Fixed Asset Applet

Purpose and Overview

The Fixed Asset Applet is a powerful tool designed to manage the complete lifecycle of an organisation’s fixed assets. It moves beyond simple record-keeping by integrating asset tracking, depreciation automation, financial journal posting, and comprehensive reporting into a single platform.

Key Features Overview

Who Benefits from This Applet?

Finance Managers & Accountants:

• Automated monthly depreciation calculations
• Real-time asset valuation for balance sheets
• Precise Gain/Loss tracking on asset disposal
• Automated journal posting to the General Ledger

Asset Custodians & Facility Managers:

• Clear visibility into asset locations and assignments
• Easy updates when assets move between branches or locations
• Serial number tracking for individual asset identification
• Attachment and related document management

Internal & External Auditors:

• Comprehensive audit trail for every asset transaction
• Full transaction history per asset (Acquisition, Adjustment, Disposal)
• Detailed depreciation schedules and configuration records
• Export-ready reports filtered by company, branch, category, or status

IT & Operations Teams:

• Track technical equipment (laptops, servers) with serial numbers
• Manage warranty expiry dates per asset
• Bulk import of existing asset registries via Excel

What Problems Does This Solve?

The Manual Tracking Problem:

Traditional asset management relies on spreadsheets and paper forms. Common issues include:

• Assets purchased but never properly registered
• No centralised view of what’s in DRAFT vs REGISTERED status
• Manual tracking of serial numbers, locations, and custodians
• Difficult to trace asset movements between branches

The Fixed Asset Applet Solution:

• Digital registration - Create asset records with auto-generated codes or manual entry
• Structured statuses - Assets move from DRAFT → REGISTERED → DISPOSED through proper workflows
• Multi-branch tracking - Assign assets to specific companies, branches, and locations
• Attachment support - Upload photos, invoices, and related documents per asset
• Bulk import - Migrate existing registries via Excel file upload

The Depreciation Calculation Problem:

Calculating depreciation for hundreds or thousands of assets manually is error-prone and time-consuming.

• Different assets use different depreciation methods
• Pro-rata calculations for mid-period acquisitions
• Manual journal entries for depreciation expense
• No easy way to generate depreciation schedules

The Fixed Asset Applet Solution:

• Depreciation Run engine - Process depreciation for all eligible assets in one batch
• Multiple methods - Straight Line, Declining Balance, Double Declining Balance, or No Depreciation
• Configurable per asset - Each asset can have its own depreciation rate, useful life, and residual value
• GL integration - Depreciation expense and accumulated depreciation GL codes are set per asset

Key Features Inventory

Key Concepts

Understanding the Asset Framework

Every asset record must address three fundamental aspects. The Fixed Asset Applet provides structured handling:

Asset Lifecycle

Think of the asset lifecycle as a structured flow:

Organization
│
├── Asset Categories (e.g. IT Equipment, Vehicles, Furniture)
│   └── Status: ACTIVE / INACTIVE
│
└── Fixed Assets
    ├── Details (Name, Code, Serial No, Type, Category)
    ├── Location (Company, Branch, Location)
    ├── Custodian (Employee / PIC)
    ├── Transactions (Acquisition → Adjustment → Disposal)
    ├── Depreciation (Method, Rate, Useful Life, GL Codes)
    ├── Attachments (Photos, Invoices, Documents)
    └── Related Documents & Other Journals

The Asset Status Journey

Assets move through distinct statuses as they progress through their lifecycle:

Asset Types

The system classifies assets into three types:

Quick Start Guide

Get up and running quickly with these essential workflows.

For Admins: Initial System Setup

Goal: Configure the framework before adding assets in 4 steps.

Step 1: Create Asset Categories (Asset Category)

• Click "+" to create categories like “IT Equipment” or “Office Furniture”
• Enter Code (e.g., IT-EQUIP), Name, and set Status to ACTIVE

Step 2: Configure Default Settings (Settings > Default Selection)

• Set your Default Branch and Default Location
• Arrange the Details Tab Order by dragging tabs (Details, Transactions, Depreciation, Attachment, Related Doc, Other Journal)

Step 3: Set Up Permissions (Settings > Permission Set)

• Define permission sets for different user roles
• Assign user, team, and role-based permissions

Step 4: Configure Field Settings (Settings > Field Settings)

• Enable or disable specific fields and set mandatory fields based on your organisation’s needs

For Operations: Registering a New Asset

Goal: Add a single asset to the registry.

1. Navigate: Go to Asset Register → Click "+"
2. Details: Fill in the required fields:
   • Asset Name: e.g., “Dell Latitude 7440”
   • Asset Type: Select from Property/Plant/Equipment, Long-term Investment, or Intangible Asset
   • Category: Select the appropriate category (e.g., “IT Equipment”)
   • Company, Branch, Location: Assign where the asset belongs
   • Currency: Select the document currency
3. Optional Fields: Add Serial Number, Warranty Expiry, Employee/PIC, GL Code, Description
4. Save: Click CREATE → A unique Asset Code is auto-generated (or enter one manually)

What happens next? The asset is created in DRAFT status. Open it to add transactions, configure depreciation, and upload attachments.

For Finance: Recording an Acquisition

Goal: Record the purchase transaction for a newly registered asset.

1. Open the asset from the Asset Register listing
2. Go to the Transactions tab
3. Click "+" to add a new transaction
4. Select Type: Choose Acquisition
5. Enter Details:
   • Purchase Date: When the asset was bought
   • Purchase Price: The acquisition cost
   • GL Code: The offsetting GL account (e.g., Accounts Payable)
   • Description: e.g., “Purchase from Dell Malaysia”
6. Save: The system creates a balanced journal entry (Debit: Asset GL, Credit: Selected GL)

For Finance: Running Monthly Depreciation

Goal: Process depreciation for all eligible assets for a given period.

1. Navigate: Go to Depreciation Run → Click "+"
2. Select:
   • Company: Required — which company to process
   • Branch: Optional — filter to a specific branch
   • Month/Year: The period to calculate depreciation for
3. Save: Click CREATE → System calculates and posts depreciation journals for all REGISTERED assets with active depreciation configurations

Sidebar Menu Reference

The applet sidebar contains four main menu items: Asset Register, Asset Category, Depreciation Run, and Reports.

Asset Register

This is the main workspace for managing your fixed asset inventory.

Listing View - What You Can See:

What You Can Do:

• Create: Click "+" to register a new asset
• Search: Quick search by Code, Name, Serial Number, Status, or Category Code
• Advanced Search: Filter by Company, Branch, Location, Purchase Date Range, or Asset Code Range
• Edit: Click any row to open the asset detail view
• Toggle Columns: Show/hide columns for your preferred view
• Pagination: Server-side pagination for large datasets

Edit Asset View - Tabs:

When you click on an asset, you see a tabbed detail view with up to 6 tabs:

The tab order can be customized by admins via Settings > Default Selection.

Transactions

Asset transactions create journal entries that affect the General Ledger. Each transaction type serves a specific purpose in the asset lifecycle.

Transaction Types:

Transaction Details:

Transaction Listing Columns:

Depreciation Configuration

Each REGISTERED asset can have its own depreciation settings, configured in the Depreciation tab under Configuration.

Configuration Fields:

Depreciation Methods Available:

The Schedule sub-tab shows the calculated depreciation schedule for the asset.

Attachment

Upload and manage files associated with an asset record. Each attachment requires a name and supports drag-and-drop or click-to-upload.

Related Doc

Associate existing system documents with an asset. The panel displays a searchable list of available documents across the system, including Internal Sales Invoices, Internal Receipt Vouchers, and other document types.

Other Journal

Record additional manual journal entries not covered by standard transaction types (Acquisition, Adjustment, Disposal).

Asset Category

Asset categories group similar assets and help with reporting and organisation.

What You Can Do:

• Create: Click "+" to add a new category
• Edit: Click a category row to modify
• Listing: View all categories with search and filter

Category Fields:

Depreciation Run

The Depreciation Run is the batch processing engine that calculates and posts depreciation for all eligible assets within a given period.

Creating a Depreciation Run:

How It Works:

1. Select the company and period
2. The system finds all REGISTERED assets with active depreciation configurations
3. Calculates the depreciation amount for the period based on each asset’s method, rate, and useful life
4. Creates journal entries: Debit Depreciation Expense / Credit Accumulated Depreciation
5. Posts to the General Ledger

The Depreciation Run listing shows all previous runs with their details, and you can view/edit individual runs.

Import Fixed Asset

Bulk upload existing asset registries from Excel spreadsheets.

How to Use:

1. Navigate to Import Fixed Asset
2. Create a new import → Download the Excel template
3. Fill in asset data (codes, names, categories, purchase costs, etc.)
4. Upload the completed file
5. Review for validation errors
6. Confirm to import all valid records

This is especially useful during initial system setup when migrating from spreadsheets or legacy systems.

Reports

Generate filtered asset reports for financial statements, audits, and management review.

Available Report Filters:

Configuration & Settings

Field Settings (Settings → Field Settings)

Customise the asset registration form:

• Enable or disable specific fields
• Set mandatory fields for data entry

Default Selection (Settings → Default Selection)

Pre-set common values to speed up data entry and customise the interface:

• Default Branch: Auto-selected when creating new assets
• Default Location: Auto-selected when creating new assets
• Details Tab Order: Drag-and-drop to reorder the tabs in the asset edit view (Details, Transactions, Depreciation, Attachment, Related Doc, Other Journal)

Applet Access (Settings → Applet Access)

Control which users can access this applet from the applet store.

Role Pricing Scheme Linking (Settings → Role Pricing Scheme Linking)

Link pricing schemes to specific roles for asset-related pricing configurations.

Permissions

The applet provides granular access control through multiple permission layers:

Triggers (Settings → Triggers)

Configure automated triggers based on asset events (e.g., notify external systems when an asset status changes or a depreciation run completes).

Other Settings

Personalization

Personal Default Selection

Set your own default Branch and Location that pre-fill when you create new assets. These are personal preferences that don’t affect other users.

Sidebar Customization

Rearrange or hide sidebar menu items to match your daily workflow.

FAQ

Q: What’s the difference between DRAFT and REGISTERED status? A: A DRAFT asset only requires basic details (Name, Type, Category, Company, Branch, Location, Currency). A REGISTERED asset additionally requires a valid Depreciation Configuration and at least one Acquisition transaction before it can be saved. Change the status in the Details tab when ready.

Q: What happens when I create a Disposal transaction? A: The system automatically changes the asset status to DISPOSED. It creates a journal that reverses the asset cost, records the disposal proceeds, and calculates any gain or loss. The gain/loss is posted to the GL code you specify.

Q: Can I track assets that don’t depreciate (like Land)? A: Yes. Set the Depreciation Method to “No Depreciation” in the asset’s Depreciation Configuration tab. The asset will remain in the register at its original cost.

Q: How does the system handle the Asset Code? A: You can enter a manual Asset Code, or leave it blank and the system will auto-generate one on save. The system validates for duplicate codes — if a duplicate is detected, you’ll receive an error and need to use a different code.

Q: Can I change the tab order in the asset edit view? A: Yes. Go to Settings > Default Selection and drag-and-drop the tabs (Details, Transactions, Depreciation, Attachment, Related Doc, Other Journal) into your preferred order. This applies to all users.

Q: How do I bulk import existing assets? A: Navigate to Import Fixed Asset, download the Excel template, fill in your asset data, upload the file, review any validation errors, and confirm the import. This is ideal for initial migration from spreadsheets.

Q: Can I filter reports by depreciation period? A: Yes. The Reports module allows filtering by Depreciation Date Month/Year range, in addition to Company, Branch, Purchase Date Range, Disposal Date Range, Category, Depreciation Method, and Asset Status.