Understanding AutoCount Fixed Assets Register – Asset Types and Asset Categories

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Introduction to AutoCount Fixed Assets Management Plugin

The AutoCount Fixed Assets Management Plugin is an essential tool for businesses to manage their fixed assets effectively. This module allows users to categorize and track their fixed assets, apply consistent depreciation methods, and generate accurate financial reports. With this plugin, businesses can streamline asset management processes, ensuring that all assets are properly accounted for and maintained throughout their lifecycle. This guide will help you understand how to set up Asset Types and Asset Categories within the AutoCount Fixed Assets module, enhancing your overall asset management strategy.

autocount fixed assets register

1. Asset Types

Asset Types are broad classifications of fixed assets based on their nature and usage in the business. They help in grouping similar kinds of assets, making it easier to apply consistent accounting treatments and manage them effectively.

Examples of Asset Types:

  • Vehicles
  • Machinery
  • Furniture & Fittings
  • Office Equipment
  • Buildings

2. Asset Category

Asset category are specific subdivisions within an Asset Type. These category provide a finer level of classification, allowing for detailed tracking and management of assets.

Examples of Asset category under Furniture & Fittings:

  • Tables
  • Chairs
  • Desks
  • Cabinets

Steps to Key In Asset Types and Asset Category in AutoCount

a) Navigate to the Asset Register Module:

  • Open AutoCount Accounting.
  • Go to the Asset Register module.

b) Access Asset Type Maintenance:

  • In the Asset Register module, select “Asset Type Maintenance” from the menu.

c) Create a New Asset Type:

  • Click on “New” to create a new asset type.
  •  Fill in the details as follows:
    • Code: FF (Furniture & Fittings)
    • Depreciation Method: Straight Line
    • Salvage/Residual Value: 1
    • Calculate By: Year
    • Number of Years: 10

d) Set Account Codes:

  • Fill in the details as follows:
    • Asset Acct Code: 200-2000 (Furniture & Fittings)
    • Accum. Deprn Acct Code: 200-2005 (Accum. Deprn. – Furniture & Fittings)
    • Depreciation Acct Code: 903-0000 (Depreciation of Fixed Assets)
    • Profit/Loss Acct Code: 916-0000 (Loss on Disposal of Fixed Assets)
    • Asset Write Off Acct Code: 917-0000 (Write Off of Fixed Assets)

d) Set Account Codes:

  • Fill in the details as follows:
    • Asset Acct Code: 200-2000 (Furniture & Fittings)
    • Accum. Deprn Acct Code: 200-2005 (Accum. Deprn. – Furniture & Fittings)
    • Depreciation Acct Code: 903-0000 (Depreciation of Fixed Assets)
    • Profit/Loss Acct Code: 916-0000 (Loss on Disposal of Fixed Assets)
    • Asset Write Off Acct Code: 917-0000 (Write Off of Fixed Assets)
asset type maintenance interface

d) Save the Asset Type:

  • After filling in all the necessary details, click “Save” to store the new asset type.

a) Navigate to Asset Category Maintenance:

  • In the Asset Register module, select “Asset Category Maintenance” from the menu.

b) Create a New Asset Category:

  • Click on “New” to create a new asset category.
  • Fill in the details as follows:
    • Code: “T&C” or “TC”
    • Description: Tables & Chairs
  • Ensure that the asset category is linked to the correct asset type. This may be set during the asset creation process or through a linking function, depending on your AutoCount setup.

d)  Save the Asset Category:

  • After filling in all the necessary details, click “Save” to store the new asset category.
asset category maintenance interface

Industry examples:

Example 1: Manufacturing Company

  • Asset Type: Machinery
    • Asset Category:
      • CNC Machines
      • Injection Molding Machines
      • Assembly Line Robots
      • Packaging Machines

  • Asset Type: Buildings
    • Asset Category:
      • Production Plants
      • Warehouses
      • Office Buildings

  • Asset Type: Vehicles
    • Asset Category:
      • Forklifts
      • Delivery Trucks
      • Company Cars

Example 2: Retail Business

  • Asset Type: Office Equipment
    • Asset Category:
      • Computers
      • Printers
      • Telephones
      • Office Furniture

  • Asset Type: Store Fixtures
    • Asset Category:
      • Display Racks
      • Checkout Counters
      • Shelving Units

  • Asset Type: Vehicles
    • Asset Category:
      • Delivery Vans
      • Company Cars

Example 3: IT Services Company

  • Asset Type: IT Equipment
    • Asset Category:
      • Servers
      • Network Routers
      • Workstations
      • Laptops

  • Asset Type: Software
    • Asset Category:
      • Operating Systems
      • Productivity Software
      • Development Tools
      • Accounting / ERP Software
      • Security Software

  • Asset Type: Office Equipment
    • Asset Category:
      • Desks
      • Chairs
      • Conference Room Equipment

Example  4: Construction Company

  • Asset Type: Heavy Equipment
    • Asset Category:
      • Excavators
      • Cranes
      • Bulldozers
      • Backhoes

  • Asset Type: Vehicles
    • Asset Category:
      • Construction Trucks
      • Service Vans
      • Employee Transport Buses

  • Asset Type: Office Equipment
    • Asset Category:
      • Computers
      • Printers
      • Office Furniture

Example 5: Hospitality Business (Hotel)

  • Asset Type: Property
    • Asset Category:
      • Hotel Buildings
      • Resort Facilities

  • Asset Type: Furniture and Fixtures
    • Asset Category:
      • Guest Room Furniture
      • Lobby Furniture
      • Dining Room Fixtures

  • Asset Type: Equipment
    • Asset Category:
      • Kitchen Equipment
      • Laundry Equipment
      • Maintenance Tools

Importance of Proper Setup

  • Accurate Financial Reporting: Proper classification ensures accurate tracking of asset costs, depreciation, and disposals, leading to precise financial statements.
  • Efficient Asset Management: Grouping assets by type and category helps in managing maintenance schedules, replacements, and budgeting.
  • Compliance: Ensures compliance with accounting standards and regulatory requirements by applying consistent accounting treatments.

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