Fixed Asset Accounts maintain ledger accounts for long-term assets such as machinery, vehicles, furniture, and equipment. Access from Accounts → Assets → Fixed Asset Accounts.
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Fixed Asset Accounts are ledger accounts under the fixed-assets section of the Chart of Accounts. Each account represents a category of long-term assets — for example Machinery, Vehicles, or Furniture. Group links the account to an Asset Group for reporting.
When you create an Asset Item, select the fixed asset account that will carry the asset's book value. When the asset is purchased on a purchase invoice, its cost is capitalised to this account. The account balance is the asset's current book value.
Note: the system does not run automatic depreciation. If depreciation is required, post it as a manual Journal Entry that credits the fixed asset account and debits a depreciation expense account.
Opening Balance sets the starting book value when migrating existing assets. Pair with Opening Balance for chart-wide opening entries.
Connected reports: Balance Sheet, Trial Balance, Account Transactions, Journal Report.
What are fixed asset accounts?
Balance-sheet asset ledgers that hold the capitalised cost of long-term assets.
How do I create a new asset account?
Use New under Accounts → Assets → Fixed Asset Accounts. Give it a unique name and optionally assign a group and opening balance.
Can I post manual journals to asset accounts?
Yes. Depreciation and adjustments are recorded through manual Journal Entries, since there is no automatic depreciation.
How do purchases hit asset accounts?
Buying an asset item on a purchase invoice capitalises its cost to the linked fixed asset account; a payment voucher (type Fixed Asset) settles the supplier.