Fixed Assets
Asset categories
Configure depreciation methods and GL accounts for each class of asset.
3 min read
Asset categories group assets by type and define how they are depreciated and which accounts are used for posting. Set up categories before adding assets.
- 1Go to Fixed Assets → Categories and click New Category.
- 2Give the category a name (e.g. Motor Vehicles, Office Equipment).
- 3Select the depreciation method: Straight Line or Reducing Balance.
- 4Set the depreciation rate or useful life in years.
- 5Assign the Fixed Asset GL account, Accumulated Depreciation account, and Depreciation Expense account.