The Fixed Asset Item List is your register of the things the business owns and uses for more than a year: a delivery van, a computer, shop fixtures, a building. For each asset it records what it cost, when you bought it, how it is depreciated in your books, and its tax class (CCA class in Canada). This article covers the list itself; book depreciation, the CCA schedule and disposals are explained in depth in Fixed Asset Manager and CCA.
Opening it
- Lists ▸ Fixed Asset Item List.
- Company ▸ Fixed Asset Manager opens the same screen.
The screen is titled Fixed Assets, with the number of assets, their total cost and their total book value.
The list
| Column | What it shows |
|---|---|
| Asset | What it is. |
| Acquired | The date you acquired it. |
| Cost | What it cost. |
| Accumulated | Book depreciation recorded so far. |
| Book value | Cost less accumulated depreciation. |
| CCA class | The tax class (in the US, the MACRS recovery period). |
| Method | Straight line or Declining. |
| Status | Active or Disposed. |
Buttons at the top: Include disposed (also list assets you have sold or written off), Book depreciation, CCA schedule (named for your country's tax system), and New asset. The list can be exported.
Add an asset, step by step
- Choose New asset.
- Fill in Record a fixed asset:
| Field | What to enter |
|---|---|
| What is it? | A name you will recognise, for example "2024 Ford Transit". |
| Cost | What it cost. Required and more than zero. |
| Acquired on | The date you acquired it. |
| CCA class (for the T2) | In Canada: 8 (furniture, fixtures, equipment, 20%), 10 (vehicles, computer hardware, 30%), 50 (computer hardware and software, 55%), 12 (tools, small software, 100%), 1 (buildings, 4%), 13 (leasehold improvements) or 14.1 (goodwill, intangibles, 5%). In the US this is MACRS class (recovery period). |
| Book depreciation method | Straight line or Declining balance. |
| Useful life (years) | For straight line: how many years the asset lasts. |
- Choose Record.
Recording an asset here adds it to the register; it does not record the purchase. Record the purchase itself with the bill or cheque that paid for it, charged to your fixed asset account.
Correct or dispose of an asset
Double-click an active asset and choose:
- Correct this asset — change the name, class, method or life. Once depreciation has been booked, the Cost and Acquired on are fixed (Fixed — depreciation has been booked from it. Reverse the depreciation to change it.).
- Dispose of it — sold, scrapped or written off. Enter the Proceeds (leave 0.00 if nothing was received) and the Disposed on date. The dialog shows the book value and the gain or loss before you confirm Dispose of it, and SeroBooks books the journal.
A disposed asset cannot be changed; correct it with a reversal.
Permissions
Adding, correcting and disposing of assets need the right to create fixed assets in the user's role.