Create a fixed asset record
Add the asset details, then review its purchase and depreciation separately.
On this page
Prepare the purchase records, in-service date, basis, non-depreciable amount and useful life agreed with your preparer.
Step 1: Open Fixed assets
In Accounting, open Mileage & assets and select Fixed assets. Check that the asset has not already been added.
Step 2: Choose the asset type
Open + New and choose Fixed asset, or choose Add fixed asset in the empty list. In What is it?, select the type that fits the asset and choose Next. Check the proposed useful life with your preparer.
Step 3: Name the asset
Enter Name and check Property. Choose the relevant property, or leave Portfolio for an asset without a property selection, then choose Next.
Step 4: Complete the asset details
Review Useful life (years) and Date placed in service, then choose Next. Enter Cost basis and Non-depreciable part (land). Check the displayed Depreciable basis. Prior accumulated depreciation is recorded separately after creation.
Step 5: Review the saved asset
Choose Add asset when the details are correct. Open the saved record and compare its basis, dates and schedule with your documents. Review the purchase booking and any opening balances separately so the asset does not duplicate an earlier expense.
Record the purchase separately
An asset record tracks basis and depreciation; it does not pay for the purchase. Check the purchase transaction and any needed journal with your bookkeeper. For an older acquisition, bring forward the prior balances and historical depreciation.
Review annual depreciation
From Fixed assets, open More > Annual review. Enter Year and choose Load assets. Review each Amount and the message in the Review column before selecting the available assets.
Choose Preview entries and compare the dates, accounts and total with your approved schedule. When correct, choose Post reviewed year, then check the asset history and schedule.
A suggested amount or report does not mean depreciation has been posted. Resolve blocked or already-posted years before continuing. Depreciation is noncash and does not move money.
Check the result
- The saved asset shows the intended details; purchase and annual entries are checked separately.
FAQs
Does creating an asset pay for it?
No. Check the actual purchase and its bookkeeping entry separately.
How do I add an asset bought in an earlier year?
Use the prior basis and accumulated depreciation. Follow Bring forward property basis from prior years and check existing deductions before posting anything again.