Add Fixed Assets

This guidance is only for IRIS Financials Version 7.0.2223 or later. If using version 7.0.2103 or earlier, go to Adding a New Fixed Asset .

Organisations with more than one location, must add fixed assets to the fixed asset ledger for the relevant location.

  1. To add a fixed asset, create an account on the fixed asset ledger for the relevant location, with the following details: 

    • On Indices, select ACTIVITIES and FUNDTYPE may be mandatory, therefore if you do not want to use indices for reporting, select XNODET from Values.

    • On Analysis Fields, complete the required options:

      ITEM DESCRIPTION
      Depreciation Account An account is normally created specifically for the recording of depreciation. Enter the CAPITAL or cost centre ledger account the depreciation should be posted to.
      Cost For reference only, enter the original cost of the fixed asset (do not enter any currency symbols, such as, £, $.). After adding the fixed asset, you must enter an invoice or journal for the opening balance of the asset.
      Depreciation Start Period

      Select the accounting period the depreciation should start from (the available range comes from the DEPNPERIOD keylist).

       

      If an asset is under construction, such as, a building, this period must be the date you expect the work to be completed, and can be changed in future if required.

       

      When adding existing assets, such as, assets acquired before you started using IRIS Financials, select the accounting period the depreciation started in.

      Location Select the location the fixed asset belongs to. If your organisation has multiple locations, it must be where the asset is physically located, irrespective of who paid for it.
      Asset Type Select the required asset type. The options available are taken from the ASSETTYPE ledger. If the asset type you want is not available, add it as an asset type.
      Acquisition Date Usually the date of the supplier invoice. The date is not factored into the depreciation calculation and is for information only.

    • Set the required security for user groups with access.

  2. After adding a fixed asset, you must enter an opening balance for the asset.