A fixed asset is a long-term asset that a company purchased and used to produce goods and services. Fixed assets are non-current assets with a useful life of more than a year.

Some examples of fixed assets are:

  • Land
  • Buildings
  • Machinery
  • Vehicles such as company's vans and trucks
  • Office furniture

Follow the steps mentioned below to create a fixed asset in Deskera Books:

Click on the Fixed Assets App
  1. Go to Apps on the sidebar menu.
  2. Click on the Fixed Asset App.
  3. Connect to your account's credential on Deskera Books.
Click on Asset Groups

4.  Once connected to your organization, go to the Assets Groups on the sidebar menu. You will need to set-up your fixed assets group first.

Click on the Add Asset Group
Click on the Add Asset Group
Fill in the asset group details
Indicate the depreciation method

5.  Fill in the Assets Group and the accounting details. Once done, click on the Add Fixed Asset Group.

The Asset Group will be shown here

6.  After you have created the Asset Group successfully, go to the Fixed Assets tab on the sidebar menu.

Indicate the Asset Details
Select the asset group name based on the drop-down list

7. Fill in both the asset and accounting details. In the accounting details, choose the asset group name based on the Asset Group created.

Note: You can always modify the asset numbering format as per your desired format.

8. Once you select the respective Asset Group name, the information will be auto-populated based on the data saved in the system.

9. Click on the Add Asset button to save it.

Finally, you have successfully created a fixed asset on your Deskera Books account.

Edit, Copy, and Delete Fixed Asset

To edit, copy, and delete the fixed asset, follow the steps mentioned below:

Click on the contextual menu to edit, copy, and delete the fixed asset
  1. Click on the contextual menu of the fixed asset created to edit, copy, and delete the fixed asset.
  2. Do note that you cannot edit or delete the fixed asset that already used in the Journal Entry.
Unable to perform action message

3.  You will receive this message if the you try to edit and delete the fixed assets in used.

Create Journal Entry for Fixed Asset

  1. To post the fixed asset journal entry, go to the Depreciation Schedule on the sidebar menu.
  2. On this page, you can view all the fixed assets created in the system for a timeline of 12 months, computed based on the depreciation method you selected during the fixed asset creation.
Indicate the month to post the JE

3.  Click on the Post Depreciation to post the journal entry. Indicate the respective month and click on the Post button.

Preview the Journal Entry record before posting

4.  Next, click on the Post button.

5.  To view this, go to Deskera Books' main page and select Accounting tab on the sidebar menu.

View the journal entry related to the fixed assets

6.  Select Journal Entry and you can view the journal entry related to the fixed assets.

Click on the roll back button to reverse the journal entry

7.  Do note that you can always reverse the journal entry posting by clicking on the Roll Back button.

8.  Use the filter button such as asset group, financial year, and search record to find a specific fixed asset.

Congratulations! You have successfully learned how to create an asset group, a fixed asset, and post journal entry related to the fixed asset.