To add a new Asset to the system i.e. a purchase of plant, machinery or similar items, you first need to create a new asset item in the system. This can be done by navigating to Stock & Items > Stock & Order Items > New Item.

To create an asset, choose “Asset Order Item” from the drop down menu and complete the following details:

• Choose a stock code for the item i.e. a short code;
• Give the item a name i.e. a full and easily recognisable name;
• Enter a relevant description;
• Choose a default Department if the item is attached to a Department;
• Choose a default Project if the item is attached to a Project.

Next, fill out the relevant details depending on whether the item is Purchased or Manufactured.

To add a purchase for the item, navigate to Accounts > Assets and click “New Asset”.

You will be redirected to the Purchase Invoice screen and the system will ask for the following information:

• Supplier – Enter the Supplier for the Asset;
• Supplier Ref – Enter any relevant Supplier Reference;
• Invoice date – The invoice date for the Asset purchase;
• Payment due date – If the asset is yet to be purchased then enter the sue date, if it has already been purchased then enter the date of payment;
• Currency – Choose the purchase currency;
• Contract (Construction edition only) – If the purchase was made under a pre-agreed sub-contractor or supplier contract, enter it here;
• Query – If you want to query this Purchase, tick the box here;
• Fill out the Item Name, Supplier Ref, price details, VAT (if any), Quantity and also make changes to the Expense Account, Project and Department (if different to the default).
• You can also add additional order lines, or create new items from this screen if needed.

Click “Save” to create the Asset Purchase.

The next step is to set up the details for the Asset, to do this, navigate to Accounts > Assets, tick the box next to the relevant Asset and click “Edit”.

You will then be able to enter the following information:

• Accounts code – The system will generate a unique code, but you can choose to overwrite this if preferred;
• Accounts name – The full name of the account (will be pre-populated with the details set up on the Asset Order Item);
• Serial Number – This could be the serial number of a machine, or a registration number of a vehicle;
• Location – The physical location of the item;
• Asset Type – This will determine the type of Asset i.e. Plant & Machinery;
• Economic Life – This is the full depreciation timescale i.e. the length of time before the Asset fully depreciates in value;
• Work in progress – Tick this box to pause the depreciation of the Asset i.e. if it is not yet fully operational;
• Description – Enter any relevant description against the item.

The system will also calculate a series of other values from the information entered, and will also display any grants received (which will be entered via the Bank > Receipts sections on receipt of funds).

To dispose of an Asset, navigate to Accounts > Assets, then tick the select box next to the relevant Asset and choose More > Asset Sale. This will allow you to raise a Sales Invoice for the item and therefore dispose of the Asset.