Create an Asset

For the more detailed definitions of the terminology used please got to:  Asset Registry : Terminology & definitions

Workflow:  

To add a new asset to your asset registry go to Go to Asset Registry and click on Asset in the main menu then click on Create New.

This will take you to the asset card. See below.

You must enter the asset number, asset name & select the asset type in the drop down window.

Predefined Asset types have been set up for you to choose from if you have created a new financial year and selected the Briox Standard chart of accounts. Otherwise read how to set up your own Asset Types here.
 

If you want to connect the asset to a cost center or project, you have the opportunity to do so. The cost center and / or project will then end up on every accounting transaction made for the asset.

In the field Acquisition value, enter the amount that corresponds to the cost involved in manufacturing or purchasing the asset.

Enter an Estimated Residual Value if the asset will have a value after the end of its useful life.

Fill in the date the asset was purchased in the field Acquisition date.

In the field Depreciation Start Date,

- If it is a new asset, specify which month the asset should start depreciating in the program,

- If the asset has been written off in another program earlier, enter the first/ original write off date of the asset. After saving you will need to add the opening balance for the asset under tool. Read more here.

Note that all assets have a depreciation start on the 1st of each month.

Finally enter the asset's Useful life and select which Depreciation Method to use.

When you are done, the asset's depreciation plan  appears and you can choose to view it either per year or per month.

The default depreciation method is Straight line and this will spread the depreciable value of the asset over its useful life so that an equal amount will be depreciated at each depreciation. If you wish to depreciate different amounts each month select Irregular as depreciation method & tune your accruals manually in the depreciation plan.

Click Save when you are done and your asset will appear in your Asset list. With the status not started.

When you have carried out the first depreciation run, a date will appear under the heading Written off until. This date will change with each depreciation run.

The following values are displayed on the asset and calculated automatically by the asset registry:

• The Depreciable basis of the asset:  In most situations, the basis of an asset is its cost to you.
• The Book value of the asset: is the value of an asset according to its balance sheet account balance.
• The amount under OB accumulated depreciation is any opening balances as well as the accumulated depreciation of an asset at the start of the financial year.

Under the Details tab, you have the possibility to add information about manufacturers, insurance companies and where the asset is located at the company. You can also enter a note about the asset.

Read more about:

• Linking documents to an asset 
• Linking supplier invoices to an asset
• Printing the asset information 
• Import a list of Assets to the Asset Registry