Entering a fixed asset

A company is required to track the acquisition, use and disposal of individual items and rights in fixed assets. For this purpose, fixed assets are entered into the Fixed assets register.

Below is an example of how to enter a fixed asset into the Fixed assets register in PANTHEON.

CASE SUMMARY Tecta's Head of Manufacturing, Marc Manufacture, bought a new Working machine1. The person responsible wants to enter the fixed asset in the Fixed assets register. This is done as follows: Creating a new record for the fixed asset Entering information about the fixed asset in the main window Entering accounting information about the fixed asset Adding a receiving document to the fixed asset Saving the record for the fixed asset

WARNING Before entering the fixed asset into the register, the person responsible must set up the fixed assets register and the related settings.

1. Creating a new record for the fixed asset

The person responsible opens the menu Financials | Fixed Assets | Fixed Assets.

This opens the Fixed Assets register window.

In the toolbar, the button (Insert record) is clicked to create a new record.

The inventory number is generated automatically, in this case: 00037.

2. Entering information about the fixed asset in the main window

The person responsible manually fills in the fields Name and Name 2 In the main window.

From the drop-down list of the field Dept., a department is selected where this fixed asset will be located.

In the field Group, the depreciation group is selected, in this case Production – Production equipment. Then, the Status is specified.

The Head of Manufacturing will be responsible for the Working machine1, so this value is selected from the drop-down list of the field Caretaker.

3. Entering accounting information about the fixed asset

In the tab Accounting below, the person responsible completes the fields by selecting the appropriate dates in the fields Purchase and Activation.

In this case, depreciation will be calculated from the first day of the following month.

HINT If you want depreciation to be calculated in the month when the fixed asset was activated, check the checkbox Depreciation Since Usage Start Day/Month. For daily depreciation, check Depreciation Daily.

Then, Depreciation category is selected from the drop-down list, in this case: MACHIN – Production machinery and equipment.

Selecting a group automatically populates the fields in Posting – Accounts.

The working machine was supplied by the supplier Extra Firm Ltd., which is selected in the field Supplier.

The person responsible manually enters the acquisition price in the field Cost, as shown in the image below.

4. Adding a receiving document to the fixed asset

When the person responsible receives the receiving invoice, this invoice is entered in the Receiving section.

HINT For more detailed instructions on how to enter a document when receiving goods, see the chapter Creating a receiving document (goods).

Now, the person responsible wants to link the invoice received to the fixed asset entered in the Fixed assets register.

In the field Internal document of the tab Accounting, the created receiving document is then selected from the drop-down list.

HINT The fixed asset main window also includes the following tabs: Movement Notes Documentation Posts Loan/lease Fixed asset structure Custom fields Links Utilization Resources

5. Saving the record for the fixed asset

The record is entered using the toolbar by clicking the button (Post edit).

Once the entry is confirmed, the purchase of the fixed asset is automatically recorded in the tab Value.

HINT For more information on acquiring a fixed asset, see the chapter Fixed asset acquisition.