Creating & Managing Assets

Creating new assets

• Import template available: Use our easy to use import template to create your opening fixed asset register values based on the purchase cost and accumulated depreciation from the previous financial year.

• Automate additions to the asset register: Based on ‘Settings’ including value threshold.

• Create assets manually: Select option to create an asset and complete all fields as required (only recommended for ‘Stand-Alone’)

• Import asset purchases using Excel template: If dealing with large volumes, often easier to use the import tool available.

• Create assets from ‘Transactions’: Based on asset group mappings, transactions detected and assets created using the required dates, values, asset group.

• Create a ‘Kit’ (to split): Select a single asset purchase and split into multiple items by % or value - ideal for partial disposals of assets

• Create a ‘Kit’ (to group): Create a ‘Kit’ and then choose the assets that should be added to the kit. Ideal when assets are ‘built’ or deposits paid. Leaving it possible to view all the separate payments that contributed to the asset purchase. Or to use to group assets separately within an asset group.

• Automated depreciation calculations: For every asset with a net book value, depreciation is calculated and a forecast for the life of the asset.

• Option to defer depreciation: When an asset is purchased, the option to defer depreciation can be selected. An asset may not be fully commissioned for several months since the date of purchase, so you can choose to ‘start depreciation’ whenever you need to.

• Set salvage values: A fixed asset will not depreciate below the salvage value when in place.

Existing assets.

• General editing: Easy to change asset names, references, and additional tracking categories at any time. Asset values, purchase date, and ‘groups’ connected to the transaction are protected and cannot be changed to help ensure the balance sheet keeps in check.

• Change method of depreciation at any time: If a depreciation method is changed, the projected depreciation will recalculate, and the asset will continue to depreciate over its remaining useful life, based on the current net book value.

• Easy to use disposal routine: Assets that have been sold, or have reached the end of their useful life that are scrapped can be easily marked as disposed. All of the journal entries required to update the balance sheet are made for you. The gain/loss on the sale of an asset is calculated and recorded in the fixed asset register.

• Reverse disposal: If you’ve marked the wrong asset as disposed, no problem. Simply choose the option to ‘Reverse disposal’, and all of the accounting entries made when the asset was disposed will be reversed for you, and the asset will appear as it did before.

• Delete assets: Where any asset has been added to the asset register in error, simply delete the asset. If any depreciation journals have been raised, all will be reversed if selected.

• Changes to accounting transactions detected: If a transaction used to create a fixed asset is changed in the accounting software, it is flagged as ‘modified’. Perhaps the value or category has been edited, nettTracker will alert you to this change, giving you the option to update or remove the asset. Again, all necessary journal entries will be made to help ensure the fixed asset register reconciles to the balance sheet.

• Edit depreciation value: Depreciation against an asset can be edited manually at any time. Initially the entry will be in a ‘draft’ status, and once the period end is processed, the asset is updated, and any required journal entries are posted.