net book value over its useful life. You can depreciate one asset at a time or run a batch for a period (typically at month end).

Each run writes a journal:

• Debit Depreciation Expense.
• Credit Accumulated Depreciation.

The asset's accumulated depreciation rises and its net book value drops. If a run was posted in error, an allowed user can reverse it — the reversal writes an offsetting journal and restores the asset's figures.

Dispose of an asset

When an asset is sold or scrapped:

1. Pick the Disposal date (must be in an open period).
2. Pick the Disposal method — Sold / Scrapped / Donated.
3. Enter the Proceeds (zero for scrap or donation) and the account the proceeds go to (or a loss account for scrap).
4. Confirm.

Disposal posts a closing journal that removes the cost, removes the accumulated depreciation, recognises the gain or loss, and records any proceeds. Disposal is a significant step — run depreciation up to the disposal date first (see Common mistakes below). A disposal posted in error can be reversed by an allowed user.

Transfer an asset

Move an asset between locations, departments, or owners. Transfers do not post a journal (the cost stays on the books); they are recorded in the asset's transfer history for the audit trail.

Approval

With asset approval turned on, new assets enter Pending Approval. An approver opens the asset and clicks Approve (or Reject with a note). Until approved, the asset shows on the register but does not depreciate. Only users allowed to approve assets see the Approve button — if an asset is stuck, ask your workspace administrator.

How the journal looks

A JOD 12,000 vehicle purchased on a bill (already posted as part of the bill — the asset register links to it, it doesn't repost it):

Monthly depreciation at JOD 200/month (straight-line over 60 months, no salvage):

After 24 months: accumulated depreciation = JOD 4,800; net book value = JOD 7,200.

Sale at JOD 8,000 after 24 months of depreciation (a JOD 800 gain):

Sale at JOD 6,500 after the same 24 months (a JOD 700 loss):

Scrapping the same vehicle after 24 months (zero proceeds — the full remaining net book value is a loss):

Lifecycle

Register  ──(approval on)──▶  Pending Approval  ──Approve──▶  Active
Active  ──Run depreciation──▶  Active  (net book value reduced each period)
Active  ──Transfer──▶  Active  (location/department changed)
Active  ──Dispose──▶  Disposed
Pending Approval  ──Reject──▶  back to the register for correction
Depreciation / disposal posted in error  ──Reverse──▶  offsetting journal, figures restored

Behaviour and rules

• Capitalisation comes from the bill, not the register. When you book the original bill, the line goes to the asset account directly — the register links to that bill for audit; it does not repost the cost.
• Depreciation is calculated for you. Once a useful life and method are set, each period's charge is computed — you just run it.
• Period lock. Running depreciation, disposing, or back-dating an asset all require the relevant period to be open — see Fiscal years and lock dates.
• No partial-month proration by default. Depreciation is whole-period; the first charge lands in the period after the acquisition date unless you tick Depreciate from acquisition date.
• Disposal date must be after the acquisition date and in an open period.
• Journal source label. On the Journal entries page, depreciation and disposal journals are tagged with the Fixed Asset chip.
• Linked Rental Properties. If your plan includes rentals, the Accounts panel also shows Linked Rental Properties — assets that are rental properties. See Rental properties & leases.

Common mistakes

• Disposing without depreciating first. Disposal uses the asset's current net book value. If you haven't run depreciation up to the disposal date, the value is overstated and the gain or loss is wrong. Run depreciation first, then dispose.
• "My asset is stuck in Pending Approval." No one with approval rights has acted on it. Only users allowed to approve assets see the Approve button — ask your workspace administrator.
• Linked to a voided bill. If the originating bill is voided, the asset's source link is flagged — the asset stays on the register, but its provenance is broken. Re-link it to a new bill, or leave it with a note.
• Changing categories to "move" an asset. Changing the category only affects future defaults — it doesn't move historical depreciation between accounts. To migrate properly, dispose and re-register.
• Period locked. Depreciation runs, disposals, and back-dating all need an open period.

Related

• Chart of accounts — asset, accumulated-depreciation, and depreciation-expense accounts.
• Bills — the originating document for most asset purchases.
• Workflow & approvals — approval before an asset goes live.
• Journal entries — depreciation and disposal journals carry the Fixed Asset chip.
• Rental properties & leases — rental properties linked to the asset register.
• Fiscal years and lock dates — depreciation periods.
• Reports — the Fixed Assets report group (register, depreciation, disposals, transfers).