Click here for an in-depth guide on how to use the fixed asset register


After you explain a payment from the bank explain screen with a fixed asset account code, or a bill on the purchases menu with a fixed asset account code, you can create a pending asset from these transactions. You can then approve the pending asset, on the fixed asset register, by filling in the depreciation details.


Navigate to the Tools > Fixed assets > Pending menu. All your pending assets will be listed here.

 

Click on the name of the asset or the edit icon under the ‘Options’ column for the appropriate asset.

 

Fill out the details of the form appropriately. As the asset is being generated from a transaction the ‘Asset name’, ‘Cost’, ‘Purchase date’ and ‘Account’ fields will be populated automatically.

 

In the ‘Depreciation method’ field you are given a choice of three options. 

 

  • The ‘Do not depreciate’ option will mean that no depreciation will occur.

  • For the ‘Reducing balance’ method of depreciation enter both the ‘Depreciation rate’ and ‘Economic Life’. Enter 0 in the ‘Economic Life’ field to indicate infinite economic life.

  • For the ‘Straight line’ method of depreciation enter the Depreciation rate and the system will automatically calculate and update the ‘Economic Life’.

 

You can select from the default accounts for both the ‘Depreciation account’ and ‘Accumulated depreciation account’. You can create your own accounts as described in ‘Fixed Asset account codes’ 

 

You may need to enter an accumulated depreciation amount if the purchase was prior to starting Clear Books. This will affect the ‘Economic life’ calculation and once confirmed it will also adjust the ‘Net Book Value’ e.g. if the asset cost is £1000 and the accumulated depreciation is £100 the Net Book value will be £900. 

 

In the ‘Depreciation start date’ choose a date from which the asset will generate months to be depreciated from. This field will not appear if you have selected ‘Do not depreciate’ in the ‘Depreciation method’ field.

 

If you have auto depreciation enabled or use the ‘Process assets’ depreciation feature, depreciation transactions will be created from the ‘Depreciation start date’


Click on the ‘Approve’ button to complete.



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