Creating a Fixed Asset

Owned by Stephen Abela
Jul 01, 2020
1 min read

This how-to-article will walk you through the steps required to create a fixed asset, including it's depreciation regime

Step-by-step guide

The following steps need to be followed

  1. Look for the fixed assets from the search bar
  2. Go to the Fixed Assets List
  3. Click the New Button
  4. Fill in the basic details. the following fields are deemed to be mandatory:
    • No. (it may be created automatically)
    • Description
    • Class Code
    • Subclass Code
    • Serial No. (if applicable)
    • Vendor No. (if applicable)


The next part, which is the most crucial part is related to the depreciation details.  The system allow us to create multiple depreciation regimes, usually having one for accounting purposes whilst the second one for tax purposes.  It's important to note that only one is to produce records within the double entries as the second one would be used just for informational purpose.

In order to create multiple fixed assets regime the following steps are required:

  1. Within the fixed asset card, specifically in the depreciation book section, click on Add more Depreciation Books
  2. Fill in the following details for each depreciation regime:
    • Depreciation Book code
    • FA Posting Group - very important
    • Depreciation Method
    • Depreciation Starting Date - it can be before/after the purchase date
    • No. of Depreciation years
  3. Once ready click OK