Fixed assets are held in their own register, linked into the chart of accounts so depreciation posts correctly.
What an asset record holds
- Account group and general ledger — where the asset sits in the chart of accounts.
- Accumulated depreciation ledger — the contra account depreciation accumulates in. This is the field most often left blank, and it blocks depreciation posting.
- Buy rate — what the asset cost.
- Book value and current value — carrying value and present value.
- Branch — which branch holds the asset.
- Building — building code, id and name, for assets tracked to a location.
- Brand and additional description — for identification during a physical verification.
Practical advice
- Record the asset when it is capitalised, not at year end. Retrospective registers rarely reconcile to the ledger.
- Use the building fields if you have more than one premises — it turns an annual asset verification from a guess into a checklist.
- Disposals go through the proper disposal path so the gain or loss posts, rather than by deleting the record.
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