Fixed Asset Register

Track your store's fixed assets (equipment, furniture, vehicles, etc.) and let the system handle monthly depreciation calculations and GL postings automatically.

Adding an Asset

1. Go to Accounting → Fixed Assets.
2. Click Add Asset.
3. Fill in:
   • Name and description
   • Asset Tag (optional reference number)
   • Category (Equipment, Furniture & Fixtures, Vehicle, Building, Other)
   • Acquisition Date and Cost
   • Useful Life (in months)
   • Salvage Value (residual value at end of life)
   • Depreciation Method:
     • Straight-Line — equal monthly amount: (cost - salvage) / useful life
     • Declining Balance — accelerated: applies a rate to current book value

The system automatically creates a journal entry for the asset purchase (debiting the asset account, crediting cash/bank).

Monthly Depreciation

On the 1st of each month, the system automatically:

1. Calculates depreciation for all active assets.
2. Creates journal entries (debit Depreciation Expense, credit Accumulated Depreciation).
3. Updates the running accumulated depreciation on each asset.
4. Marks fully depreciated assets when book value reaches salvage value.

You can also trigger a manual depreciation run from the Fixed Assets page.

Disposing an Asset

When you sell or retire an asset:

1. Click Dispose on the asset.
2. Enter the disposal amount (sale price, or 0 if scrapped).
3. The system creates a journal entry that:
   • Removes the asset and its accumulated depreciation from the books
   • Records the cash received (if any)
   • Posts a gain or loss on disposal