Fixed assets and depreciation

Where to find it

Assets and Debts → Asset Management. It's also a step in your Task List: Add your fixed assets.

Already have a schedule from your accountant or a spreadsheet? Import it rather than entering assets one at a time.

Adding an asset

Choose Add Asset and fill in the Add Fixed Asset form: the asset's name and type, what you paid, and when you bought it. Placed in Service is when depreciation starts; leave it alone and it's the purchase date. Description, asset tag, serial number and location are there if you want them.

Depreciation settings come from the asset type: the method, the useful life and the salvage value. To set them for this asset only, tick Customize depreciation settings.

Depreciation Convention decides how the first month counts: Mid-month, Half-month or Full month. An asset uses your company's convention unless you choose one for it. The company's is set on the fixed assets table and starts as Mid-month.

Before you save, Depreciation Preview shows the first month's depreciation, when the asset will be fully depreciated, and the total. Land isn't depreciated.

Assets you already owned

For an asset bought before you started with Ask Lou, tick This asset was purchased before using Ask Lou and enter its Prior Accumulated Depreciation and the month to Start Tracking From. The box is ticked for you when the purchase date is more than 60 days back.

Your fixed assets table

Every asset with its cost, accumulated depreciation, book value and status, and totals at the bottom. Filter by type, location, tag, status, cost, book value or year purchased. Owned as of shows what you held at the end of a month you choose, with book values as of that month.

Each row has:

• Edit
• View Schedule: the asset's depreciation month by month, which you can export as CSV
• Dispose / Sell: see Selling or disposing of an asset
• Delete: removes the asset completely. If you sold it or got rid of it, dispose of it instead so its history stays.

Exporting the schedule

Export Schedule builds a depreciation schedule in Excel or PDF: the assets on screen or all of them, sold or retired assets if you want them, and the years to cover. A PDF can carry your logo and be marked as unaudited.

How your assets reach your statements

Your trial balance stays the record of your books. Your asset list is used on the cash flow statement for purchases, sale proceeds, and gains or losses on sale, and Ask Lou shows you any difference from your books. See Reconciliation mappings.