Fixed Assets

Fixed Assets tracks the long-lived items you own — buildings, equipment, major improvements — and their depreciation over time.

Add a fixed asset

1. Go to Accounting → Fixed Assets and click New.
2. Enter the asset's name, asset type, purchase date and purchase price.
3. Set the depreciation method — Straight Line, MACRS, Declining Balance, Sum of Years Digits, or None — along with the useful life (in months) and any salvage value.
4. Assign the related accounts: asset account, accumulated depreciation account, and depreciation expense account.
5. Save.

Depreciation

Depreciation is posted by the Fixed Assets module itself — there's no need to set up a separate recurring entry. Use Depreciate on a single asset, or Process all to run every due asset at once. Each run posts a balanced journal entry that debits Depreciation Expense and credits Accumulated Depreciation, reducing the asset's book value over its life. Open an asset to see its full depreciation schedule, and use Dispose to retire, sell, trade in or write off an asset.

Reporting

Fixed assets and accumulated depreciation appear on your Balance Sheet; depreciation expense appears on your Income Statement.

Related

• Recurring transactions
• Balance Sheet report