How to track fixed assets and depreciation

Step 1: Open Fixed Assets

Open Accounting > Fixed Assets. You see total cost, accumulated depreciation and net book value. Press Add Asset.

Step 2: Add the asset

Enter the Asset Name, description, Purchase Date, Purchase Cost (and whether tax is included), how it was paid, the Salvage Value (what it will be worth at the end), its Useful Life (months) and the Depreciation Method - Straight Line or Declining Balance. Save it.

Step 3: Run depreciation

Press Run Depreciation each month to post that month's depreciation for all assets.

Good to know

• When you record an expense, ticking This purchase is a Fixed Asset sends it here instead of to expenses.
• Asset Management on the Dashboard tracks where assets are, with labels you can scan.