Fixed assets and amortization
Keep the client's fixed asset register and let amortization post itself automatically.
The Fixed assets page (Ledger menu) keeps the register of the client's assets: equipment, vehicles, leasehold improvements. Each record carries the cost, acquisition date, amortization method and rate.
- 1Add the asset (or create it straight from the matching purchase invoice).
- 2Choose the amortization method (declining balance or straight line) and the rate.
- 3Amortization posts automatically every period: expense as a debit, accumulated amortization as a credit.
- 4On sale or retirement, record the disposal: the gain or loss is computed and posted for you.
The register feeds the capital asset schedule of the year-end financial statements directly (cost, accumulated amortization, net value). Requires the TeeBooks Plus plan.