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Fixed assets tab
The Fixed assets tab of an opening balance entry contains a list of fixed assets owned by your company at the start of the first accounting period.
This tab is only available if Accounting section of the opening balance entry is set to Fixed assets.
To learn about the fields of the Fixed assets tab, see the following table:
| Field | Description |
|---|---|
| Fixed asset | Name of the fixed asset. The fixed asset list is based on the Fixed assets catalog. |
| Business unit | Department of the company where the fixed asset is registered. This field is only available if Accounting by business units is selected in Settings > Company. |
| State | Status of the fixed asset. One of the following:
|
| Useful life (months) | Estimated lifespan of a depreciable fixed asset. During this period, depreciation is accrued monthly in equal portions during the month-closing procedure. After this period, the fixed asset is considered to be fully depreciated and unusable. This field can only be filled if Depreciation method is set to Straight-line in the fixed asset's card. Otherwise, it is blank and you cannot edit it. |
| Estimated units-of-output | Estimated total units of output of a depreciable fixed asset. After outputting this amount of units, the fixed asset is considered to be fully depreciated and unusable. Depreciation is accrued in proportion to the actual usage of the fixed asset. To view depreciation of fixed assets over a period of time, use the Fixed asset usage report. This field can only be filled if Depreciation method is set to Units-of-output depreciation in the fixed asset's card. Otherwise, it is blank and you cannot edit it. |
| Accumulated units-of-output | Current units of output of a depreciable fixed asset. When this amount reaches Estimated units-of-output, the fixed asset is considered to be fully depreciated and unusable. This field can only be filled if Depreciation method is set to Units-of-output depreciation in the fixed asset's card. Otherwise, it is blank and you cannot edit it. |
| Net book value | Value of the fixed asset that will be used as basis for depreciation during the month-closing procedure. This field is automatically filled from the fixed asset's card. You cannot edit it. |
| Actual depreciation | Actual depreciation of the fixed asset. |
| Accrue depreciation | Indicates whether the fixed asset accrues depreciation over time. Select this checkbox if you want to accrue depreciation for the fixed asset during month-closing procedure. |
| Depreciation cost account | GL account for recording depreciation costs. The list of GL accounts is based on the Primary chart of accounts. This field is only available if the default accounting is applied (Use default type of accounting is selected in Settings > Company). |
| Income and expense items | An expense item for recording the depreciation charge. The list of expense items is based on the Income and expense items catalog. |
| Line of business | A line of business that a fixed asset is related to. You can use it to track depreciation costs and net book value changes by lines of business. This field is only available if Accounting by lines of business is selected in Settings > Company. |
| Project / Project phase | A project or project phase that the transaction lines recorded by this document are related to. The field value is populated to all documents generated from this document if they have the Project / Project phase field. The field value can be used for recording and tracking income and expenses by project or project phase. This applies if the Track income and expenses by project phase checkbox is selected in the project settings. The field is available if all of the following conditions are met:
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