Tracking your fixed assets, running depreciation and disposing assets can never be easier with Bukku. This article will guide you thru how to setup the accounts and asset types.
You have a couple of computer equipments that you are looking register and depreciate in your Bukku account.
You will need to create the following accounts to track the cost & depreciations of your computer equipments. You can add the accounts under Accounting -> Chart of Accounts -> + New.
|Computer Equipments – Cost||Fixed Assets||Account to keep track of the original cost value.|
|Computer Equipments – Accum. Dep.||Fixed Assets||Account to track the accumulated depreciation till date.|
|Depreciation||Depreciation||Account to track the depreciation expense.|
Pro-Tip: It’s also a good practice to group both Fixed Assets accounts under the same parent account (eg. Computer Equipments), so that your financial statements will be more structured.
Setup an asset type for your computer equipments, your assets are grouped under Asset Type, it’s especially useful when you have a large number of assets.
Congratulations! Once you are done with the steps above, you may proceed to register your fixed assets.