This screen is used to create and maintain details about an asset.

Enter a unique name for the asset or asset pool. This is required.

Enter description of the asset if required in addition to the name.

Select an appropriate asset type. This is required.
The types of asset offered in the drop down list are associated with rules of depreciation and the calulation of capital allowances for taxation purposes. Accurate selection will enhance the accuracy of your accounts.
If you are not sure which type to use then you should consult your accountant.

Select a statutory reporting area for the asset. If you are not sure which area to assign to your asset you should consult your accountant. This is required.

Enter the purchase date of the asset. This can be done manually (e.g 19/12/2002) or click on calendar icon to select date from the calendar. This is required.

When entering dates manually, a date guessing routine speeds up the input by taking the user input and assuming the missing month and or year based on the current date as the user leaves the field i.e.

the date today is 30th October 2009

• User enters 15 or 15/ and tabs - field displays 15/10/2009
• User enters 15/9 or 15/9/ and tabs - field displays 15/9/2009

Enter date asset entered into service. This can be done manually (e.g 19/12/2002) or click on calendar icon to select date from the calendar. This is required.

An asset is brought into service when it starts to be used for revenue generation purposes, therefore the date into service is not necessarily the date acquired.
Assets are depreciated from the date into service not the date of acquisition.

When entering dates manually, a date guessing routine speeds up the input by taking the user input and assuming the missing month and or year based on the current date as the user leaves the field i.e.

the date today is 30th October 2009

• User enters 15 or 15/ and tabs - field displays 15/10/2009
• User enters 15/9 or 15/9/ and tabs - field displays 15/9/2009

Check this box if the asset is a short-life asset as defined for capital allowances purposes. If you are not sure which type to use then you should consult your accountant.

Enter the original value of this asset net of VAT. This amount will be created as a liability in the Asset Additions account and the VAT element is taken care of as part of the purchase transaction. This field is required.

Enter the estimated useful life of the asset in years. If you select the straight line depreciation rule this value is used for depreciation calculations. If you select the reducing balance rule this value is used to calculate a suggested reducing balance percentage which you may override. Check with your accountant is you are not sure what value to use. This is required.

Enter an estimate of the likely value of the asset after its useful life has expired. The default is zero. This is required.

Enter any additional expenditure associated with the purchase of this asset, e.g. solicitors fees on purchase of a building.
The amount will be added to the purchase cost of the asset for depreciation and net book value calculation purposes.

If an asset has been revalued this field will show the revaluation value of the asset.

Displays the revaluation date for an asset if it has been revalued.

Enter date asset first entered into service. This can be done manually (e.g 19/12/2002) or click on calendar icon to select date from the calendar. This is required.
Applicable to Industrial buildings, the original qualifying date is the date when the building first came into service. The date is needed for capital allowance purposes as the maximum period for industrial building allowances in 25 years regardless of owner.

Enter the residual qualifying spend associated with the Industrial building. Applicable if the building is not new and has been acquired from a third party who has previously been claiming industrial buildings allowance. This figure will be available on the completition of the acquisition from the vendor.

Select straight line or reducing balance depreciation rule as appropriate for the asset and your accounting policies. This is required.

Straight line depreciation allocates the amount to be depreciated in equal amounts over the life of the asset. Reducing balance uses a constant percentage amount for each time period which has the effect for depreciating more in the earlier time periods.
See 'Using the asset ledger' processes for more information.
If you are unsure what to select consult your accountant.

If the reducing balance depreciation rule is selected this field is used to define the annual depreciation rate used in depreciation calculations.

If you are setting up opening balances for assets you should enter the value of cumulative depreciation for the asset at the date for which you are setting up opening balances. This will ensure that further depreciation of the asset can be calculated properly. This is required.

For more information see ' Entering opening balances - Fixed Assets' process

If you are setting up opening balances for assets you should enter the date at which the cumulative depreciation was calculated. This can be done manually (e.g 19/12/2002) or click on calendar icon to select date from the calendar. This is required.

When entering dates manually, a date guessing routine speeds up the input by taking the user input and assuming the missing month and or year based on the current date as the user leaves the field i.e.

the date today is 30th October 2009

• User enters 15 or 15/ and tabs - field displays 15/10/2009
• User enters 15/9 or 15/9/ and tabs - field displays 15/9/2009