I would like to suggest that you implement grouping of fixed asset.
This way instead of seeing New Fixed asset when you click on the Fixed Asset Tab you will rather see 'New Fixed Asset Group and then in the group you can find and click on ‘New Fixed Asset’. The User can create for following groups for example:
- Furniture and Fittings.
- Motor Vehicles.
The user can then create individual assets in the groups which will make the entering of depreciation of individual fixed asset better and display more details of individual assets.
This Can be applied to intangible asset as well
A user can also create the following groups for example:
- Field Operations Fixed Assets
- Administration Fixed Assets
All will be consolidated into ‘Fixed Assets’ in the Balance Sheet.
When you have to dispose off an asset just go into the Asset’s group find that asset and dispose it off.
For now i have the details of the individual fixed asset on a spreadsheet.
@Abeiku, I understand why you would like to be able to create asset groups. But I don’t understand why you find it necessary to keep details on a separate spreadsheet. Are you only doing this to make searching easier? If so, don’t forget that under the
Fixed Assets tab, you can search for anything: the asset’s name, its starting value, even a group category if you have listed those things in the description.
For example, I include the depreciable lifetime of the asset in the description. Then, if I need all 7-year assets, I can quickly generate a list.
Grouping of fixed asset will make the asset summary better. Instead of showing all individual assets which includes zero balances on disposed assets, grouped Fixed Assets will consolidate and show closing balance of the group eliminating zero balances or disposed assets in the report in the process.
I can implement what you have suggested above , it makes perfect sense and i havent tried. I should have however mentioned that it is grouping that can really summarize the fixed asset in the ‘Fixed Asset report’. Currently it not a summary to me like the title of the report says, it a schedule because it shows all individual assets. If the Fixed Asset summary report is configured to display the summary in group form (all assets consolidated into their groups) that when I can call it a summary.
I won’t disagree with most of your comments about the Fixed Asset Summary @Abeiku. It could be considered a schedule, since it lists all assets, but it also summarizes activity pertaining to an asset during a defined period. From that perspective, you might properly call it a summary. Semantics!
It sounds like you may not have noticed an improvement in the report, though. Somewhere around Version 15.4.90, as part of upgrading the account creation process and how starting balances (formerly opening balances) are entered, the Fixed Asset Summary was improved. Assets whose “life events” fall outside the defined time period no longer appear. So the report is shorter. Yes, the ability to categorize and summarize internally might still be nice, but I don’t miss it. My tax authority’s forms don’t permit summarization anyway, so what you call a schedule is actually more useful to me.
Fixed asset groups can be created and the report can be in two types, the report that shows a consolidated or grouped fixed assets summary and a report that shows individual assets and every detail.
If possible the user may enable grouped Fixed asset or not.
It however depends on how workable it it to @lubos
It may be difficult to implement than I can imagine