Transactions - Business Assets

A business asset is an item of value owned by a company or business. Business assets span many categories, tangible goods, such as vehicles, real estate, computers, office furniture, and other fixtures, or intangible items, such as intellectual property.

Business assets are added whenever you add an expense transaction with a tax code CAP - Capital Purchase or CAF - Capital Purchase Free.

Follow the next steps to manage business assets:

• Click Transactions tab
• Click Business Assets from the application toolbar
• The business assets window appears
• Assets Type: select the assets type to view
• Branch Name: select the branch name, available for multi-branch businesses only

Branch option is only available for businesses that enabled the multi-branch feature!

• Date Started: enter the asset starting to decline date
• Private Use: if the asset is shared between private and business use, enter the percentage of private use
• Depreciation: select the depreciation type, consult with your accountant if you are unsure which type to use
• Depreciation Rate: it is highly recommended that you leave at zero (0), otherwise enter the depreciation fixed rate
• Asset Pool: select the asset pool type, consult with your accountant
• Status: select the current asset status
• Sold Amount: if the asset is sold, enter the sold amount
• Date Closed: if the asset is sold or disposed, enter the sold or disposed date
• Click Save

Click the calculator icon to calculate the asset's decline in value!

Adding Transferred Assets

When moving from one software products to another, you might want to use this feature to transfer all active assets instead of adding the relevant past expenses details.

Follow the next steps to transfer a business asset:

• Click Transactions tab
• Click Business Assets from the application toolbar
• The business assets window appears
• Click the add icon , and the transfer window appears
• Account: select the business transaction account
• Date Started: enter the asset starting to decline date
• Private Use: if the asset is shared between private and business use, enter the percentage of private use
• Depreciation: select the depreciation type, consult with your accountant if you are unsure which type to use
• Depreciation Rate: it is highly recommended that you leave at zero (0), otherwise enter the depreciation fixed rate
• Asset Pool: select the asset pool type, consult with your accountant
• Status: select the current asset status
• Sold Amount: if the asset is sold, enter the sold amount
• Date Closed: if the asset is sold or disposed, enter the sold or disposed date
• Click Save

Business Assets Quick Editor

This feature is useful when you want to update all assets without having to go through each individual asset

Follow the next steps to use the busienss assets quick editor:

• Click Tools tab
• Click Assets Editor from the application toolbar
• The assets editor window appears
• Assets Type: select the assets type to view
• Branch Name: select the branch name, available for multi-branch businesses only

Branch option is only available for businesses that enabled the multi-branch feature!

• Account: select the business transaction account
• Date Started: enter the asset starting to decline date
• Private Use: if the asset is shared between private and business use, enter the percentage of private use
• Depreciation: select the depreciation type, consult with your accountant if you are unsure which type to use
• Depreciation Rate: it is highly recommended that you leave at zero (0), otherwise enter the depreciation fixed rate
• Asset Pool: select the asset pool type, consult with your accountant
• Status: select the current asset status
• Sold Amount: if the asset is sold, enter the sold amount
• Date Closed: if the asset is sold or disposed, enter the sold or disposed date
• Click Save