our accounting software needs to specify an opening quantity for newly added fixed assets. This limitation hinders our ability to accurately reflect the initial quantities of fixed assets when they are first introduced into our system. To address this, we are seeking the integration of a feature that allows users to input and track the opening quantity for each new fixed asset.
Not clear what you are asking for. Fixed assets are only recorded against the list that you create in the fixed assets tab by issueing a payment for that asset. Each fixed asset should first be listed in the fixed assets tab and then one for one assigned a payment. So each fixed asset is unique with its own purchases through payments. Occasionally it could be paid for using a Journal entry when from a company investor or a loan. Important is that if you for example have 5 fixed assets that each of these are listed in the list and paid for separately.
Fixed Assets with the same acquisition date, acquisition price and depreciation rate would be better recorded under one name, we can record the Quantity in the Description.
As explained you need to record each fixed asset separately and therefore the QTY will always be 1. Also note that starting balances are only to be used when migrating from one accounting system to another.
Similar to inventory on hand, fixed assets such as laptops have a specific quantity. I kindly ask the owner to include the quantity in the initial balance of fixed assets.
For accounting purposes, fixed assets do not have quantities. An asset must be individually depreciable and disposable. If you are going to treat one lot of laptops as a single asset, they must be purchased together, depreciated together and disposed together. The asset is then the lot, not a bunch of individual laptops.
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It is always good to track fixed assets individually if they can be disposed of separately. In fact, even a fixed asset with several components that work together may need to be componentized in the system if the components can be replaced or disposed of separately, and if the expected life of the components differs.
Also, It a common practice for businesses especially big businesses to write off a set of similar items that came in together. For example if the business bought 20 swivel chairs and eventually decide to write off or dispose off 12 of the chairs (broken). The whole set of chairs (20 chairs) will be disposed off in the books. In that case, you can save the whole set of 20 items like a single item on the accounting system. While this simplifies things in the accounting system, it means you can’t keep track of each item individually; for that, you’d need another platform.
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@Mahfuzur_Rahman Hello, which version manager are you using please?. My manager.io does not have the starting balance and depreciation value options. I need that function as i am migrating from a manual book system to manager.
I’m using cloud version 24.5.11.1530
You will found Starting Balance in Journal entry.
@JayKay have a look at https://www.manager.io/guides?inventory-item-form
It explains how to setup starting balances for inventory items.
@lubos and @Mahfuzur_Rahman Thank you for the reply.
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