Have been using Manager for about 11 months now and have got really comfortable with it.
For our Fixed Assets, we had gone to the Fixed Assets Tab and created “New Asset” and added an item called “Computers & Peripherals”, added another item called “Furniture & Fixtures” and a 3rd item “Vehicles”.
As and when we purchased a new item, we went to Payment and debited “Computers & Peripherals” under Fixed Assets (or whichever head the item belonged to).
Last week, we sold a car that was in our asset and then realized that the entire asset that we actually though was a group had to be “Disposed”. So basically we added those items thinking that was actually a category head we were creating and now at the point of disposal realize our so called category has to be written of entirely.
My questions therefore are:
Is it possible therefore to have categories?
Is it possible to have a depreciation rate by category? From my understanding now, I will have to pass depreciation entries for each item one by one for each fixed asset and if I have about 30 or 40 items, it could get hectic … worse if I had more.
I really hope something can be done about this.
No, it is not really possible to have Fixed Asset Categories - but see below
Each asset car, computer, table, etc must be created as a separate asset
It is possible to create categories by using Special Accounts but this will not allow the built-in depreciation features to be used so it’s not really useful.
I use a custom field to categorise my assets as Land & Buildings, Plant & Machinery or Fixtures & Fittings. I export the data to Excl to produce categorised reports
Fixed assets can be assigned to custom control accounts, which would effectively be the same as the categories you mentioned, @Paparazzi. There is an example of exactly that in this Guide: Add custom control accounts | Manager.
Currently, all depreciation goes to a single account, Fixed assets - accumulated depreciation. So it is not possible to have contra accounts for the depreciation associated with each category. That will still be lumped in a single account.
Thank you Tut & Joe
I went ahead and followed the advise provided by Tut and yes … it works to an extent.
Do you’ll know if there is a plan to upgrade the Fixed Assets section to include categories?
I have now moved to a new company that provides consultancy / advice to startups with regard to accounting and am considering recommending Manager given my use of it for a year now. As I’m based in the Middle East, I will need language support too for which I will make a separate post.
No, because as already explained, you can do this now.
Read the Guide: https://www.manager.io/guides/9156.