Assets
Fixed assets: register, depreciation, transfers and disposal
Every lift, compressor, wheel aligner, diagnostic scanner, tow truck and service van your garage owns sits in one register. Each has its cost, depreciation and book value. A van or tow truck can depreciate by the km it runs. Assets move between bays and branches with a record, and sales and write-offs are posted.
PlansFrom Scale
The problem it solves
- The asset register is an Excel sheet the accountant updates once a year, and the equipment on it no longer matches the workshop.
- A service van that runs all day is depreciated the same as one that sits in the yard.
- Equipment moves between branches and nobody records which branch owns it now.
How it works
- 01
Your accountant sets up the asset categories once, such as Plant and Machinery, Vehicles, Computers and IT, Tools, each with its accounts, method and life.
- 02
Assets come in from bills: posting a supplier bill on a category's asset account makes a draft asset, one per unit if you ask. Serial-numbered items received into stock can also become assets.
- 03
Open the draft, check the cost, the custodian and the place, and press Confirm. The depreciation board is worked out to the end of its life.
- 04
For a van or tow truck, link its vehicle and choose Units of Use in km. Each period's depreciation takes the km from its odometer readings.
- 05
When equipment moves or gets an upgrade, press Change. Revaluing, impairing and changing the life go through the Asset change chain first.
- 06
When you sell or scrap an asset, press Dispose.
Everything it does
Categories
- Kinds such as Land, Buildings, Plant and Machinery, Computers and IT, Furniture and Fittings, Vehicles, Tools
- Accounts: asset, accumulated depreciation, depreciation expense, gain and loss on disposal, and the journal
- Useful life: 60 months to start with; salvage as a share of cost; a yearly rate for written-down value
- Write Off Below: cheaper assets are written off in full when put to use, and still kept in the register
- Make Assets from Bills (off), One Asset per Unit (on), Post Depreciation Each Month (on)
Depreciation
- Straight Line, Written-Down Value, Declining to Straight Line, Units of Use, Manual Schedule, Not Depreciated
- Units of Use by km: the odometer readings of the asset's vehicle in the period
- First period: by days from the day in use (the default), the whole first month, from the next month, or half a year
- Each month's line is Planned or Posted with its entry; Depreciation Schedule lists them by category, year and branch
The asset
- Code FA/year/, name, serial number, category, cost, salvage value, Bought On and In Use From
- Custodian, Where (typed), the analytic account, and the vehicle for a van or truck
- States: Draft, Running, Paused, Fully Depreciated, Disposed; book value always shown
- Changes: Add Value, Revalue, Impair, Change Remaining Life, Pause, Resume, Move, each kept with date and who
- Dispose as Sold (with its invoice) or Scrapped; depreciation up to the day
Not in SmartMy Garage
- The income-tax block book and capital work in progress are not part of the Garage plans
Who uses it
Where you use it
- Web: Invoicing > Fixed Assets (Fixed Assets, Depreciation Schedule, Asset Requests); Invoicing > Configuration > Asset Categories
- Web: the Fixed Asset button on an own vehicle
- The SmartMy Garage app: Find an asset by scanning its tag, for the Asset Incharge (built and in testing, not in the app stores yet)
What you control
Settings
- Per category: Write Off Below, Make Assets from Bills (off), One Asset per Unit (on), Post Depreciation Each Month (on), life 60 months
- Per asset: the method, the unit (km to read the odometer) and the vehicle
- Asset change chain: the asset managers to start with
- Roles: Asset User (every staff login), Asset Incharge (nobody at the start), Asset Manager (the administrator at the start)
Approvals
- Asset change: revaluing, impairing, changing the life, selling or scrapping waits for the chain (the asset managers to start with)
- Improvements, moves, pause and resume go through at once
Messages and alerts
- Request Waits for Your Approval: to the approvers of the Asset change chain; in-app and email
FAQ
Questions, answered.
Can a service van depreciate by the km it runs?
Yes. Link the asset to the van and choose Units of Use with km as the unit. Each period takes the km from the van's odometer readings.
Do assets come in from supplier bills?
Yes, when the category has Make Assets from Bills on. Posting a bill on the asset account makes a draft asset, one per unit if you ask.
Does it keep the income-tax block book?
Not in SmartMy Garage. The register follows your books; your accountant works out tax depreciation.
Which plan has it?
Scale and Enterprise, with full accounting.
Related
Related features.
Asset care, and assets issued and returnedFrom Scale
Keep the warranty, maintenance contract (AMC) and insurance of your lifts, compressors, aligners, scanners and vans, and be told 30 days before each ends. Give a tool, a scanner or a laptop to a staff member, a customer or a place. A staff member confirms it before it moves to them. Record its condition when it comes back.
Physical verification of assetsFrom Scale
Count the lifts, tools, scanners and equipment in each branch by scanning their QR tags with the phone or a barcode scanner. Each asset is marked found, found elsewhere, missing or not in the register. Those found elsewhere move to where they were found in one step.
Full accountingFrom Scale
Job card invoices, the insurer's and the customer's invoices, fleet invoices, counter sales and payments post into your books on every plan. Scale adds supplier bills from parts purchases and the full accounting screens and reports. These run from ledgers to cash flow and consolidated branches, with GSTR-1 and GSTR-3B for India.
Approval chainsFrom Growth
What staff must approve goes through one approval engine. That is counter authorisations from Growth, changes to fixed assets in Scale, and parts requests between branches in Enterprise. You set who approves, per branch, without code, and every decision is kept with who made it and why.
Several branches (entities) in one accountEvery plan
Run every workshop of your business in one SmartMy Garage account. Each branch is an Entity with its own numbering, settings, stock and books. Staff work only in their branches, and the owner sees them together.
Want to see it on your own job cards? Book a demo and we walk you through it with your workshop's work.