Fixed assets

Assets are the objects managed by the Fixed assets subsystem. An Asset is generally anything of value for which you want to store its details, cost and depreciation information. An Asset can support separate book and tax depreciation schedules as well as purchasing and disposal information.

The following rules apply to Assets:

• An Asset must have a depreciation rate and a depreciation type of Prime cost, Diminishing value or Full
• An Asset does not have to be depreciated: its depreciation rate can be set to zero
• An Asset cannot be depreciated further if the Written down value is zero
• An Asset can only be deleted if it has been fully depreciated or disposed, and no transactions exist for that Asset within the current financial year