Create a new fixed asset type
If you have the Adviser user role, create a new asset type to use as a template for new fixed assets of that type. Enter the common settings you use for new assets like this. This information becomes the default values for new assets using this asset type. You can change this information when adding an asset.
Before you start
- Add accounts to your chart of accounts for the asset, accumulated depreciation and depreciation expense accounts if you don't already have them set up.
- Turn on tax reporting if you want to calculate tax depreciation.
- Create a fixed asset pool if you want to pool assets using this asset type for tax depreciation purposes.
Create a fixed asset type
- On the Settings menu, click General Settings.
- Under the Features heading, click Fixed Assets.
- On the Asset Types tab, click Asset Type.
- In the Asset Type field, enter a name for your asset type. This must be unique.
- Select the default accounts for the asset type. For the Asset Account and Accumulated Depreciation Account, you can only select accounts with the type Fixed Asset.
- Enter Book Depreciation Default information.
- Enter Tax Depreciation Default information.
- Click Save.