Initial Balance: Fixed Assets Tab

Field

Used to

Inventory number

Select a unique inventory number that was created specifically for the specified fixed asset or create a new one.

If you click Create new, you will be taken to the page for adding a new inventory number. 

• Inventory number has to be unique and previously unused in recognition documents. To check whether the particular inventory number was used earlier, you may go to the Reports module and build a Fixed asset balance report. The report will retrieve the total number of previously recognized fixed assets by their inventory numbers. In case the chosen inventory number is not unique, the document will not be saved and you will receive an error message.
• It is a required field. If you do not select an inventory number, you will not be able to save the document.

Asset

Manually select the fixed asset that you want to recognize.

• It is a required field. If you leave the field empty, you will not be able to save the document.

Fixed asset account

A fixed asset account to which the original cost of the fixed asset is debited after the item has been recognized as a fixed asset.

• It is an autocompleted field. The fixed asset account is retrieved from the respective item record created in the Item directory where default accounts for the fixed asset were specified under the Accounting tab. Still, you can select an alternative fixed asset account instead of the default one if necessary. If you delete this autocompleted account and do not select an alternative account of the same type, this account will be once again autocompleted when you save the document.

Depreciation account

A fixed asset account to which accumulated depreciation of the fixed asset will be recorded after the depreciation accrual triggered by the Depreciation document.

• It is an autocompleted field. The depreciation account is retrieved from the respective item record created in the Item directory where default accounts for the fixed asset were specified under the Accounting tab. Still, you can select an alternative depreciation account instead of the default one if necessary. If you delete this autocompleted account and do not select an alternative account of the same type, this account will be once again autocompleted when you save the document.

Expense account

An expense account to which depreciation expenses will be recorded after the depreciation accrual triggered by the Depreciation document.

• It is an autocompleted field. The expense account is retrieved from the respective item record created in the Item directory where default accounts for the fixed asset were specified under the Accounting tab. Still, you can select an alternative expense account instead of the default one if necessary. If you delete this autocompleted account and do not select an alternative account of the same type, this account will be once again autocompleted when you save the document.

Initial value

Original cost of the fixed asset at which it was purchased, assembled, manufactured or acquired in any other way, including all additional expenses.

The initial value is defined automatically after filling in the fields Fixed asset and Warehouse. You are not able to change the initial value in the document.

In case there are several fixed assets of the same type in the chosen warehouse, the initial value of the fixed asset chosen in the document will be defined by the inventory valuation method set in My company settings.

If you choose the warehouse or inventory account which does not store the required fixed asset, the initial value will be equal to zero.

Salvage value

Value of the asset after the complete amount of depreciation was accrued; the value of the asset when it is written-off.

Accumulated depreciation

Amount of depreciation accrued for the asset on the date of initial balance.

Residual value

Amount of depreciation left for the accrual for the asset on the date of initial balance.

Commissioning date

Date when the fixed asset was commissioned.

Initial period of depreciation

Duration of the complete depreciation period.

Used period of depreciation

Amount of depreciation period that is used up to the date of initial balance.

Decommissioning date

Date when the fixed asset was decommissioned and written off.

Responsible person

Select a company employee responsible for the fixed asset.