Overview
Tab Path: Fixed Assets > New Fixed Asset / Fixed Asset Detail
Fixed Assets in QBM help you maintain long-term business assets such as vehicles, machinery, furniture, and equipment. The screen combines descriptive details, accounting setup, depreciation controls, and disposal processing.
Use this forAssets that remain in business use over time rather than normal inventory items.
Main stagesCreate, place in service, depreciate, review, and dispose when needed.
Key valueSupports both operational asset records and finance review.
Asset Lifecycle
- Create the asset with its name, number, description, cost, purchase date, and location.
- Assign the related accounts so the asset can be tracked properly.
- Complete depreciation settings when the asset should be depreciated over time.
- Review the monthly or yearly schedule as part of finance control.
- When the asset is sold, retired, or otherwise removed, record the disposal through the disposal section.
Asset Details Screen
| Area | What To Enter Or Review |
|---|---|
| Identification | Asset name, number, description, serial number, and internal reference information. |
| Purchase details | Cost, purchase date, vendor, and purchase reference. |
| Location and use | Location, department, condition, and whether the asset is in use. |
| Accounts | Asset account, depreciation expense account, accumulated depreciation account, and related income or disposal accounts where applicable. |
| Additional details | Manufacturer, brand, size, color, dimensions, warranty, insurer, and image where used. |
| Record option | The record setting controls whether the asset is posted through the normal recording route or treated through opening balance style handling where appropriate. |
Depreciation
The depreciation section is used when the asset value should be reduced over time according to your accounting policy.
- Service Date: when the asset starts being used for depreciation purposes.
- Salvage Value: the expected residual value at the end of its useful life.
- Life Year: the useful life period used for depreciation.
- Method: the depreciation method chosen by your company policy.
- Period: how the schedule is presented, such as monthly or yearly review.
- Schedule: QBM can present yearly and monthly depreciation schedules for review.
Important: Depreciation settings should follow your company's accounting policy. If you are unsure, confirm the method and useful life before saving.
Disposal
Use the disposal section when the asset is sold, retired, or otherwise removed from service.
| Field | Use It For |
|---|---|
| Disposal Date | Enter the date the asset left service. |
| Disposal Type | Choose the type of asset exit according to your business event. |
| Disposal Amount | Enter the value received, if any. |
| Disposal Reference | Use for sale number, agreement reference, or internal approval reference. |
| Contact / Payee | Record the party involved in the disposal if needed. |
| Calculated values | QBM can calculate disposal cost, accumulated depreciation, remaining value, and gain or loss for review. |
Good practice: Review the disposal calculation before saving so the recorded gain or loss matches the business event.
Reports And Review
- Fixed Asset List: review all asset records.
- Fixed Asset Monthly Schedule: review depreciation by month.
- Fixed Asset Yearly Schedule: review long-term depreciation planning.
- Use these reports together with the detail screen when finance and operations both need visibility.
Best Practice
- Create a consistent asset numbering and naming style.
- Keep purchase references, warranty information, and location details complete.
- Review depreciation settings before the asset is first used in finance processing.
- Use the disposal section instead of manually working around the asset record when the asset leaves service.