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Open The Fixed Assets Register

The register shows asset cost, net book value, accumulated depreciation, depreciation method, location, category, and status. Use the tabs to separate active assets, pending service assets, fully depreciated assets, suspended assets, and disposed assets.
Fixed Assets register with cost, net book value, depreciation, pending service, status filters, and asset rows

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Create An Asset

  1. Open Accounting.
  2. Open Fixed Assets.
  3. Click Add Asset.
  4. Enter the asset name, category, acquisition date, cost basis, and location.
  5. Choose the depreciation method and useful life.
  6. Set the placed-in-service date when the asset is ready to depreciate.
  7. Review the accounting accounts before saving.
  8. Save the asset and confirm the first status.
Add Asset wizard with asset type selection and fixed asset setup workflow
Assets can also come from vendor bills Some assets are created from AP activity when a vendor bill line is capitalized. Those assets may land in Pending Service until accounting adds the placed-in-service date and confirms the depreciation setup.

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Understand Asset Status

  • Pending Service: the asset exists, but depreciation has not started yet.
  • Active: the asset is in service and eligible for depreciation.
  • Fully Depreciated: depreciation has reached the depreciable basis.
  • Suspended: depreciation is paused until the asset is resumed.
  • Disposed: the asset was retired, sold, scrapped, or otherwise removed from service.
Do not place an asset in service too early The placed-in-service date controls depreciation timing. If the asset is not ready for business use, keep it pending until the correct date is known.

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Daily Asset Workflows

  • Run Depreciation: queues monthly depreciation for eligible active assets.
  • Place in Service: activates a pending asset and builds the depreciation schedule.
  • Edit: updates descriptive fields or accounting setup when allowed.
  • Transfer: moves the asset to another location while keeping history.
  • Record Units: updates usage for units-of-production assets.
  • Suspend or Resume: pauses or restarts depreciation when the asset is not in normal service.
  • Impair: records a reduction in carrying value when the asset has lost value.
  • Dispose: removes the asset from service and records the disposal impact.

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Detail Tabs

Open an asset row to review the detail tabs. The tabs keep accounting setup, depreciation, maintenance, activity history, and documents together.
  • Overview: asset summary, cost, dates, accounts, location, and status.
  • Depreciation Schedule: monthly depreciation rows and net book value.
  • Maintenance: repairs, inspections, service notes, and maintenance cost history.
  • History: lifecycle changes such as transfers, impairments, suspensions, and depreciation posts.
  • Documents: supporting files for purchase, warranty, registration, or disposal records.
Use supporting documents for audit-ready assets Attach purchase paperwork, financing documents, warranty information, or disposal support when the record will be reviewed later by accounting, tax, or auditors.

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Common Fixed Asset Blocks

  • Depreciation did not run: check status, placed-in-service date, useful life, and depreciation method.
  • Asset is stuck pending: open the asset and place it in service after setup is complete.
  • Wrong cost basis: review the source bill, capitalization decision, tax, freight, and setup costs.
  • Disposal does not look right: confirm sale proceeds, accumulated depreciation, and disposal date.
  • Period is closed: post corrections in the allowed period or follow the reopen process.
  • Asset category is missing: confirm Fixed Asset Categories are configured in Settings before creating the asset.
  • Asset action is unavailable: review the asset status, accounting period, role permissions, and whether the action would rewrite posted history.

AP and Bill Pay

Record vendor bills, approve them, post them, and track AP aging.

GRNI and PO-Linked Vendor Bills

Create vendor bills from received purchase orders and clear received-not-billed balances.

Journal Entries

Create, review, and reverse journal entries.

Financial Reports

Run balance sheet, profit and loss, cash flow, and operational reports.

Period Close

Close, approve, reopen, and audit accounting periods with pre-close checklist controls.

Leases

Manage ASC 842 leases, ROU assets, lease liabilities, payments, modifications, and buyouts.