Register fixed assets
Keep your fixed asset register in Verasol - set up categories and locations, add an asset bought from the bank, on a purchase bill or brought from your previous system, and place it in service.
The fixed asset register lists everything your company owns and uses for more than a year: computers, vehicles, furniture, fit-out. Each asset in Verasol is linked to its accounts, so the register and the general ledger always agree. Adding an asset to the register does not move money: it books the purchase only once, from the bank, a purchase bill or another source you choose.
Find your way around#
Open Fixed Assets in the main menu. If you do not see it, the module is switched off (it is turned on in Settings › Modules), or your role does not include Fixed assets (view).
The cards show the Total Assets, their Total Cost, the Accum. Depreciation and the Net Book Value of the assets that are booked and not disposed. The Assets tab lists the register; you can filter it by status, category and location, or search by name, number, serial number or tag number.
- 1 Add Asset adds an asset to the register.
- 2 Categories and 3 Locations set up how assets are grouped and where they are.
- 4 The buttons on each row: Edit, Revalue, Move / reclassify, Record maintenance or improvement, and Place in Service or Dispose depending on the status. Click a row to open the asset.
The Reports tab checks the register against the ledger and exports the register, the depreciation schedule and the movements of the asset accounts to Excel: see Reports and exports.
Set up your categories#
A category gives its assets their depreciation method, useful life and salvage value, and links them to their accounts.
- 1 Seed UAE Defaults adds nine common categories, all straight line except land: Land (not depreciated); Buildings (25 years); Machinery & Equipment (10 years); Furniture & Fixtures, Office Equipment, Vehicles and Leasehold Improvements (5 years); Computer Equipment and Intangible Assets - Software (3 years). Categories you already have are left as they are.
- 2 Add Category adds your own: a Code, the name, the 3 Depreciation Method, the useful life in years and Months, the Salvage %, and the linked accounts.
Under Linked Accounts, you can choose the Asset Account and Accumulated Depreciation Account of the category, and its depreciation expense, disposal gain and disposal loss accounts. If you leave the asset accounts empty, Verasol uses accounts named after the category, or adds them to your chart of accounts at the first booking. Without expense, gain and loss accounts, it uses the standard Depreciation Expense, Gain on Disposal of Assets and Loss on Disposal of Assets accounts.
A category that has assets cannot be deleted. Changing its asset accounts moves its booked assets to the new accounts with a reclassification entry, on a date you choose.
Add your locations#
Locations are optional: add your offices, warehouses or branches under Locations with Add Location (code, name, address, city, emirate and a contact). They tell you where an asset is; they do not change the accounts.
Add an asset#
- Click Add Asset.
- On 1 Basic Info, enter the asset's name, choose the category and, if you like, the location, serial number, barcode and Tag Number. Leave the Asset Number empty and Verasol numbers it (FA-2026-0001).
- Under Acquisition Details, enter the acquisition date, the purchase price and any Installation Cost and Other Costs: they all form the asset's cost. Choose the Vendor, and enter the supplier's Invoice Number and your PO Number if you have them.
- Under Booking in the accounts, answer 4 How was it acquired? (below).
- On 2 Depreciation, check the method, the useful life and the Salvage Value. They come from the category; change them for this asset if needed.
- On 3 Additional, you can note the warranty and insurance dates, the insurance policy and the Insured Value. Leave Book the acquisition now ticked to book the acquisition as you create the asset; untick it to book it later with Post to the books.
- Click Create Asset.
The serial, barcode, tag, invoice and purchase order numbers, the warranty and the insurance only describe the asset: they do not change the accounts, and you can change them later with Edit.
How was it acquired?#
| Choice | Use it when | What Verasol books |
|---|---|---|
| Paid from a bank account | You paid for it directly. | The cost to the asset account and the recoverable VAT to VAT Input, out of the bank account. The VAT is recovered only when your company is VAT-registered on the date and the vendor has a TRN; otherwise it is part of the cost. |
| From a booked purchase bill (also for purchases on credit) | The purchase is on a bill. Choose the bill and the line. | Nothing more when the bill already booked the line to the asset account; otherwise it moves the line's amount from the account the bill used to the asset account. The bill keeps its VAT and payable. |
| Bought by an employee (expense claim) | An employee paid and claims it back. | The asset is owed to the employee on the claim, which is paid like any other claim. |
| Taken from stock into use (goods in a warehouse) | You use goods from your stock, for example a laptop you sell. | The goods leave the warehouse at their cost, which becomes the asset's cost. |
| Opening balance (existing asset) | You owned it before you started with Verasol. | The cost and the accumulated depreciation to date, against Opening Balance Equity, on your opening date. |
| Already in the books (balance not yet in the register) | The cost is already in the asset accounts, for example from your opening trial balance. | Nothing: the asset joins the register. |
| Not booked yet | You will decide later. | Nothing yet. Later, edit the asset to choose how it was acquired, then click Post to the books in the asset's window. |
Buying on credit without a bill is not possible: record the purchase as a bill, approve it, then choose the bill here. This way the supplier, the VAT and the payable are recorded once, on the bill.
What Verasol books#
When a delivery vehicle of AED 118,000.00 plus VAT was paid from the bank, Verasol posted:
| Account | Debit | Credit |
|---|---|---|
| 1340 Vehicles (the category's asset account) | 118,000.00 | |
| 1201 VAT Input (Recoverable) | 5,900.00 | |
| 1000-0001 Current Account (Emirates NBD) | 123,900.00 |
Place the asset in service#
A new asset is Not yet in service and does not depreciate. When you start using it, click Place in Service on its row, enter the In Service Date and, if it differs, the Depreciation Start Date, and click Activate Asset. The asset is then In use and depreciates from the month of that date. A booked asset whose In Service Date (on the form) has come is in use even if you did not place it in service: the next depreciation run includes it. An asset must be booked before it can be placed in service.
Open an asset#
Click a row to open the asset: its cost, accumulated depreciation, net book value and salvage value, its details, and the schedule of past and future depreciation.
- 1 Asset details and 2 Depreciation details: what you entered, the method, the useful life and the monthly depreciation.
- 3 Depreciation schedule: the months already depreciated, then the months to come.
- 4 Depreciation history: each month's depreciation with its journal entry. Click the entry number to open the entry (if your role lets you see journal entries or reports).
From here you can Edit it, and Revalue, Move / reclassify or Record maintenance or improvement. Changing the cost or how a booked asset was acquired reverses its acquisition entry and books it again, but only before anything else is booked on it. See Depreciation and disposal.