Reviso fixed assets add-on module enables you to create, manage and depreciate your company’s fixed assets.
When you add an asset to your list, you have to define some additional information, so that the automatic depreciation can be created in relation to your specifications. To state an example, you must define the start date of depreciation or the amount to be depreciated.
Once you define an asset, you will find an option, where you can create your depreciation entries automatically. You can depreciate for a variable time depending on your preferences e.g. months, quarters, years, etc.
The module provides you with a report of fixed assets, which will show you a summary of your assets with all the necessary information such as date of purchase, depreciated amount, book value, etc.
How much does the fixed asset module cost?
This add-on module costs additional £6 per month. It is disabled by default, so in case you wish to activate it, please do so as indicated below.
If you want to try this feature before purchasing it, you can do so by contacting us at help@reviso.com and we will enable a trial version for you.
How to activate the add-on module of fixed assets?
The subscription module can be activated by accessing Settings > All settings > Subscription > Additional modules.
Find Fixed assets in the list of add-on modules and click on the Edit icon on the right side of your screen, then check Access and click on Save.
Steps required to start using your Asset Module
Create an Asset Group
Once the Fixed Asset module has been activated you will see the option listed within the Finance tab > Assets. Go to Other options > click on Asset Groups....
Then select New Asset Group to create your new group. An asset group needs to be created as this will determine the period of time your asset will be depreciated over and the accounts within the chart of accounts the asset will be posted to when you process the invoice and when the depreciation is processed. You will also record the accounts the asset should go to once it's sold. Different types of assets will require different asset groups as not all assets depreciate over the same period of time.
No. & Name - give the asset group a number and a name.
Useful Life - how many months is the asset going to be depreciation over.
Residual value - will the asset still have a value once depreciated.
Additions - the asset account within your chart of accounts, this will be a balance sheet account (if you have a default chart of accounts this will be listed). Please note if you have uploaded your own chart of accounts you will need to ensure these accounts have been created.
Depreciation Balance Sheet - the depreciation account within your chart of accounts, this will be a balance sheet account.
Depreciation (P/L) - the depreciation account within your Profit and Loss account.
Disposals - the disposal account within your chart of accounts, this will be a Profit & Loss account number.
Reversed Depreciation - if you dispose of an asset the depreciation is reversed. You can create a new account within the balance sheet for this or, you can use the depreciation account shown in Depreciation (Balance Sheet).
NBV (P/L) - this relates to the Net Book Value of the asset, the cost less depreciation. If you should sell the asset the proceeds need to be recorded as a sale.
Additions (opening) Depreciation (opening) - you can create new accounts for these if you want to show current and prior assets separately, this may well be the case in a large organisation with many assets. Alternatively, you can use the Additions and Depreciation accounts within your balance sheet.
Once you have completed all areas click on Save.
Processing an Asset Invoice
Once your asset group/groups have been created you are ready to process your supplier invoice containing the asset and in doing so link this to the Asset Register.
Enter the supplier invoice in the normal way, when you select the asset account, for example 1030 Office Equipment you will see the Asset icon appear in the screen. This only appears when you select an asset account linked to the asset group you created.
Click on the Asset icon and enter the start date, this relates to the date you wish the depreciation of this asset to start. In the case of the example, 01.12.24.....
This is telling you that this asset is linked to the asset group no. 1 for Office equipment. The asset number can be determined by you or you can go with next available. The start date is the first date for depreciation and the the useful life relates to the number of months to depreciate.
Tab out of the asset screen, save and book your entry.
Your asset will then be visible within the Asset list....
Running Depreciation
Once your assets have been added to the system you can run your depreciation each month. This is done via the options All settings > Finance > Accounting years > locate the accounting year concerned and click on the icon to the right Periods....
This opens the periods relating to the financial year. In the example we are going to run December depreciation....
Click on the icon far right Depreciation and the popup box will appear.
Text - you can select to have insert a dynamic field which will include the original text of the asset, this will give you more information when the depreciation journal is created. Followed by the text, in the example Dec depreciation.
Once entered click on Show
The screen shows the asset/assets and the amount that will be depreciated for that month relating to the assets you have listed. Once checked you are then ready to book. By booking this will post the entries for you automatically.
You can then view your asset list again and it will show the asset and how many months this has been depreciated over and the NBV ( value of asset after depreciation).
