Fixed Assets Guide#

Complete guide to managing owned and leased assets in AssetVault.

Overview#

The Fixed Assets module is the core of AssetVault, providing comprehensive asset lifecycle management from acquisition to disposal.

Asset Types#

AssetVault supports various asset categories:

• IT Equipment: Computers, servers, peripherals
• Vehicles: Cars, trucks, vans, specialized vehicles
• Furniture & Fixtures: Desks, chairs, office furnishings
• Machinery & Equipment: Production equipment, tools
• Property & Buildings: Real estate, leaseholds
• Leasehold Improvements: Modifications to leased spaces

Creating Assets#

Manual Creation#

Steps:

1. Navigate to Assets → Create Asset
2. Fill in required fields:
   • Asset Name: Descriptive identifier
   • Asset Type: Select from dropdown
   • Purchase Date: Acquisition date
   • Cost: Total acquisition cost
   • Useful Life: Expected service years
3. Optional fields:
   • Depreciation method (overrides default)
   • Residual value
   • Serial number
   • Location
   • Department
   • Notes
4. Upload photo or documents (optional)
5. Click Create Asset

Result: Asset created with unique ID, depreciation calculated automatically.

Tutorial: Creating an Asset

Bulk Creation#

For multiple assets, use Bulk Upload.

Viewing Assets#

Asset Summary#

The asset summary provides a comprehensive list of all assets.

Navigation: Dashboard → Assets → Summary

Features:

• Sortable columns (click headers)
• Search by asset name or ID
• Filter by type, location, department
• Toggle between owned and leased assets

Columns Displayed:

• Asset ID
• Asset Name
• Type
• Purchase Date
• Original Cost
• Net Book Value (NBV)
• Accumulated Depreciation
• Status

Filtering Assets#

By Ownership:

• Owned Assets: Standard fixed assets
• Leased Assets: Right-of-use (ROU) assets

By Date Range:

• Set reporting period start and end dates
• Shows assets active during that period
• Useful for point-in-time valuations

By Type:

• Select one or more asset types
• Quickly view specific categories

By Search:

• Type in search box
• Matches asset name, ID, or serial number

Asset Details#

Click any asset to view full details:

Summary Tab:

• Asset identification
• Financial summary (cost, NBV, accumulated depreciation)
• Depreciation settings

Depreciation Schedule Tab:

• Month-by-month breakdown
• Opening balance, depreciation, closing balance
• Accumulated totals

History Tab:

• All changes to asset (audit trail)
• Creation date
• Modifications
• Disposal or impairment events

Attachments Tab:

• Uploaded photos
• Invoice documents
• Maintenance records
• Warranty information

Editing Assets#

Modifying Asset Details#

Steps:

1. Navigate to asset details page
2. Click Edit button
3. Modify any field
4. Click Save

Fields You Can Edit:

• Asset name
• Location
• Department
• Notes
• Useful life (triggers depreciation recalculation)
• Residual value

Fields You Cannot Edit:

• Asset ID (permanent)
• Purchase date (locked after journals posted)
• Original cost (use impairment instead)

Result: Changes saved, depreciation recalculated if financial parameters changed.

Recalculating Depreciation#

If you change useful life or depreciation method:

1. System automatically recalculates depreciation
2. Future periods updated
3. Historical journals remain unchanged (if posted)
4. New depreciation schedule generated

Warning: Changing depreciation settings may impact financial statements.

Asset Lifecycle Events#

Impairment#

Record decrease in asset value due to damage, obsolescence, or market conditions.

Steps:

1. Navigate to asset details
2. Click Impair button
3. Enter:
   • Impairment date
   • Impairment amount
   • Reason
4. Click Record Impairment

Result:

• Asset carrying value reduced
• Impairment loss recorded
• Depreciation recalculated on reduced base

Journal Entry Generated:

DR Impairment Loss         £X,XXX
  CR Accumulated Impairment      £X,XXX

Disposal#

Remove asset from register when sold, scrapped, or retired.

Steps:

1. Navigate to asset details
2. Click Dispose button
3. Enter:
   • Disposal date
   • Disposal proceeds (if sold)
   • Disposal reason
4. Review gain/loss calculation
5. Click Confirm Disposal

Result:

• Asset marked as disposed
• Gain or loss on disposal calculated
• Asset removed from active register
• Disposal journal generated

Gain/Loss Calculation:

Proceeds - Net Book Value = Gain (or Loss)

Journal Entry Generated:

DR Cash (Proceeds)                    £X,XXX
DR Accumulated Depreciation           £X,XXX
DR Loss on Disposal (if loss)         £X,XXX
  CR Asset Cost                             £X,XXX
  CR Gain on Disposal (if gain)             £X,XXX

Leased Assets (ROU)#

Right-of-use assets under IFRS 16.

Creating ROU Assets#

Manual Method:

1. Select Create Asset → Leased Asset
2. Enter lease details:
   • Lease commencement date
   • Lease term (months)
   • Monthly payment
   • Incremental borrowing rate (IBR)
3. System calculates:
   • ROU asset value (PV of lease payments)
   • Lease liability
4. Click Create

Bulk Method: Use bulk upload with "Leased Assets" option selected.

ROU Asset Depreciation#

• Depreciated over lease term
• Straight-line method typically used
• No residual value (unless purchase option)

Lease Liability#

• Initial liability = PV of future payments
• Reduced by payments
• Interest expense calculated monthly
• See Lease Engine Guide for details

Asset Transfers#

Move assets between locations or departments.

Steps:

1. Edit asset
2. Change Location or Department field
3. Save

Result: Transfer recorded in audit history.

Asset Maintenance#

(Beta feature)

Track maintenance events:

1. Navigate to asset details
2. Click Add Maintenance Record
3. Enter:
   • Maintenance date
   • Description
   • Cost
   • Performed by
4. Save

Use Cases:

• Track repair history
• Plan preventive maintenance
• Warranty claim documentation

Reporting#

Asset Register Report#

Complete list of all assets with financial details.

Generate:

1. Navigate to Reports → Asset Register
2. Select filters (optional)
3. Click Generate PDF or Export to Excel

Contents:

• Asset identification details
• Purchase information
• Current net book value
• Accumulated depreciation

Net Book Value Report#

Point-in-time valuation of asset portfolio.

Generate:

1. Set reporting date
2. Click NBV Report
3. Download PDF/Excel

Shows:

• Total asset value at specified date
• Breakdown by asset type
• Depreciation to date

Best Practices#

✅ Do:

• Use consistent asset naming conventions
• Record accurate purchase dates
• Upload invoices and photos
• Review depreciation schedules regularly
• Dispose of assets promptly when retired

❌ Don't:

• Create duplicate assets
• Use vague asset names (e.g., "Computer 1")
• Forget to record disposals
• Change depreciation methods frequently
• Delete assets instead of disposing them

Troubleshooting#

Depreciation not calculating:

• Check useful life > 0
• Verify purchase date is valid
• Ensure depreciation method is set

Can't edit asset:

• Check permissions (may need edit rights)
• Asset may be locked if journals posted

Asset not appearing in summary:

• Check filters (ownership type, date range)
• Verify asset isn't disposed
• Try clearing all filters

Video Tutorials#

• Creating Your First Asset
• Bulk Upload Assets
• Recording Asset Disposal

FAQ#

Q: Can I change the purchase date after creation?
A: Only if no journals have been posted. Once posted, it's locked for audit integrity.

Q: What happens to depreciation when I dispose an asset?
A: Depreciation stops on the disposal date. Remaining book value is written off.

Q: Can I un-dispose an asset?
A: Contact support. Reversals may be possible if journals haven't been finalized.

Q: How many assets can I create?
A: Unlimited in all plans.

Next Steps#

• Set up Bulk Upload for multiple assets
• Configure Depreciation Settings
• Explore Dashboards for insights

Support#

Questions about asset management?
Contact: [[CONTACT EMAIL]]

Related Guides:

• Bulk Upload
• Depreciation Engine
• Import & Export