Fixed assets: register and depreciation
Your buildings, lifts, chillers, generators and furniture sit in one register with their cost, depreciation and book value. Each asset can belong to a property and a unit, and the property shows what its assets are worth in the books.
PLANSScale only
The problem it solves
- The fixed asset list is a spreadsheet updated once a year for the audit.
- Nobody can say what the lifts and chillers of one building are worth in the books.
- A generator is sold and the books never hear of it.
How it works
- Your accountant sets up asset categories once, such as Buildings, Lifts and Furniture, each with its accounts, method and useful life.
- Add an asset, or let a vendor bill on the category's asset account make draft assets. On the asset, pick the Property and the Unit it belongs to.
- Press Confirm. The depreciation board runs to the end of the asset's life and posts each month.
- The property's Assets tab lists its assets with cost and book value; the unit lists the assets in it.
- Improve, revalue, impair, change the life, move, sell or scrap from the asset. Each change is kept on its Changes tab.
Everything it does
Categories
- Useful life: 60 months to start with; salvage as a share of cost; a yearly rate for written-down value
- Write Off Below, Make Assets from Bills (off), One Asset per Unit (on), Post Depreciation Each Month (on)
- No categories come ready-made
Depreciation
- Straight Line, Written-Down Value, Declining to Straight Line, Units of Use, Manual Schedule, Not Depreciated
- First period by days from the day in use (the default), whole first month, next month or half a year
- Depreciation Schedule as a list or pivot by category, year and Entity
Property and unit
- Property and Unit fields on each asset; the unit list follows the property
- On the property: Assets at Cost and Assets Book Value of its running, paused and fully depreciated assets
- Right-of-use assets of leases you take are added to the register by themselves
Changes and disposal
- Add Value, Revalue, Impair, Change Remaining Life, Pause, Resume, Move / New Custodian
- Dispose as Sold (with the buyer and an invoice) or Scrapped
- Revalue, Impair, Change Remaining Life, Sold and Scrapped wait on the Asset change chain, Asset Managers by default; the rest applies at once
Who uses it
Accountant (Asset Manager)Sets up categories, confirms, changes, sells or scraps assets.
Property managerSees the assets of each property and unit.
OwnerReads book values per property.
Where you use it
- Web: Invoicing > Fixed Assets (Fixed Assets, Depreciation Schedule); Invoicing > Configuration > Asset Categories
- Web: the Assets tab of a property and of a unit
- The SmartMy Lease Staff app: Find an asset by its tag, for the Asset Incharge (built and in testing, not in the app stores yet)
- Not on owner pages
What you control
Settings
- Per category: life (60 months), Write Off Below, Make Assets from Bills (off), One Asset per Unit (on), Post Depreciation Each Month (on)
- Roles: Asset User (every staff login), Asset Incharge (nobody at the start), Asset Manager (the administrator at the start)
Questions
Can I see what one building is worth in the books?
Yes. The property shows the cost and book value of the assets that belong to it.Is the building itself an asset?
It can be. Add it as an asset with the property, in a Buildings category with its life.Do selling or scrapping need approval?
Yes. Selling, scrapping, revaluing, impairing and a new remaining life wait on the Asset change chain. Asset Managers approve by default; you can add levels by amount.Does it do income-tax depreciation?
Yes, in Scale, through the tax book kept apart from the books.Related features
ASSETSAsset care, and assets issued and returnedKeep the warranty, maintenance contracts and insurance of your lifts, generators and pumps, with reminders before each ends. Record assets given to a person, a tenant or a place, and their condition on return. A staff member confirms what they receive before it moves to them.ASSETSPhysical verification of assetsCount the assets in a building or store: print QR tags, and scan or type each one. Then see which were found, are missing or have moved. Apply the new places in one step.ASSETSTax book depreciation and capital work in progressKeep income-tax depreciation by block beside the book depreciation without mixing them. Gather the costs of a new plant room or lobby while it is built, and make it an asset when it is ready.REPORTS AND AINOI and yield per propertyWork out net operating income for each property over any dates: rent and charges billed, less repair bills. See the yield on the value you enter.OCCUPIER LEASESLeases you take, under IFRS 16, Ind AS 116 and ASC 842For the offices, shops, vehicles and equipment your Entity rents from others. The lease liability, the right-of-use asset and a monthly schedule of interest and depreciation are worked out and posted to your books. Changes, early ends and the maturity analysis are included.
See your buildings on it.
Tell us how many properties and units you have, whether you let your own or manage for owners, and how rent is paid today. We will set up your portfolio with you on SmartMy Lease.