Fixed assets maintenance (Register)

When a credit union has purchased a fixed asset, the value of that asset is posted to nominal code "1020 - Fixed asset additions at cost". However this account represent the sum of all fixed assets and it is important that a subsidiary register of fixed assets is maintained. It is within this subsidiary register that we retain information such as depreciation method and percentage so that the automatic depreciation can be calculated.

Each item on the fixed asset register will be assigned a number, which will be incorporated into a category depending on the categories first and last asset numbers.

  • Depreciation method can be either (S), (R)educing balance or (N)one.
  • Ensure you know your depreciation nominal code, usually 1050 or 8050.
  • You can create/amend an asset number simply by entering a number in the "asset number" box.

  • You can also scroll through the existing asset numbers by clicking the and buttons.