Who works where
Afiavi works from the organization space of her firm, on the bakery’s book. A client who keeps its own books does the same in the client space, on its own book.Register the asset
Afiavi records the oven with Register a fixed asset. She gives its cost, its acquisition and in-service dates, its useful life in months, a salvage value if there is one, and three accounts: the asset account, the depreciation account and the expense account. She can add a separate tax plan, with its own method and life. Exowpee gives the asset a code of the form IM-000001, counted per book, and posts no accounting entry for it. She finds her assets with List fixed assets, View a fixed asset and View depreciation schedule, which shows posted periods, projected ones and any arrears. If she made a mistake, Edit a fixed asset corrects it. Once the asset has depreciation, or is no longer active, only its name and description can change. Delete a fixed asset removes an asset registered by mistake, if nothing has been depreciated.Depreciate each period
When a month has ended, Afiavi first looks at Preview depreciation run for that period. It shows what would be recorded and which assets would be skipped, and it posts nothing. Then she runs Run period depreciation. Exowpee records one depreciation row per asset and one accounting entry, dated the last day of the period. When an asset’s tax depreciation runs ahead of its accounting depreciation, Exowpee also opens a provision, which you find under Close the fiscal year.Undo the latest depreciation
If the last run was wrong, Undo latest depreciation cancels the latest row of an asset when it posted no entry. A row that has an entry is undone by reversing that entry.Sell or scrap the asset
When the old oven is sold for 300,000 FCFA, Afiavi uses Dispose of a fixed asset with the date and the proceeds. Exowpee posts the entry showing the gain or the loss and marks the asset as disposed. When the sale makes a gain, she can defer it, with a deadline for reinvestment.The rules
- The accounting module must be part of the organization’s plan, and the book must have accounting enabled.
- The three accounts must belong to the book and accept entries: asset on class 2 but not 28 or 29, depreciation on 28, expense on 68. The salvage value is 0 when not given and must be below the cost, the cost at least 1, the useful life between 1 and 1200 months, and the in-service date not before the acquisition date. A fiscal year must cover the in-service date.
- A tax plan is all or nothing: without a method, the fiscal rate and fiscal life are refused. With one, the fiscal life is required, and the rate too for the declining method.
- An acquisition entry, when sent, must be a posted entry of the book dated the acquisition date, with a debit on the asset account for the cost.
- A depreciation run needs a period that has ended and is still open, with a period chosen. An asset is skipped when an earlier period has not been depreciated, and is not run twice for a period. The run is refused when nothing remains to depreciate. Assets added after a run get their own entry on a later run of the same period.
- An asset whose currency differs from the fiscal year’s makes a run fail.
- An undo needs the latest row, without an entry, in an open period, on an asset not disposed of, and without a reversed tax provision. The row is deleted.
- A disposal needs a date and proceeds (0 or more), a period covering the date, and earlier periods depreciated. It is refused when its period is closed, or when the date is before acquisition. Deferring a gain needs a reinvestment deadline and proceeds above the net book value.
- A disposed asset cannot be deleted or have its depreciation undone. Deleting removes the record: the asset is not kept.
All the actions of this topic
- Preview depreciation run (organization): Organization space, on a chosen book. Shows what a depreciation run would record for a period, and which assets would be skipped, without posting anything.
- Run period depreciation (organization): Organization space, on a chosen book. Calculates and records the depreciation of every eligible fixed asset for a chosen period in one accounting entry.
- View depreciation schedule (organization): Organization space, on a chosen book. Shows an asset’s full depreciation plan: posted periods, projected periods and any arrears.
- Undo latest depreciation (organization): Organization space, on a chosen book. Cancels the most recent depreciation row of an asset when it was not posted to an accounting entry.
- Dispose of a fixed asset (organization): Organization space, on a chosen book. Records the sale or scrapping of an asset on a date, producing the gain or loss entry.
- List fixed assets (organization): Organization space, on a chosen book. Lists the fixed assets of the book, optionally by status.
- Register a fixed asset (organization): Organization space, on a chosen book. Adds an asset such as equipment or a vehicle with its cost, service date and depreciation plan.
- View a fixed asset (organization): Organization space, on a chosen book. Shows the details of one fixed asset.
- Edit a fixed asset (organization): Organization space, on a chosen book. Changes an asset’s description or, while it has no depreciation yet, its cost, dates, accounts and plan.
- Delete a fixed asset (organization): Organization space, on a chosen book. Removes an asset that was registered by mistake, as long as nothing has been depreciated.
- Preview depreciation run (client account): Client space, on the client’s own books. Shows what a depreciation run would record for a period, and which assets would be skipped, without posting anything.
- Run period depreciation (client account): Client space, on the client’s own books. Calculates and records the depreciation of every eligible fixed asset for a chosen period in one accounting entry.
- View depreciation schedule (client account): Client space, on the client’s own books. Shows an asset’s full depreciation plan: posted periods, projected periods and any arrears.
- Undo latest depreciation (client account): Client space, on the client’s own books. Cancels the most recent depreciation row of an asset when it was not posted to an accounting entry.
- Dispose of a fixed asset (client account): Client space, on the client’s own books. Records the sale or scrapping of an asset on a date, producing the gain or loss entry.
- List fixed assets (client account): Client space, on the client’s own books. Lists the fixed assets of the book, optionally by status.
- Register a fixed asset (client account): Client space, on the client’s own books. Adds an asset such as equipment or a vehicle with its cost, service date and depreciation plan.
- View a fixed asset (client account): Client space, on the client’s own books. Shows the details of one fixed asset.
- Edit a fixed asset (client account): Client space, on the client’s own books. Changes an asset’s description or, while it has no depreciation yet, its cost, dates, accounts and plan.
- Delete a fixed asset (client account): Client space, on the client’s own books. Removes an asset that was registered by mistake, as long as nothing has been depreciated.