Fixed Assets
Your register of the big, long-lived things your business buys and keeps — vehicles, machines, furniture, computers, buildings — with their cost spread automatically across the years you use them.
Think of a fixed asset like a big bag of coffee for the office: you don't count the whole bag as "used up" the day it arrives — you record it as something you own, then charge a little each month as you get through it. That monthly "we used some more of it" note is depreciation. When the bag's empty or you give it away, you clear it off the shelf and record whether you got anything back.
01What you see on the screen
Two cards: Add Fixed Asset (the registration form) and the Asset Register (a table of every asset with Code · Name · Method · Cost · Per Period · Accum. Dep. · NBV · Last Run · Status). The register toolbar has Template, Import CSV, Export CSV, and Run Monthly Depreciation.
NBV means Net Book Value = Cost − depreciation charged so far — what the asset is still "worth" on the books.
02Register an asset — every field
| Field | What to enter | Example | Needed? | Why it matters |
|---|---|---|---|---|
| Code | A short unique ID | FA001 | Yes | How you refer to the asset; used once only. |
| Name | What it is | Toyota Hilux pickup | Yes | A readable label. |
| Category / Location | A grouping / where it lives | Vehicles / Dubai | Optional | For sorting and tracking. |
| Purchase Date | When you bought it | 2026-01-15 | Yes | Depreciation counts from this month. |
| Cost | Full purchase price (AED) | 120000 | Yes | The amount spread over the asset's life. |
| Salvage Value | Expected worth at end of life | 20000 | Def. 0 | The part you never depreciate — the trade-in/scrap value. |
| Useful Life (months) | How long you'll use it | 60 | Def. 60 | Longer life = smaller monthly charge. |
| Depreciation Method | How to spread the cost (see below) | Straight line | Yes | Decides the shape of the charges. |
| Annual Rate (%) | Only for Reducing balance | 20 | If used | The yearly % eaten off the remaining value. |
| Total Lifetime Units | Only for Units of production | 100000 | If used | Total output; cost is charged per unit made. |
The three depreciation methods
| Method | How it works | Good for |
|---|---|---|
| Straight line | The same amount every month = (Cost − Salvage) ÷ life months. | Things that wear evenly — furniture, buildings. |
| Reducing balance | A fixed % of the remaining value each period — big early, shrinking later. | Things that lose value fast when new — cars, laptops. |
| Units of production | Charged by how much the asset actually produced, not by time. | Machines measured by output — a press rated for 100,000 stampings. |
03How to…
Register an asset
- In Add Fixed Asset, enter Code and Name (and optional Category/Location).
- Set Purchase Date, Cost, Salvage Value and Useful Life.
- Choose the Depreciation Method (add the Annual Rate or Total Units if needed).
- Click Add Asset — the cost is recorded on the books and the asset appears in the register.
Run depreciation
- Click Run Monthly Depreciation and enter the month as
YYYY-MM. - The system posts the charge for every un-run month up to that month (e.g. a AED 120,000 vehicle over 60 months with 20,000 salvage → about 1,667/month), skipping any closed months.
- For a units-of-production asset, use Log units instead and enter the units produced that period.
Dispose of an asset
When you sell or scrap an asset, you record the sale proceeds. The system removes the asset, clears its depreciation, and books the difference as a gain (if you got more than its book value) or a loss (if less). The asset becomes disposed and locked.
04Other asset actions
Beyond the register, the system also supports (through its wider tools): Improve (add the cost of an upgrade onto the asset), Transfer (change its location/category — no accounting effect), Revalue (restate to a new fair value), Impair (write it down when it's suddenly worth less), CWIP (build an asset over time, then capitalise it when ready), and a memo-only tax depreciation book that feeds the Corporate Tax return.