Fixed assets

Anything the company buys to use for more than a year, such as a laptop, office furniture, a vehicle or a renovation, is a fixed asset. It is not an expense of the month it was bought: its cost is spread over the years it is used. The Assets page keeps that register. It is part of the Pro plan.

#Add an asset

1. Open Assets and click New asset.
2. Enter the name, pick a category and fill in the date acquired and cost (what you paid, including SST if the company is not SST-registered).
3. The useful life fills in with the number of months accountants usually apply to that category. Change it if your accountant uses a different policy.
4. Leave residual value at 0 unless the asset will clearly be worth something at the end of its life.
5. Click Add asset.

The asset page shows the net book value today and a depreciation by year table: the charge for each calendar year and the book value at the end of it. Depreciation is straight line and starts in the month of purchase.

#Dispose of an asset

When an asset is sold, scrapped or written off, open it and click Dispose. Enter the date and the proceeds (0 if nothing was received). Depreciation stops the month before the disposal, and Invoa shows the gain or loss: proceeds minus the book value at that date. A disposed asset stays in the register.

#The register for your accountant

Export CSV on the Assets page downloads the register as at today: cost, this year's depreciation, accumulated depreciation, net book value and any disposal, one row per asset. The year-end pack includes the register as at the period end.

Invoa works out accounting depreciation only. Capital allowances for tax are calculated by your tax agent from the same register.

#Related

• Expenses
• Export your data