Fixed Assets Group: Accounting Tab
Use the Accounting tab to specify accounts for the fixed assets group.
When you create new records in the fixed assets group directory, accounts under the Accounting tab are auto-completed being retrieved from the My company settings. You have to revise default accounts and change them to accounts that are more appropriate for a specific fixed assets group. Accounts specified under this tab will be set for fixed assets that have been assigned to the given group. Afterward, they will be used in documents and all fixed asset-related transactions.
If you leave some accounts unselected, they will be automatically auto-completed being retrieved from the My company settings when you save a record.
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Field
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Used for
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Method of depreciation
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Select a depreciation method from the list of supported methods.
- Right now, only the straight line depreciation is supported by Codejig ERP. When other methods are implemented, you will be able to choose them.
- It is a required field. If you delete the supported method from the field, you will not be able to save the document.
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Useful life (months)
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Number of months over which a fixed asset's cost is depreciated.
- By default, the initial period of depreciation is 60 months.
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Fixed assets - cost accounts
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An account for recording the cost of fixed assets belonging to this group after they have been recognized as fixed assets by the Recognition document and depreciation parameters have been defined for them in the same document.
- It is a required field. If you delete the autocompleted account and do not select an alternative account of the same type, you will not be able to save the document.
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Fixed assets - depreciation account
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An account for recording the amount of the cost of a fixed asset belonging to this group that has been depreciated over a specified period of depreciation. The Fixed assets - depreciation account is credited with the depreciation amount. It is a credit account that is a contra account to the Depreciation expenses account.
- It is a required field. If you delete the autocompleted account and do not select an alternative account of the same type, you will not be able to save the document.
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Depreciation expenses account
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An account for recording depreciation expenses. The Depreciation expenses account is debited with the depreciation amount. It is a debit account that is a contra account to the Fixed assets - depreciation account.
- It is a required field. If you delete the autocompleted account and do not select an alternative account of the same type, you will not be able to save the document.
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More information