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Asset Type

Sohini Chakraborty
  • Updated

You can view your pre-defined fixed asset types under the Fixed Asset Register option. You can modify the pre-defined asset type details except for the Asset Type field. You can also add, edit or delete the user-defined asset types.

You can also search for an asset type from the Search box.

Prerequisites

To view the predefined asset types for Non-Bookkeeping clients, the Staff Permission View Nominal Ledger Card under Chart of Accounts must be checked.

To view the predefined asset types for Bookkeeping clients, the User Access Permission View Nominal Ledger Card under Chart of Accounts from BrightBooks must be checked.

Asset Type Browse

To view the fixed asset types and edit their details, complete the following steps.

  1. Under the FIXED ASSET REGISTER heading, click Asset Type.
  2. On the Asset Type page, you can view the predefined fixed assets list along with their details.
  3. To edit an asset type, click on the asset type.
  4. The Edit Asset Type window appears. Edit the details as required.
    FIELD STEP
    ASSET TYPE You cannot modify the asset type name.
    DEPRECIATION RATE % The depreciation rate should be a positive numeric value ranging between 0.00 to 100.00.
    DEPRECIATION CHARGE FOR PERIOD BALANCE SHEET NOMINAL ACCOUNT Select the relevant nominal code.
    ADDITIONS AT COST NOMINAL ACCOUNT Select the relevant nominal code.
    ACCUMULATED DEPRECIATION B/FWD NOMINAL ACCOUNT Select the relevant nominal code.
    DEPRECIATION WRITE-BACK ON REVALUATION NOMINAL ACCOUNT Select the relevant nominal code.
    DEPRECIATION TYPE Depreciation type should be either Straight Line or Reducing Balance.
    DEPRECIATION CHARGE FOR PERIOD P/L NOMINAL ACCOUNT Select the relevant nominal code.
    COST OR VALUATION B/FWD NOMINAL ACCOUNT Select the relevant nominal code.
    REVALUATION IN PERIOD NOMINAL ACCOUNT Select the relevant nominal code.
    COST OR VALUATION OF DISPOSALS NOMINAL ACCOUNT Select the relevant nominal code.
    DEPRECIATION ELIMINATION ON DISPOSAL NOMINAL ACCOUNT Select the relevant nominal code. 
    * indicates a mandatory input.
  5. Click Save to save the changed details.

Add User-defined Asset Type

To add a new user-defined asset, complete the following steps.

  1. Under the FIXED ASSET REGISTER heading, click Asset Type.
  2. Click New. The Add Asset Type window appears.
  3. In the Add Asset Type window, enter the details as required.
    FIELD STEP
    ASSET TYPE You can add a new asset type name.
    DEPRECIATION RATE % The depreciation rate should be a positive numeric value ranging between 0.00 to 100.00.
    DEPRECIATION CHARGE FOR PERIOD BALANCE SHEET NOMINAL ACCOUNT Select the relevant nominal code.
    ADDITIONS AT COST NOMINAL ACCOUNT Select the relevant nominal code.
    ACCUMULATED DEPRECIATION B/FWD NOMINAL ACCOUNT Select the relevant nominal code.
    DEPRECIATION WRITE-BACK ON REVALUATION NOMINAL ACCOUNT Select the relevant nominal code.
    DEPRECIATION TYPE Depreciation type should be either Straight Line or Reducing Balance.
    DEPRECIATION CHARGE FOR PERIOD P/L NOMINAL ACCOUNT Select the relevant nominal code.
    COST OR VALUATION B/FWD NOMINAL ACCOUNT Select the relevant nominal code.
    REVALUATION IN PERIOD NOMINAL ACCOUNT Select the relevant nominal code.
    COST OR VALUATION OF DISPOSALS NOMINAL ACCOUNT Select the relevant nominal code.
    DEPRECIATION ELIMINATION ON DISPOSAL NOMINAL ACCOUNT Select the relevant nominal code. 
    * indicates a mandatory input.
  4. Once the user-defined asset type is added, a checkbox is enabled beside the Asset type column.
  5. To edit an user-defined asset type, click on the asset type.
  6. The Edit Asset Type window appears. Edit the details as required.

Delete an Asset Type

You cannot delete a pre-defined asset type.

To delete an user-defined asset type, complete the following steps.

  1. To delete a single user-defined asset type, select the checkbox beside the asset type and click Delete.
  2. In the confirmation message window, click Yes. The asset type is deleted successfully.
  3. To delete multiple user-defined asset type, select the checkbox beside the Asset Type column header and click Delete.
  4. The confirmation message window will display the total number of selected asset types.
  5. Click Yes. The asset types are deleted successfully.
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