Setting Up an Existing Fix Asset

If you are new to SmartB and you are currently setting up an existing Fix Asset, then this page is for you.

Assuming that you’ve watched the course before this (see unit) and you have already added a existing asset into the database, you may also be thinking about the existing cumulative depreciation amount. More importantly, you want the software to only start calculating the depreciation from the date you start using the system. Right?

Hence, the key here is to set the Last Depreciation date as well as the current Book Value of the asset. So how do you do that?

Depreciation Periods

In order to do that, you want to pick the relevant fix asset, scroll down and add a new item in the “Depreciation Periods”. Once you get there, click “add” and enter the following:

  • From (Select Purchase Date)
  • To (Select the last date of your previous depreciation)
  • Depr. Amount (enter the cummulative depreciation amount)
  • Journal entry – LEAVE THIS BLANK

You want to leave the journal entry blank as you probably have already entered the cumulative depreciation in your Trial Balance (you really don’t want to duplicate that).

Once you’re done, click save, refresh the page and you should get the latest book value of your asset. See sample here:

(Click on image for larger view)

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2 thoughts on “Setting Up an Existing Fix Asset”

  1. Question #1: While adding the previous depreciation of a fixeed asset, I should filled in the journal entry

    a) True
    b) False

    Reply

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