Adding a Fixed Asset

The Fixed Assets form contains identifying and descriptive information about an asset.

To add a fixed asset:

  1. On the Fixed Assets form, specify information about the asset. Set the Status to Active. Save the record.
  2. Click Fixed Asset Costs and specify costs for the asset.
    Use the Fixed Asset Costs form to maintain a comprehensive history of all costs accumulated for an asset. These costs include the initial purchase price as well as costs for enhancements and repairs.

    There is a one-to-many relationship between an asset and its cost records. Each time you add an additional cost factor, a new record is created and assigned a sequence number. This helps you track the cost history of the asset. For example, when you first enter the purchase price of an asset, the sequence number for the cost record is 1. Later, if you add upgrade the asset and add the cost of the upgrade, a new record is created with the sequence number of 2.

  3. Use the Fixed Asset Depreciation form to establish a depreciation method and depreciation schedule for the asset.

    See Generating a Depreciation Schedule for the steps to set up a depreciation schedule.

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