3.1 How to Configure Asset Models and automation

  1. 1. Click on Accounting

    Click on Accounting

  2. 2. Click on Configuration

    Click on Configuration

  3. 3. Click on Asset Models

    Click on Asset Models

  4. 4. Click on New

    Click on New

  5. 5. Fill in name of Asset Model

    Fill in name of Asset Model

  6. 6. Select relevant Fixed Asset account. For example, Furniture and Fixtures

    Select relevant Fixed Asset account. For example, Furniture and Fixtures

  7. 7. Select Accumulated Depreciation account

    Select Accumulated Depreciation account

  8. 8. Select Depreciation expense account

    Select Depreciation expense account

  9. 9. Fill in Depreciation Policy

    Fill in Depreciation Policy

  10. 10. Click on Save manually

    Click on Save manually

Creating an asset using asset models

  1. 11. Click on Accounting

    Click on Accounting

  2. 12. Click on Assets

    Click on Assets

  3. 13. Click on New

    Click on New

  4. 14. Fill in name

    Fill in name

  5. 15. Fill in Value of asset

    Fill in Value of asset

  6. 16. Select Acquisition Date

    Select Acquisition Date

  7. 17. Select Asset Model

    Select Asset Model

  8. 18. Salvagable Value calculated based on asset model

    Salvagable Value calculated based on asset model

  9. 19. Depreciation Policy automatically update according to Asset Model

    Depreciation Policy automatically update according to Asset Model

Setting up Automation of Asset Registry

  1. 20. Click on Internal link

    Or from Chart of accounts go to relevant Fixed Asset account

    Click on Internal link

  2. 21. Click on Automation

    Click on Automation

  3. 22. Select desired mode of automation. For example, Create in draft

    Create in draft mode will automatically Draft the asset but validation will still be required before posting assets

    Select desired mode of automation. For example, Create in draft

  4. 23. Check Manage Items if you want Individual Assets to be generated from a bulk invoice purchase

    Check Manage Items if you want Individual Assets to be generated from a bulk invoice purchase

  5. 24. Select default Asset Model to be applied.

    Select default Asset Model to be applied.

  6. 25. Click on Save manually

    Click on Save manually

How Assets will automatically be generated from Bills

  1. 26. Click on Vendors

    Click on Vendors

  2. 27. Click on Bills

    Click on Bills

  3. 28. Click on New

    Click on New

  4. 29. Click on Add a line

    Click on Add a line

  5. 30. Fill in the relevant details for the invoice & select the fixed asset account that was set up in step 20-25.

    Details should including Vendor, Bill reference, Date of Bill, Label, Quantity, Price per unit, Tax(if applicable)

    Fill in the relevant details for the invoice & select the fixed asset account that was set up in step 20-25.

  6. 31. Click on Confirm

    Click on Confirm

  7. 32. Click on Asset(s)

    Click on Asset(s)

  8. 33. Check the details of asset

    Check the details of asset

  9. 34. Click on Bills

    Click on Bills

  10. 35. The generated bill is now linked to this asset.

    The generated bill is now linked to this asset.

  11. 36. Click on Confirm

    Click on Confirm