Fixed assets and equipment

Open Accounting > Fixed assets to maintain asset records, review depreciation schedules and work with depreciation runs. Accounting access and entity restrictions apply.

Preview a supported run and review its accounts, dates and amounts before posting. A posted depreciation run is corrected through its source reversal workflow. Select an eligible open correction date and provide a reason; a retry with different correction details is rejected.

Adding assets

• New asset. Enter cost and book settings, or pick an asset class to fill the accounts, method, life, convention and tax class. Optionally post the acquisition against cash or a liability.
• Capitalize an AP bill line. On New fixed asset, choose a posted bill line coded to a fixed asset account. Cost (the line amount plus any use tax the bill accrued on it), account, entity and date come from the bill, and no second acquisition entry posts, so the register ties to the general ledger. A capitalized line cannot be voided on the bill until the asset is voided.
• Units of production. Choose the units-of-production method with the total estimated hours or miles, then record monthly meter units on the asset. Each depreciation run catches up to cost less salvage times units to date over total units.
• Register import. A conversion file of up to 2,000 assets can be previewed and applied in one step through the API (POST …/accounting/assets/import). Nothing posts: the opening trial balance brings the balances, and the result shows the register-to-ledger tie-out.

Changing an asset

Edit the name, category and description on the asset page; the audit trail lists every change. Cost, life and method change only through a posted adjustment: an addition or improvement, an impairment (at most net book value less salvage), a transfer to another entity (intercompany) or category, or a partial disposal (cost removed, accumulated depreciation removed in proportion, gain or loss booked). Post depreciation through the month before the adjustment first, and not for the adjustment month or later (reverse those runs first); the schedule then spreads the new basis over the remaining life. A partial disposal cannot leave net book value below salvage. Changes that post no entry (a category-only transfer, a void with no acquisition entry, a meter reading) are still refused in a closed period.

An asset added in error can be voided with a date and reason. The void reverses its acquisition entry, if one posted, and is refused once depreciation or an adjustment has posted: dispose of the asset instead.

Equipment usage

Approved field equipment logs linked to an equipment unit can be posted in a batch (POST …/accounting/assets/equipment_logs): operating hours at the unit’s operating hourly rate, idle hours at its idle rate. Preview first; logs without a cost code or rate are listed and skipped, and a log posts only once. The utilization report (GET …/accounting/assets/equipment_utilization) shows operating, idle and standby hours and recovery per unit.

Equipment and project records can provide supporting context, but do not assume every project equipment activity automatically posts a company accounting charge. Check the relevant source workflow, accounting period and reports before close.