Creating a Fixed Asset Accounts

Creating a Fixed Asset Accounts

Location	Action	Remark
Setup Activity> Account Module	 Click SETUP activity  Click ACCOUNTS  Click CHART OF ACCOUNT module  Click NEW	For fixed asset account, we have to setup the corresponding accumulated account first.
	 CODE enter  FAS1005                                Enter FAS as it is an fixed asset, and a unique number
	CATEGORY select        FIXED ASSETS ACC, DEPRECIATION	Select the appropriate category
	DESCRIPTION rename to       Acc. Depn. For YH1234A	Give a short description
	 Click ADD	This is to save your changes.

Location	Action	Remark
Setup Activity> Account Module	 Click SETUP activity  Click ACCOUNTS  Click NEW	Now we can setup the actual fixed asset account
	 CODE enter  FAS0005                      Enter FAS as it is an fixed asset, and a unique                                                                                              number
	CATEGORY select  FIXED ASSETS	Select fixed asset. Notice that Dep. A/C appears. This is for you to link to the appropriate depreciation account. This system link is for the later report purpose.
	 DESCRIPTION rename to  YH1234A  Give a short description
	DEP. A/C select       FAS 1005 Acc Depn for YH1234A      (which you have setup earlier)	Now you can see why you have the set the accumulated depreciation account prior to the fixed asset account.
	 Click ADD This is to save your changes.  Close the module

• Related Articles

• Purchase of Fixed Assets with Hire Purchase

  Purchase of Fixed Assets with Hire Purchase: Purchase of Machine value S$80,000.00 with down payment of S$25,600.00 Hire Purchase principal S$60,000.00 Monthly instalment S$1,150.00 x 60 months  Total Interest charge (base on 3% interest) S$1,800.00 ...

• Disposal of Fixed Assets

  Disposal of Fixed Assets: Vehicle value S$50,000.00 current net book value S$20,000.00. Disposal amount S$32,000.00. Create a journal entry to taken off our Vehicle account and accumulated depreciation account Adjustment > Journal Entry > New Enter ...

• Creating an Expense Account

  Creating an Expense Account Location Action Remark Setup Activity> Account Module  Click SETUP activity  Click ACCOUNTS  Click CHART OF ACCOUNT module  Click NEW  CODE enter  EXP3301  Enter EXP as it is an expense account, and a unique number  ...

• Creating a new Role

  5.1 ACCESS CONTROL 5.1.1 Users & Role Management User is the name and details of the user, while Role are the duties that the particular user or list of users perform. To setup access control, you have to first create a Role. 5.1.1.1 Creating a new ...

• How do I create Sales Personnel Names

  6.2.2 How do I create Sales Personnel Names? Location Action Remark Setup> Company Details> Employee  Click SETUP activity  Click COMPANY DETAILS  Click EMPLOYEE module  Click NEW Employee can be used as the Sales Person or Purchasing Staff to ...