Add an Asset to the Fixed Asset Register
Add asset records name, category, custodian, cost, life and method, and either records the purchase now (journal posted) or registers it as an opening balance.
For School administrators, Accountants. Updated 2026-10-09.
Overview
Open Fixed Assets and select Add asset. Fields: Asset name (required), Category, Location (free text or pick a previous one), Custodian (staff member who looks after it), Serial number, Date bought (cannot be in the future), Cost (GH₵), Salvage value, Useful life (months), Depreciation method (Straight line or Reducing balance) and Supplier and Notes.
Choosing a category fills in its default life, method and salvage percentage. Salvage must be less than cost. How does this show in the books? offers two options.
Opening balance, already in the books posts nothing and optionally takes Already written off (GH₵) plus Written off up to (a month-end date) so depreciation resumes from there; opening depreciation cannot exceed cost less salvage.
Record the purchase now posts a journal debiting the fixed asset account and crediting the chosen Paid from cash or bank account, and records a Fixed assets expense line in transaction history. Each asset gets a tag like AST-0001. The top tiles show Assets held, Total cost, Net book value and Depreciation this year.
Fixed assets need the “add fixed asset” permission (Administrator, Accountant). The cost account is 1520 Vehicles for vehicle-type categories, 1500 Land and buildings for buildings and land, otherwise 1510 Furniture, equipment and ICT.
Before you start
- The “add fixed asset” permission
- A category (defaults such as Furniture, Computers & ICT, Vehicles, Laboratory equipment, Buildings and Musical & sports equipment are created automatically)
- For a purchase entry, an active cash or bank account
Steps
- Open Fixed Assets and select Add asset
- Enter the asset name, category, location and custodian
- Enter the date bought, cost, salvage value, useful life and method
- Choose Opening balance or Record the purchase now (and pick Paid from)
- Select Add asset or Add and record purchase
Common problems
Salvage value must be less than the cost
Reduce the salvage value, or leave it blank to use the category percentage.
Purchase date cannot be in the future
Use today or an earlier date for Date bought.
Choose a cash or bank account to pay from
When recording the purchase, Paid from must be an active Cash and bank account.
Custodian must be a staff member of this school
Pick a staff user; students, parents and former staff cannot be custodians.