Fixed Asset Groups

At least one fixed asset group must be set up to tell the program which General Ledger accounts to use when posting the depreciation expense and accumulated depreciation transactions.

If you have separate accumulated depreciation for different classes of assets, then you will need at least one asset group per accumulated depreciation account.

You may also want to set up different fixed asset groups that post to the same General Ledger accounts for reporting purposes.

Go to Fixed Assets > Setup > Groups.

##

Each group must be assign a two digit alphanumeric identifier.  This ID will be entered on the Fixed Asset setup window.

Description

Enter a description for this group.

Acc. Depr. G/L #

Enter the accumulated depreciation account number to post to.  This is normally an account in the asset section where a credit transaction is posted to reflect the decrease in value for your assets..

Depr. Exp G/L

Enter the depreciation expense account number to post to for this group.  This is normally in the expense section of your chart of accounts, and this account will have a debit transaction posted to record the depreciation expense.