Excel templates asset register

It is particularly useful for tracking computer hardware, tools, repair equipment, and other fixed assets. For tracking software licenses, try our Software Inventory template. For smallish companies, a simple spreadsheet like this may be all you need. However, if you need a more advanced asset management system, there are numerous software solutions designed for just that purpose. But, give the Vertex42 template a whirl and let me know if there are things you'd like it to do that it currently does not.

License : Private Use not for distribution or resale. Note that this adjustment is only calculated based on the gross carrying value of the asset - if you want to recalculate the revaluation surplus or impairment, the Revaluation column in the Accumulated Depreciation section also needs to be taken into account.

Disposals - if an asset has been disposed of during the current financial period, the gross carrying value or the cost of the asset if the asset has not been revalued previously is included in this column as a negative value.

This effectively means that the gross carrying value of the asset is removed from the fixed asset register. Impairment - if an asset has been revalued during the current financial period at a value that is lower than the current net carrying value, the impairment amount is included in this column.

Note that in some instances, a negative value may also be displayed in the Revaluations column which will be offset by a negative value in the Revaluations column in the Accumulated Depreciation section. This is simply because the impairment is calculated based on the net carrying value which therefore necessitates adjustments to the Cost and Accumulated Depreciation values in order to adjust the gross carrying value the Cost section to the correct values after revaluation.

AC Closing Balance - the closing cost or gross carrying value of the asset at the end of the current financial period is included in this column. Accumulated Depreciation: AD Opening Balance - the opening accumulated depreciation balance of the asset at the beginning of the current financial period is included in this column. Depreciation - Cost - the year-to-date depreciation on the historical cost of the asset is included in this column.

The amounts in this column are calculated on the Transact sheet. For revalued assets, only the portion of the depreciation that relates to the historical cost of the asset will be included in this column.

Depreciation - Revaluation - the year-to-date depreciation on the revaluation of the asset is included in this column. The amounts in this column are calculated by deducting the depreciation on the historical cost of the asset from the total year-to-date depreciation.

Both of these amounts are calculated on the Transact sheet. If an asset has not been revalued, the value in this column will be nil. Depreciation - Total - the total year-to-date depreciation on the asset is included in this column.

All the amounts in this column are calculated on the Transact sheet. Acc Depr - Revaluations - if an asset has been revalued during the current financial period, the accumulated depreciation as at the date of the revaluation is included in this column as a negative value. This is because we write off the accumulated depreciation to a revaluation reserve and this value together with the revaluation adjustment in the Cost section form the revaluation surplus for an asset.

Acc Depr - Disposals - if an asset has been disposed of during the current financial period, the accumulated depreciation as at the date of the disposal is included in this column as a negative value. This effectively means that the accumulated depreciation of the asset is removed from the fixed asset register. AD Closing Balance - the closing accumulated depreciation balance of the asset at the end of the current financial period is included in this column.

Total Net Carrying Value: Closing Carrying Value - the difference between the closing cost or gross carrying value of an asset and the closing accumulated depreciation balance is included in this column.

The amounts in this column reflect the "book value" of an asset at the end of the financial period. Revaluation Reserve: RR Opening Balance - the amounts in this column reflect the revaluation reserve opening balances at the beginning of the current financial period.

Revaluation Surplus - if an asset has been revalued during the current financial period at a value that is higher than its net carrying value at the date of revaluation, the revaluation surplus is included in this column. Note that if an asset is revalued at a value that is less than its net carrying value, an asset impairment amount will be included in the Impairment Write-Offs column and the revaluation surplus will be nil.

RR Depreciation - Revaluation - the year-to-date depreciation on any revaluations that may have been made to an asset in the past is included in this column. This means that we effectively write-off the depreciation on revaluations against the revaluation reserve balance instead of allocating these depreciation amounts to the income statement. RR Closing Balance - the amounts in this column reflect the revaluation reserve closing balances at the end of the current financial period.

Income Statement Items: Impairment Write-Offs - if an asset has been revalued during the current financial period at a value that is lower than its net carrying value at the date of revaluation, the asset impairment amount is included in this column. Note that if an asset is revalued at a value that is higher than its net carrying value, a revaluation surplus will be included in the Revaluation Reserve section and the asset impairment amount will be nil.

The profit or loss on disposal is calculated as the difference between the proceeds on disposal which is recorded on the Transact sheet and the net carrying value book value of the asset.

If the asset that is sold has been revalued, any revaluation reserve that may exist on the date of disposal is also included in the profit or loss calculation.

Current Month Depreciation: Cost - this column includes the depreciation on the historical cost of an asset for the current month. The appropriate month is determined by the review date that is specified in cell E2. The current month depreciation on historical cost is calculated on the Transact sheet. Note that this column will only contain a value if the historical cost of an asset has not been fully depreciated. Revaluation - this column includes the depreciation on any revaluations that may have been performed on an asset and is calculated as the difference between the total depreciation for the current month and the depreciation based on the historical cost of an asset.

Total - this column includes the total depreciation of an asset for the current month. The current month total depreciation is calculated on the Transact sheet. Note that this column will only contain a value if the gross carrying value or historical cost for assets that have not been revalued of an asset has not been fully depreciated. Carrying Value at Historical Cost: HC Opening Balance - this column includes the book value of an asset based only on historical cost calculations at the beginning of the current financial period.

All revaluations are ignored for the purpose of this calculation. HC Closing Balance - this column includes the book value of an asset based only on historical cost calculations at the end of the current financial period. Tax Values: TV Opening Balance - this column includes the tax value of the appropriate asset at the beginning of the current financial period. All tax value balances are calculated by deducting the appropriate tax allowances based on the tax code that is selected in column F from the tax cost historical cost of an asset.

For most assets that have been acquired before the beginning of the financial period, these amounts will equal the tax allowances for the period. If an asset has been acquired during the current financial period, the YTD movement will equal the cost of the asset less the appropriate tax allowances for the period. If an asset has been disposed of during the current financial period, the YTD movement will equal the opening tax value.

TV Closing Balance - this column includes the tax value of the appropriate asset at the end of the current financial period. For most assets that have been acquired before the beginning of the current month, these amounts will equal the tax allowances for the period. If an asset has been acquired during the current month, the MTD movement will equal the cost of the asset less the appropriate tax allowance for the month.

If an asset has been disposed of during the current month, the MTD movement will equal the tax value at the beginning of the month. Deferred Taxation: DT Opening Balance - this column includes the deferred tax balance at the beginning of the current financial period. Deferred tax balances are calculated as the difference between the carrying values at historical cost and the tax values multiplied by the appropriate tax rate which is specified on the Set-up sheet.

Positive values represent deferred tax assets and negative values represent deferred tax liabilities. DT Closing Balance - this column includes the deferred tax balance at the end of the current financial period.

All the column headings on the Assets sheet contain a filter selection arrow. These selection arrows indicate that the Filter feature has been activated on the sheet. The Filter feature can be used to filter the data on the sheet in order to display only certain asset records on the sheet.

We have also included totals above all the column headings that contain amounts. These totals have been calculated by using the SUBTOTAL function which means that if the data on the sheet is filtered, the totals that are calculated will only include the filtered records. The Filter feature can therefore be used to obtain totals based on the filter criteria that are specified by the user and also enables users to view the detailed fixed asset records that make up the summary totals on the Category and Class sheets.

Example: If you want to obtain the fixed asset register totals for all leased assets, you can simply click the selection arrow next to the Asset Type column heading and select the Leased option. The sheet will be filtered and only the leased assets will be visible on the sheet.

The totals will also only include the leased assets. Example: If you want to view the detailed asset records that make up one of the category or class totals on the Category or Class sheets, simply click the filter selection arrow next to the Category or Class column headings column E or column H and select the appropriate category or class.

The sheet will be filtered and only the asset records for the selected category or class will be visible on the sheet. The totals will also only include the appropriate amounts for the selected category or class. Note: After reviewing the filtered data, you need to clear the filter in order to display all the asset records on the sheet. A filter can be cleared by simply clicking the selection arrow next to the appropriate column heading again and clicking the "Select All" option.

All asset transactions must be recorded on the Transact sheet. There are basically 3 types of transactions that can be recorded namely acquisitions, disposals and revaluations. An asset transaction can be recorded by entering the required data into the user input columns - the column headings of all user input columns contain a yellow cell background while the column headings with a light blue cell background indicate that these columns contain formulas which are automatically copied for all new transactions that are added to the sheet.

Note: Recording an asset number on the Assets sheet will have no effect in terms of recording the cost of an asset in the fixed asset register.

An acquisition transaction needs to be recorded on the Transact sheet for each fixed asset that is acquired before the appropriate asset values will be included in the fixed asset register on the Assets sheet and the summaries on the Category and Class sheets.

Note: All the columns on the Transact sheet have been included in an Excel table. You can therefore enter a new transaction by simply entering a transaction date in column A - the table will then automatically be extended to include the new transaction. The following user input is required in the user input columns on the Transact sheet the columns with yellow column headings : Transaction Date - enter the date of the transaction.

Transaction Type - select the transaction type from the list box. The ACQ option should be selected for all asset acquisitions, the DIS option should be selected for all asset disposals and the REV option should be selected for all revaluations of fixed assets. Asset Number - select the appropriate asset number of the asset to which the transaction relates from the list box in this column.

All the asset numbers that have been added to the Assets sheet will be available for selection. You therefore need to create an asset number for the appropriate fixed asset on the Assets sheet before you will be able to record any transactions for the particular fixed asset. Supplier - enter the name of the supplier from which the asset has been acquired. If a disposal transaction is recorded, you can enter the name of the customer in this column. For revaluations, you can simply enter "None".

Document Number - enter the document number of a supporting document which will enable you to trace the transaction back to its supporting documentation. For acquisitions, this should be the supplier invoice number and for disposals, the customer invoice number. For revaluations, you can simply enter text like "Revalue". Amount - enter the transaction amount in this column. For acquisitions, the supplier invoice amount should be entered exclusive of any sales tax that may be applicable.

For disposals, a nil amount should be entered in this column. For revaluations, the value of the asset should be entered in this column - this should be the new value of the fixed asset and not the difference between the valuation and the previous historical cost or gross carrying amount!

Lifetime in Years - enter the estimated lifetime of the asset in years for all acquisition and revaluation transactions in this column. For disposals, enter a nil value in this column. Note that if an asset should not be depreciated, a nil lifetime also needs to be specified in this column.

Residual Value - this value should be the estimated valuation of an asset at the end of the lifetime that is specified in the previous column. If the asset will have no value at the end of its estimated lifetime, enter nil. A nil value should also be entered for all disposal transactions. Proceeds on Sale - if a disposal transaction is being recorded, enter the proceeds on the disposal of the asset in this column.

The proceeds should equal the total amount that is received for the asset. If an asset is being scrapped, enter nil in this column. A nil value should also be entered for all acquisition and revaluation transactions.

The Transact sheet also includes 38 calculated columns - the column headings of all the calculated columns contain a light blue cell background. All of these columns contain formulas which are automatically copied for all new transactions that are added to the sheet. We'll now briefly cover the purpose of each calculated column: Error Code - if there is a problem with the input in any of the user input columns, an error code will be displayed in this column. Category - the asset category is looked up on the Assets sheet based on the asset number that is specified in column C.

This column is included for information purposes only. Transaction Date ID - the formula in this column assigns a time to each transaction date based on the row number of the transaction.

This means that each transaction will have a unique date even if two transactions that relate to the same asset are recorded on the same date. Previous Trn Date - this column indicates the date of the previous transaction for the specified asset number. Next Trn Date - this column contains the next transaction date for the selected asset.

If there is no transaction after the current transaction, the day after the YTD To date on the Assets sheet will be included in this column. Depr End Date - this column contains the date on which the depreciation period for the transaction will end. This date is determined by adding the lifetime of the asset to the transaction date. Depr YTD From Date - the date from which the current financial period depreciation is calculated is included in this column.

Depr YTD To Date - the date up to which the current financial period depreciation is calculated is included in this column. Transaction Amount - this column contains the transaction amount that is specified in column F.

Asset Historical Cost - this column contains the historical cost of the appropriate asset. The historical cost is defined as the transaction amount of the acquisition transaction that is recorded for an asset.

Current Lifetime - the current lifetime of the asset as specified in column G is included in this column. Current Residual - the current residual value of the asset as specified in column H is included in this column. Previous Deemed Cost - the gross carrying value of the previous transaction for the selected asset is included in this column. Previous Residual Value - the residual value that was specified in the previous transaction for the selected asset is included in this column.

Previous Lifetime - the previous lifetime that was specified in the previous transaction for the selected asset is included in this column. Current Accum Depr - the total accumulated depreciation that has been written off between the previous transaction date and the current transaction date for the selected asset is included in this column. Current Carrying Value - the amounts in this column are calculated as the difference between the previous deemed cost and the current accumulated depreciation.

Accum Depr: Cost - the accumulated depreciation based only on the historical cost of the asset which has been written off between the previous transaction date and the current transaction date for the selected asset is included in this column. Accum Depr: Revaluation - the difference between the total accumulated depreciation and the accumulated depreciation based on only the historical cost of the asset is included in this column and represents the accumulated depreciation that has been written of on the revaluations that have been applied to the selected asset between the previous transaction date and the current transaction date.

Previous Revaluation - this column contains the revaluation reserve balance before taking any effect that the current transaction may have on the revaluation reserve balance into account. Revaluation Surplus - if the selected transaction is a revaluation and the transaction amount that is specified in column F is greater than the current carrying value in column AA, the revaluation surplus amount is included in this column.

Note that this calculation may also be influenced by any previous impairments that may have been recorded against the selected asset number. Current Revaluation - this column includes the revaluation reserve balance after taking the effect of the current transaction into account.

Previous Impairment - this column contains the total of any impairment amounts that have been recorded for the selected asset before taking the effect that the current transaction may have into account. Impairment Value - if the selected transaction is a revaluation and the transaction amount that is specified in column F is less than the current carrying value in column AA, the asset impairment amount is included in this column as a positive value.

If an asset is revalued at a value that is greater than the current carrying value and an asset impairment was previously recorded for the selected asset, the impairment will be reversed to the extent that the revaluation reserve is greater than the previous impairment value and the amount of the reversal will be reflected as a negative value in this column.

The profit or loss is calculated by deducting the current carrying value of the asset from the proceeds on disposal that is recorded in column I. Note that if the revaluation reserve for the asset is greater than nil, the revaluation reserve will also be included in the calculation of the profit or loss on disposal. This means that the reserve balance is effectively released when an asset is disposed of.

This calculation is based on the gross carrying value of the asset, the lifetime of the asset and the YTD depreciation months which is calculated in column R. This calculation is based on the historical cost of the asset, the current lifetime of the asset and the YTD depreciation months which is calculated in column R. Accum Depr at PY Cost Bal - the calculations in this column forms part of the calculation of the accumulated depreciation on the historical cost of an asset as at the beginning of the financial period.

Accum Depr at Cost PY - the calculations in this column forms part of the calculation of the accumulated depreciation on the historical cost of an asset as at the beginning of the financial period. Depr: Cost by Transaction - the calculations in this column indicate how much of the historical cost of an asset is depreciated as a result of each transaction. This calculation forms an integral part of the YTD and accumulated depreciation on historical cost calculations.

Note that the month to which the calculation is applied is determined by the review date that is entered in cell E2 on the Assets sheet. Accum Depr Total at PM - the amounts in this column reflect the total accumulated depreciation as at the beginning of the current month.

This calculation forms part of the total depreciation for the current month calculation. MTD Total Depr at Cost - the calculation in this column forms part of the calculation of the depreciation on historical cost for the current month.

MTD Cost Depreciation - this column contains the calculation of the depreciation on the historical cost of an asset for the current month. Note that the current month is determined by the review date that is specified in cell E2 on the Assets sheet.

Accum Depr Cost at PM - this calculation reflects the accumulated depreciation on the historical cost of an asset as at the beginning of the current month. The calculation forms an integral part of the calculation of the depreciation on historical cost for the current month.

Note: Only one acquisition transaction can be recorded for each asset because an asset can only be acquired once. If an asset is scrapped which is recorded as a disposal and subsequently needs to be added back to the fixed asset register, a new asset number should be used for this purpose. The recording of duplicate asset acquisitions will result in an input error in the Error Code column and may also result in inaccurate template calculations.

Note: All the depreciation, accumulated depreciation, tax allowance and deferred tax calculations that form part of the fixed asset register are automated and you therefore do not need to record any transactions in order to record any of these amounts.

Also note that all the automated calculations in this template are based on the review date that is specified on the Assets sheet. You can therefore roll the template forward for subsequent periods or back to previous periods by simply changing the review date on the Assets sheet.

All the column headings on the Transact sheet contain a filter selection arrow. The following error codes may result from inaccurate input on the Assets and Transact sheets and will be displayed in the Error Code columns on the appropriate sheet. The heading of the affected input column will also be highlighted in orange in order to indicate that an error is present in the appropriate column:. Note: Recording an asset number on the Assets sheet will have no effect in terms of recording the cost of an asset in the fixed asset register.

An acquisition transaction needs to be recorded on the Transact sheet for each fixed asset that is acquired before the appropriate asset values will be included in the fixed asset register on the Assets sheet and the summaries on the Category and Class sheets. Note: All the columns on the Transact sheet have been included in an Excel table. You can therefore add a new transaction by simply entering a transaction date in column A - the table will then automatically be extended to include the new transaction.

The following user input is required in the user input columns on the Transact sheet the columns with yellow column headings : Transaction Date - enter the date of the transaction. Transaction Type - select the transaction type from the list box. The ACQ option should be selected for all asset acquisitions and the DIS option should be selected for all asset disposals. Asset Number - select the appropriate asset number of the asset to which the transaction relates from the list box in this column.

All the asset numbers that have been added to the Assets sheet will be available for selection. You therefore need to create an asset number for the appropriate fixed asset on the Assets sheet before you will be able to record any transactions for the particular fixed asset.

Supplier - enter the name of the supplier from which the asset has been acquired. If a disposal transaction is recorded, you can enter the name of the customer in this column.

Document Number - enter the document number of a supporting document which will enable you to trace the transaction back to its supporting documentation. For acquisitions, this should be the supplier invoice number and for disposals, the customer invoice number. Amount - enter the transaction amount in this column. For acquisitions, the supplier invoice amount should be entered exclusive of any sales tax. For disposals, a nil amount should be entered. Lifetime in Years - enter the estimated lifetime of the asset in years for all acquisition transactions in this column.

For disposals, enter a nil value in this column. Note that if an asset should not be depreciated, a nil lifetime needs to be specified in this column. Residual Value - if the asset that is being acquired has a residual value, this residual value should be entered in this column. The residual value affects the depreciation calculations in that the residual value is deducted from the cost of an asset in order to calculate the total amount that will be depreciated over the lifetime of the asset.

A nil value should be entered for all disposal transactions. Proceeds on Sale - if a disposal transaction is being recorded, enter the proceeds on the disposal of the asset in this column. The proceeds should equal the total amount that is received for the asset. If an asset is being scrapped, enter nil in this column. A nil value should also be entered for all acquisition transactions. The Transact sheet also includes 7 calculated columns - the column headings of all the calculated columns contain a light blue cell background.

All of these columns contain formulas which are automatically copied for all new transactions that are added to the sheet. Error Code - if there is a problem with the input in any of the user input columns, an error code will be displayed in this column. Category - the asset category is looked up on the Assets sheet based on the asset number that is specified in column C.

This column is included for information purposes only. Transaction Date ID - the formula in this column is based on the transaction date which is entered in column A. Transaction Amount - the formula in this column is based on the amount which is entered in column F.

Historical Cost -the formula in this column is based on the amount which is entered in column F for all acquisition type transactions. Current Lifetime - the formula in this column is based on the asset lifetime which is entered in column G. Current Residual - the formula in this column is based on the residual value which is entered in column H.

Note: Only one acquisition transaction can be recorded for each asset because an asset can only be acquired once. If an asset is scrapped which is recorded as a disposal and subsequently needs to be added back to the fixed asset register, a new asset number should be used for this purpose. The recording of duplicate asset acquisitions will result in an input error in the Error Code column and may also result in inaccurate template calculations.

Note: All the depreciation calculations that form part of the fixed asset register are automated and you therefore do not need to record any transactions in order to record any monthly or annual depreciation amounts. Also note that all the automated calculations in this template are based on the review date that is specified on the Assets sheet. You can therefore roll the template forward for subsequent periods or back to previous periods by simply changing the review date on the Assets sheet.

All the column headings on the Transact sheet contain a filter selection arrow. The following error codes may result from inaccurate input on the Assets and Transact sheets and will be displayed in the Error Code columns on the appropriate sheet.

The heading of the affected input column will also be highlighted in orange in order to indicate that an error is present in the appropriate column:. Note: Input errors may result in inaccurate template calculations and it is therefore imperative that all errors are resolved before reviewing the fixed asset register balances and processing any general ledger journal entries.

The Category sheet contains a fixed asset register summary for all the asset categories that are created on the Set-up sheet. Individual assets are linked to a fixed asset category by selecting a category in column E on the Assets sheet. No user input is required on the Category sheet. Note: Only the first 30 asset categories are included on the Category sheet by default but you can add additional asset categories if required to the sheet by simply copying the formulas in the last row that contains data into the appropriate number of additional rows.

Note: If you want to view the detailed fixed asset records that make up the totals on the Category sheet, you can apply a filter to the Category column on the Assets sheet by clicking the selection arrow next to the column heading and selecting the appropriate asset category.

The totals above the column headings will equal the amounts that are reflected on the Category sheet. Note: The Category sheet is compiled based on the review date that is specified in cell E2 on the Assets sheet. If you therefore want to amend the reporting period for which the asset category summary is compiled, simply enter a new review date on the Assets sheet.

The Class sheet contains a fixed asset register summary for all the asset classes that are created on the Set-up sheet. Individual assets are linked to a fixed asset class by selecting an asset category in column E on the Assets sheet. Each asset category is linked to a separate asset class by selecting the appropriate asset class in the asset category set-up on the Set-up sheet.

No user input is required on the Class sheet. Note: The template accommodates a maximum of 30 asset classes on the Class sheet. This should be more than sufficient for any business because the asset classes are used for financial statement reporting purposes. Note: If you want to view the detailed fixed asset records that make up the totals on the Class sheet, you can apply a filter to the Class column on the Assets sheet by clicking the selection arrow next to the column heading and selecting the appropriate asset class.

The totals above the column headings will equal the amounts that are reflected on the Class sheet. Note: The Class sheet is compiled based on the review date that is specified in cell E2 on the Assets sheet. If you therefore want to amend the reporting period for which the asset class summary is compiled, simply enter a new review date on the Assets sheet.

The Journals sheet contains an automated report of the recommended journal entries that need to be processed in order to account for all fixed asset transactions in a general ledger. The general ledger journal entries on this sheet are compiled on an asset category basis because each asset category is linked to a general ledger account for each of the transaction types that are included in the template.

Note: Only the first 30 asset categories are included on the Journals sheet by default but you can add additional asset categories if required to the sheet by simply copying the formulas in the last row that contains data into the appropriate number of additional rows.

Note: The Journals sheet is compiled based on the review date that is specified in cell E2 on the Assets sheet. If you therefore want to amend the reporting period for which the automated journal report is compiled, simply enter a new review date on the Assets sheet. The general ledger journal entries on the Journal sheet can be compiled on a month-to-date MTD or a year-to-date YTD basis by simply selecting the appropriate period from the list box in cell E2.

All the journal entry amount calculations are automatically updated. Each general ledger journal entry consists of four columns which contains two sets of accounts and amounts.

The account numbers that are included on the Journal sheet are determined based on the general ledger accounts that are linked to each asset category on the Set-up sheet. In terms of the journal entry amounts, a positive value refers to a debit entry and a negative value refers to a credit entry. There are 5 general ledger journal entries on the Journals sheet - the purpose of each of these journal entries can be summarized as follows:.

Note: If you want to analyse the values that have been included on the Journals sheet, we recommend that you refer to the Category sheet or that you apply the Filter feature to the asset records on the Assets sheet in order to analyse the journal amounts for a specific asset category.

How to use the Basic Fixed Assets Register template Download the sample or trial version when reviewing these instructions. Template Set-up The template can be customized for your business by editing the business details, asset categories and asset classes on the Set-up sheet.

Asset Classes The template includes 6 default fixed asset classes which can be customized in the cell range from cell A17 to cell B Asset Categories The template includes 11 asset categories which can be customized in the cell range from cell A27 to cell G The accounts that need to be entered in each column are better described as follows: Cost - the general ledger accounts that are entered in this column reflect the cost of each asset category.

These accounts should therefore be balance sheet accounts. Accum Depr - the accounts in this column reflect the accumulated depreciation that has been written off against each asset category.

Depr - the total depreciation charges for each asset category is allocated to the accounts in this column. These accounts should therefore be income statement accounts. Profit - if assets are sold, the profits or losses on the disposal of assets are allocated to the accounts that are specified in this column.

You can again use a single account for all asset categories or enter separate accounts for each asset category. These accounts should be income statement accounts. Input Error Codes The input error codes at the bottom of the Set-up sheet are included for information purposes only and provide users with a reason for the error codes that may be encountered when entering transactions on the Assets and Transact sheets.

Asset Set-up Each individual fixed asset must be added to the Assets sheet by assigning an asset number to the fixed asset. Recording Asset Transactions All asset transactions must be recorded on the Transact sheet. Error Codes The following error codes may result from inaccurate input on the Assets and Transact sheets and will be displayed in the Error Code columns on the appropriate sheet.

The heading of the affected input column will also be highlighted in orange in order to indicate that an error is present in the appropriate column: E1 - this error code means that a duplicate asset number has been created on the Assets sheet. If you delete the row that contains the duplicate asset number, the error is resolved. E2 - this error code means that the asset category that needs to be selected in column E on the Assets sheet is blank or does not exist.