Adding a New Fixed Asset

This guidance is only for IRIS Financials Version 7.0.2103 or earlier. If using version 7.0.2223 or later, go to Add Fixed Assets.

Fixed assets are added to the Fixed Asset ledger.

1. Select Maintenance, then select Accounts from the menu.
   
2. Double-select to select the required fixed asset ledger.
   
3. The Account Maintenance window is displayed, labelled according to the selected ledger. Select ADD NEW, then select ACCOUNT.
   
4. A <New item> is created with blank fixed asset fields displayed on the General tab.
   
5. Enter an Account code (maximum 8 characters), together with a suitable title, which should clearly identify what the fixed asset is e.g. LAPTOP20. You are not able to amend the Account code once the asset type has been saved.
6. Enter a name for the asset in Title, e.g. Admin Assistant Laptop 2020, then select the Indices tab (there is no need to complete the Contact Details section).
   
7. The Indices tab is used to determine how you want to report on the asset type. For example, if you want to report on assets under a particular funding arrangement, select the required option from the Values panel.
   
8. Select the Analysis Fields tab. Information on this tab is used to calculate depreciation and should be completed as follows, noting that all fields in this section are mandatory. Enter or select the option for each field.
   
   
9. Select the Security tab, which is used to determine who can access the asset. We would advise restricting Modify access to the System Administrator , then View, and Post access to users as required. Once you have completed the relevant information, select SAVE to save the asset type.
   
10. An Update complete message is displayed. Select OK to close the message and return to the previous window.
    
11. Select the X in the top right-hand corner to close the Account Maintenance window. Next, you need to enter an opening balance for the fixed asset as described in Defining Opening Balances for Fixed Assets.