The User manual for the Jisort system

6. Messeges

6.13. Register fixed asset

This window contains ten fields as explained by the table below.

Field

Explanation

Name

Add the name of the asset

Serial number

Add the unique identifier of the asset

Date of acquisition

Select date when the asset was acquired

Depreciation type

The system displays two depreciation types namely reducing balance and straight line.

Select either of the two as per the guidelines of your financial organization concerning calculation of depreciation. 

Life

-Generated when the selection for depreciation type is reducing balance.

-Comes with two fields adjacent to each other. -The field on the left is an input field while the one on the right is a drop down field.

-Select the period on the drop down field i.e. day, month or year.

-Add the number of days, month or year on the input field. (Field on the right). 

 

Salvage value

It is an estimated resale value of an asset at the end of the assets.

Add salvage value to this field.  

Depreciation rate

Generated when the selection for depreciation type is Straight line. 

Enter the depreciation rate this will mostly be provided by the financial organization.

Depreciation rate per

A drop down list to select the depreciation period. The selection can be a day, a month or a year. 

Asset account

Select from this field to which GL account the asset you are registering falls under.

Expenses account

If an asset incurs an expense then select from the drop down list to which account that expense falls under.

i.e. if a bus incurs fuel expense, select from expenses account ,fuel expense

Income account

If an asset generates an income then select from the drop down list to which account that income falls under.

I.e. if a bus generates an income, select from income account field the account hire income.

 

This image gives an illustration when the depreciation type is reducing balance.

 

The second illustration portrays an image when depreciation type selected is reducing balance.

 

 

 

The screenshot below gives a clear picture of the window ‘register fixed asset’.