Fixed Assets Summary

Q1. What is Fixed Assets Summary?

Fixed Assets Summary is an accounting report that helps you:

• View your fixed asset register

• Compare fixed asset balances with ledger balances

• Identify differences between the register and the ledger. It has two tabs:

  • Register

  • Reconciliation Summary

Q2. Where can I access Fixed Assets Summary?

• Go to Reports > Summaries > Fixed Assets

Q3. What is the Register tab?

• The Register tab shows a detailed list of all fixed assets within the selected date range.

• It includes columns such as:

  • Purchase Date

  • Asset Name

  • Asset Reference

  • Asset Account

  • Status

  • Purchase Value

  • Net Book Value

• Assets can be grouped by:

  • Type

  • Category

  • Account

  • Status

Q4. How do I change the date range?

• Click the Date Range dropdown

• Choose preset options such as:

  • This Month

  • This Financial Quarter

  • This Financial Year

  • Last Month

  • Last Financial Quarter

  • Last Financial Year

• You may also manually select start and end dates

Q4. Can I filter the Fixed Assets Register?

• Yes. Click Filter and apply filters such as:

  • Asset Account

  • Asset Category

  • Asset Name

  • Asset Reference

  • Asset Type

  • Depreciation Method

  • Status

  • Purchase Value

  • Net Book Value

• Click Apply to activate the filters.

Q5. Can I customize the columns in the Register?

• Yes. Click the settings icon and select Adjust Columns.

• You may:

  • Add or remove columns

  • Reorder columns

• Additional available columns include:

  • Accumulated Depreciation Account

  • Depreciation Expense Account

  • Depreciation Method

  • Useful Life (Months)

  • Depreciation Start Date

  • Depreciation End Date

  • Disposal Date

  • Depreciable Value

  • Residual Value

  • Closing Book Value

  • Gain/Loss on Disposal

• Click Save after making changes.

Q6. Can I export the Fixed Assets Register?

• Yes. Click the download icon to download the register. The export reflects your visible columns.

Q7. What is the Reconciliation Summary tab?

• The Reconciliation Summary compares balances between:

  • General Ledger

  • Fixed Asset Register

• It helps ensure that your asset accounts match the asset register.

Q8. What information is shown in Reconciliation Summary?

• For each asset account, you will see:

  • Opening Balance

  • Debits in Period

  • Credits in Period

  • Closing Balance

• For each section, the report shows:

  • Ledger balance

  • Fixed Asset Register balance

  • Difference

Q9. What does the Difference represent?

• The Difference shows the variance between the ledger balance and the fixed asset register balance

• A non-zero difference may indicate:

  • Missing asset entries

  • Manual journal entries not linked to the register

  • Timing differences

Q10. Can I filter accounts in Reconciliation Summary?

• Yes. Select specific asset accounts from the Account dropdown. Choose All Accounts or specific accounts such as:

  • Property, Plant and Equipment

  • Accumulated Depreciation

  • Intangible Assets

  • Computer Equipment

Q11. Can I export the Reconciliation Summary?

• Yes. Click the download icon to download the summary. The export reflects the selected date range and accounts.