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Welcome to our Help Centre

Fixed Asset Register

You can view and create new fixed asset items under the predefined asset types from the Fixed Asset Register menu option under Nominal Ledger using Surf Accounts Production. You can also search for a particular registered asset from the Search box.

Prerequisites

To view, create and edit the registered fixed assets, the Staff Permission Fixed Asset Register must be checked.

View Registered Assets

To view the registered fixed assets under the predefined asset types, complete the following steps.

  1. On the left panel under Nominal Ledger, click Fixed Asset Register.

  2. The Asset Register browse page appears. You can view the registered fixed assets here categorised under each predefined asset types.

  3. Each registered fixed asset display the following details.

    FIELD

    		 STEP
    Date Displays the purchase date of the asset.
    Description Displays the description of the registered fixed asset.
    Charge Displays the depreciation charge.
    Cost Displays the actual cost of the asset.
    DEP B/Fwd Displays the brought forward depreciation value.
    NBV Displays the Net book value.
    DEP Type Depreciation type should be either Straight Line or Reducing Balance.
    DEP Rate The depreciation rate should be a positive numeric value ranging between 0.00 to 100.00.
    Group Total Displays the total value of the Depreciation Charges, Cost, Depreciation B/Fwd and Net Book Value fields for each asset type category.
    Total Displays the total value of the Depreciation Charges, Cost, Depreciation B/Fwd and Net Book Value fields for all asset type category.

Add New Fixed Asset

To add a new fixed asset under the predefined asset types, complete the following steps.

  1. On the left panel under Nominal Ledger, click Fixed Asset Register.

  2. On the Asset Register browse page, click New.

  3. The Add Asset Register window appears. Enter the details as required.

    FIELD STEP
    ASSET DESCRIPTION Enter the description for the asset.
    ASSET REFERENCE Enter a reference detail for the asset. This input can be alphanumeric with a maximum length of 100 characters.
    ASSET TYPE Select the predefined asset type under which you want to register the asset. Based on this selection, the other fields will be auto-populated with existing data.
    BASIS OF PREPARATION Select either Full Year or Pro-Rata basis.
    DEP TYPE Depreciation type should be either Straight Line or Reducing Balance.
    DEP RATE % The depreciation rate should be a positive numeric value ranging between 0.00 to 100.00.
    PURCHASE DATE Enter the purchase date of the asset.
    PURCHASE COST Enter the actual cost of the asset.
    ACCUMULATED DEPRECIATION B/F The Depreciation brought forward value is calculated.
    DEPRECIATION CHARGE The Depreciation Charge is calculated based on the actual cost of the asset, the Depreciation type and the Depreciation Rate defined.
    NET BOOK VALUE The Net Book Value is populated based on the purchase cost.
    DISPOSAL DATE Enter the disposal date of the asset.
    DISPOSAL AMOUNT Enter the disposal amount of the asset.
    RESIDUAL VALUE Enter the residual value if any, of the asset.
    REVALUATION DATE Select the revaluation date.
    REVALUATION VALUE Enter the revaluation value.
    NOTES Add any notes, if required.
    Note: * indicates a mandatory input.
  4. Click Save to save the changed details.
  5. To modify any details for an asset, click on the asset description. The Edit Asset Register window appears.

Calculate

The Depreciation Charge will be calculated based on the actual cost of the asset, the Depreciation type and the Depreciation rate defined for the fixed asset.

Steps

  1. On the Asset Register browse page, click Calculate.

  2. In the Calculation Depreciation box, select the Period for the Depreciation charge calculation.

    The calculation period details will appear based on the Accounting period of the client. You can view the Accounting Period Details from Settings > Accounting Periods.

  3. Click Post Journal. If the Basis of Preparation attribute for the asset is set to Full Year, then based on the number of months of the Accounting Periods, number of journals will be posted under Journals. For example, if the number of Accounting Periods is 12 months, 12 journals will be posted. If the number of Accounting Periods is 6 months, 6 journals will be posted, and so on. If the Basis of Preparation attribute for the asset is set to Pro-Rata, then the calculation and the journal posting will happen on pro-rata basis.

  4. The Charge column is now populated with the calculated Depreciation Charge value.

  5. On the left panel under Nominal Ledger, click Journals.

  6. In the Journals browse, number of journals published will be same as the number of the months in Accounting Period.

    If you perform Year-End, OB Journals will be posted based on the number of the months in Accounting Period.

Print Preview

You can review the depreciation calculation journals before they are posted in Print Preview format.

Steps

  1. On the Asset Register browse page, click Calculate.
  2. In the Calculation Depreciation box, select the Period for the Depreciation charge calculation and click Preview.
    Print_preview.png
  3. You can review the depreciation calculation journals in Print Preview format before they are posted.
    Preview.png

 

Reset

The Reset functionality helps you reset the Depreciation Charge value of the assets and removes the posted journals from the Journals sections.

Steps

  1. On the Asset Register browse page, click Reset.

  2. Click Yes in the confirmation message box.

  3. The Depreciation Charge value is reset to zero.

Print

Steps

  1. On the Asset Register browse page, click Print.

    .

  2. Select you print preferences and click Print. You can also save the Asset Register details as PDF.

Restrictions

Delete

You cannot a delete a single or multiple journals posted from Fixed Asset Register.

Single Journal Delete

  1. Click Delete from the drop-down beside the journal.
    SAP01.png
  2. An information message will be displayed confirming that journal posted from Fixed Asset Register cannot be deleted.
    SAP02.png

Multiple Journal Delete

  1. Select more than one journal you wish to delete and click Delete.
    SAP03.png
  2. In the Confirmation Message window, click Delete.
    SAP04.png
  3. An information message will be displayed confirming that the journals cannot be deleted. 
    To deselect the journals which cannot be deleted, select the Deselect records that cannot be deleted checkbox.
    SAP05.png

Add New Journal Line

You can modify the existing posted journal details but cannot add a new line of journal in the existing batch.

Open a journal. If you press TAB or click on a new line, an information message will be displayed stating that no new journal can be posted in the existing batch.

SAP06.png

The Add New Line and Delete buttons will remain disabled in this page.