Fixed Assets Steps

Fixed assets are items a company owns that could not be easily sold (in contrast to liquid assets). Because fixed assets are long-term investments, special accounting rules and some governmental regulations allow you to treat expenses for fixed assets differently. Therefore, you can use calculations for depreciation or, in other words, measures of the amount of value used up within specific accounting periods.

To set up fixed assets for CloudSuite Industrial, perform the following procedure. You must perform these steps before performing any routine procedures.

  1. Create General Ledger accounts.

    See Creating General Ledger Accounts.

  2. Create class codes on the Fixed Asset Class Codes form.
  3. Create depreciation tables on the Fixed Asset Depreciation Tables form.
  4. Create bonus depreciation codes on the Bonus Depreciation Codes form.
  5. Create a master file.

    See Creating a Fixed Assets Master File.

  6. Post depreciation.

    See Posting Depreciation to the General Ledger.

  7. Optionally, you can transfer assets using the Fixed Asset Transfer form.
  8. Optionally, you can dispose of an Asset using the Fixed Asset Disposal form.
Related topics
Fixed Assets Overview
About Depreciation