Solution Properties
Solution ID:
201128104203083
Last Modified Date:
Fri Nov 18 15:19:19 UTC 2022
Taxonomy Path:
Case category//How do I...//processing
Author:
emma.watson@sage.com
The Fixed Asset record Posting tab
Description

To help you record details of company assets, their value and depreciation, you can create fixed asset records in Sage 50 Accounts Professional. The Posting tab of an asset record holds valuation and depreciation details such as cost, depreciation method and rate. Let's take a look.

Cause
Resolution

Access a fixed asset record

  • On the menu bar click Modules, click Fixed Assets, then click New or double-click the required asset record.  Read more > 

TIP: To create a new fixed asset record based on an existing one, from the list view select the asset, then click Duplicate.  

Find out more about the fixed asset record >

Fixed asset record Posting tab
Department If required, select the department.
Balance Sheet Depreciation N/C Choose the nominal code to be used for the balance sheet depreciation posting - Journal Credit. This is posted as part of the month end routine.

Default Balance Sheet nominal codes:
  • 0021 - Plant/Machinery Depreciation
  • 0031 - Office Equipment Depreciation
  • 0041 - Furniture/Fixture Depreciation
  • 0051 - Motor Vehicle Depreciation
If you're unsure which nominal code to use, please speak to your Accountant.
P & L Depreciation N/C Choose the nominal code to be used for the P&L depreciation posting - Journal Debit.

This is posted as part of the month end routine.

Default P&L nominal codes:
  • 8000 - Depreciation
  • 8001 - Plant/Machinery Depreciation
  • 8002 - Furniture/Fitting Depreciation
  • 8003 - Vehicle Depreciation
  • 8004 - Office Equipment Depreciation
If you're unsure which nominal code to use, please speak to your Accountant.
Depreciation Method The fixed assets register supports the following depreciation methods:
  • Straight (Straight Line)
  • Reducing (Reducing Balance)
  • Write Off

Read more >

Once an asset has been depreciated you can only change the method to Write Off.
Depreciation Rate Enter the annual depreciation rate as a percentage.

If You're unsure which method to use, you must refer to your accountant for advice.
Cost Price Enter the original Cost Price of the Asset. Once an asset has been depreciated this box is inactive.

If you were charged VAT and you have or can reclaim it then the Net Value should be entered.
Book Value New fixed asset - Enter the Cost Price.

Existing fixed asset - Enter the current book value (the depreciated value).

Once an asset has been depreciated this box is shaded.
Next Depreciation Shows the depreciation value that posts when the month end is run.
Depreciation To Date Cost Price minus Book Value.
Date Last Posted Blank - The asset hasn't yet been depreciated.

Shows the program date when the asset was last depreciated as part of the month end. The asset can't be depreciated again in this month or prior to it.

 

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