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The Asset Register

The asset register lists every fixed asset a company owns with its cost, accumulated depreciation and net book value. The Asset Register console is where you register and capitalise assets, run depreciation, and record transfers, impairments, revaluations and disposals; each of those posts to the general ledger through the asset engine.

Where to find it

Architect Panel → ERP - Operations:

  • Asset Register — the console; its badge counts assets needing attention: an unposted depreciation charge, or only one of the two depreciation accounts set
  • Asset Meters — the meters on each asset
  • Maintenance Schedules — preventive maintenance schedules
  • Depreciation — opens the console on its Depreciation run tab

Architect Panel → ERP - Reference Data:

  • Asset Classes — classes and their default life, method, rate and accounts
  • Depreciation Methods — the methods an asset can use

Admin Panel → Fixed Assets:

  • Fixed Assets — the same console for finance staff who are not architects

The old generic Assets tile has been retired: assets created there skipped numbering, class defaults and account checks. Always register through the console.

Who can use it

ERP: Fixed Assets can change the register; ERP: Reporting opens it read-only and can still preview depreciation. Registering needs write access to the company; impairing, revaluing, disposing, reposting, posting depreciation and capitalising need post access.

Setting up classes first

On the Books & classes tab, give each asset class its default useful life, method, annual rate, first-month and disposal-month conventions, and the accounts: cost, depreciation expense, accumulated depreciation, gain or loss on disposal, impairment, revaluation reserve, disposal proceeds and capitalisation clearing. The shipped classes (Plant and machinery, Motor vehicles, IT equipment, Fixtures and fittings, Buildings, Land) have lives and methods but no accounts. A class is shared by every company, so changing one needs ERP: Finance or ERP: Administration.

Registering an asset

  1. Open the console, choose the Company and click Register an asset.
  2. Enter the Name and choose the Class; its defaults appear as placeholders.
  3. Enter Acquired on, Cost and any Residual value.
  4. Override the Method, Useful life (months), Annual rate %, Units meter code or Total units expected only where this asset differs from its class.
  5. Enter the Custodian and choose the Location.
  6. Leave the accounts blank to use the class's, or pick from the chart. Leave Asset number blank for automatic numbering.
  7. Click Register. The asset's card opens.

Registering posts nothing: the cost is already in the ledger from the purchase. To bring the cost across from a supplier invoice, use Capitalise instead.

Capitalising a supplier invoice line

On the Capitalise tab, choose the Document type; lines of posted purchase documents are listed, with lines already on a class's cost account first. Click Capitalise on a line, choose the Asset class, check the name, cost, acquisition date and life, and the Expensed to (clearing) account. It registers the asset and posts Dr the class cost account / Cr the clearing account. A line already coded to the cost account posts nothing.

Reading the register

The Register tab shows Assets in service, cost, accumulated depreciation, net book value, Need attention and Unposted charges, and a list filtered by Status, Class and Search. Click Open for an asset's card: its figures, details, Depreciation schedule (posted charges and twelve months of forecast), History, and Meters and maintenance. Edit changes life, method, rate, residual, custodian and accounts from the next run; periods already charged are not restated. The Register report tab gives the register as at a date.

What goes wrong

  • "The … 'X' is not in this company's chart of accounts": pick a postable account from the list.
  • "Set both depreciation accounts (expense AND accumulated), or neither." With only one set, charges are held as unposted.
  • "Residual value must be between 0 and the cost."
  • "Only a posted document's lines can be capitalised" or "That line is already capitalised".

Worked example

A company buys a delivery van for 32,000 on a posted supplier invoice coded to vehicle cost. Finance opens Capitalise, picks the line, chooses Motor vehicles and names it "Van LK74 ABC". Nothing posts because the line is already on the cost account. On the card they set the custodian to the driver's code and the location to the depot, and the schedule shows the first month's charge at the class's 25% reducing balance.

Recommendations

  • Set up class accounts before registering anything.
  • Capitalise from invoices where you can, so cost and register tie.
  • Name a custodian and location on everything portable.
  • Clear the Need attention count before each month end.