Fixed Assets - Operations

Edit Fixed Assets

To edit a fixed asset:

Go to Accounting on the left sidebar.
Select Fixed Assets in the module bar.
In the Draft Asset tab, select the fixed asset you want to edit.
Click Edit at the top of the fixed asset’s Details page.
Make the necessary changes and click Save as Draft.

Note: You will only be able to edit the assets that are in Draft status. Once you mark a fixed asset as active, you will not be able to edit it.

Delete Fixed Assets

To delete a fixed asset:

Go to Accounting on the left sidebar and select Fixed Assets.
In the Draft Asset tab, select the fixed asset you want to delete.
Click Delete at the top of the fixed asset’s Details page.
In the pop-up that appears, click Delete to confirm.

The respective fixed asset will be deleted.

You can also delete the fixed assets in bulk. To do this:

Go to Accounting on the left sidebar and select Fixed Assets.
In the next page, select the fixed assets you want to delete, and click Bulk Delete in the top left corner of the page.
In the pop-up that appears, click Delete to confirm.

The selected fixed assets will be deleted.

Note: You can only delete the assets that are marked as Draft and Canceled. Once you mark a fixed asset as active, you will not be able to delete it.

Mark as Active

When you create a fixed asset, it will be saved in Draft status by default. To start calculating depreciation for the fixed asset, you can mark it as active, and Zoho ERP automatically starts calculating the depreciation value based on the preferences you’ve set. Journal entries for the asset’s depreciation will be automatically created from the start date to the current date. You can view these journals under the Depreciation History section of the Depreciation tab.

To mark a fixed asset as active:

Go to Accounting on the left sidebar.
Select Fixed Assets in the module bar.
Select the fixed asset on the Draft Asset tab that you want to mark as active.
Click Mark as Active at the top of the fixed asset’s Details page.
In the pop-up that appears, click Yes to confirm.

The fixed asset will now be moved from the Draft Asset tab to the Asset Register tab.

View Depreciation Flowchart

The depreciation flowchart shows the depreciation of an asset over time. The x-axis represents the depreciation date based on the depreciation frequency you’ve set, while the y-axis represents the asset’s current value.

To view the depreciation flowchart:

Go to Accounting on the left sidebar.
Select Fixed Assets in the module bar.
Select the fixed asset for which you want to view the depreciation flowchart.
Navigate to the Depreciation tab on the fixed asset’s Details page.

The depreciation flowchart will be displayed.

View Depreciation History

When you mark a fixed asset as active, the asset’s depreciation rates calculated from the start date till the current date will be displayed in this section.

To view the associated journal entries:

Go to Accounting on the left sidebar.
Select Fixed Assets in the module bar.
In the Asset Register tab, select the fixed asset for which you want to view the journal entries.
Go to the Depreciation tab on the fixed asset’s Details page.
Under Depreciation History, click View Journal next to any depreciation date to view the journal details.

View Depreciation Forecast

Zoho ERP also forecasts the asset’s depreciation rates based on its useful life and other depreciation configurations like the Disposal Value provided when creating the fixed asset. This provides an overview of how the depreciation rates for the fixed assets will be calculated for the upcoming months or years.

To view the depreciation forecast:

Go to Accounting on the left sidebar.
Select Fixed Assets in the module bar.
In the Asset Register tab, select the fixed asset for which you want to view the journal entries.
Go to the Depreciation tab in the fixed asset’s Details page.
Scroll down and click Depreciation Forecast.

You can now view the forecasted depreciation rate for the fixed asset you created.

Write Off Fixed Assets

When a fixed asset can no longer be used in your business, you can write it off. Once a fixed asset is written off, depreciation entries after the write-off date will be deleted, while the depreciation entries up to the write-off date will remain available under Depreciation History.

To write off a fixed asset:

Go to Accounting on the left sidebar.
Select Fixed Assets in the module bar.
Under the Asset Register tab, select the fixed asset that you want to write off.
Click Write Off at the top of the fixed asset’s Details page.
In the pop-up that appears, enter the required details.

Fields	Description
Expense Account	Select an account to track the expenses associated with the written-off fixed asset.
Write Off Date	Select the date on which you want to write off the fixed asset. The amount for which the asset is written off will be displayed below this field.
Reason	Enter the reason to write off the fixed asset.

Click Write Off.

The fixed asset’s status will be changed to Written Off.

You can also cancel a fixed asset that is written off. Here’s how:

Click the More icon at the top of the asset’s Details page and select Cancel from the dropdown.
In the pop-up that appears, click Yes to confirm.

Cancel Fixed Assets

When you cancel a fixed asset, you can no longer track the asset’s depreciation, and all previously recorded journals will also be deleted. To cancel a fixed asset:

Go to Accounting on the left sidebar.
Select Fixed Assets in the module bar.
Under the Asset Register tab, select the fixed asset you want to cancel.
Click the More icon at the top of the fixed asset’s Details page and select Cancel from the dropdown.
In the pop-up that appears, click Yes to confirm.

The asset will be marked as Canceled. To start tracking the asset’s depreciation again, click Convert to Draft at the top of the asset’s Details page, and then mark it as active.

Note: You can delete the fixed assets that are marked as Canceled.

Sell Fixed Assets

Prerequisite: To sell a fixed asset, you have to create an invoice with a line item associated with the fixed asset account.

When the asset it no longer required or it is likely to generate profit, you can sell the fixed asset from your Zoho ERP organization.

To do this:

Go to Accounting on the left sidebar.
Select Fixed Assets in the module bar.
Under the Asset Register tab, select the fixed asset that you want to sell.
Click the More icon at the top of the fixed asset’s Details page and select Sell from the dropdown.
In the pop-up that appears, enter the required details.

Fields	Description
Invoice	Select the invoice associated with selling the fixed asset.
Line Item	Select the fixed asset as a line item in the invoice.
Gain/Loss Account	Select an account to track the gain or loss associated with selling the fixed asset.
Sell Date	The date on which you are selling your fixed asset will be auto-populated. The price at which the asset is sold will be displayed with the gain or loss amount below this field. The gain or loss amount is the difference between the asset’s actual sale value and the cost of the asset at the date of sale. Note: The sell date will be fetched from the invoice created for selling the asset.
Reason	Enter a reason for selling your fixed asset.

Click Sell.

The fixed asset’s status will be changed to Sold.

Note: You can also cancel a fixed asset that is marked as Sold.

Clone Fixed Assets

If you want to create a fixed asset with the same details as an existing one, you can clone it instead of creating a new asset. Here’s how:

Go to Accounting on the left sidebar.
Select Fixed Assets in the module bar.
Select the fixed asset you want to clone.
Click Clone at the top of the fixed asset’s Details page.
In the New Fixed Asset page, check whether the required details are correct.
Click Save as Draft.

The fixed asset will be created in the Draft status. You can mark it as active when required.

Custom Fields for Fixed Assets

To create custom fields for fixed assets:

Go to Settings.
Under Module Settings, select Accounting under General.
Navigate to the Fixed Asset Custom Fields tab.
Click + New Custom Field in the top right corner.
In the New Custom Field page, enter the required details and click Save.

Learn more about Field Customization.

Once you create a custom field for fixed assets, you can view it below the Account Details section of the fixed asset’s Creation page.

Export Fixed Assets

To export fixed assets:

Go to Accounting on the left sidebar.
Select Fixed Assets in the module bar.
Click the More icon in the top right corner and select Export Fixed Assets.
In the Export Fixed Asset pop-up:
- Select Fixed Assets as the Module.
- Select the Status of the fixed assets you want to export.
- Enter the Date Range if you want to export fixed assets in a specific period, if required.
- Select the required Export Template.
  - If you do not have an export template, click + New Template in the dropdown.
  - In the New Export Template pop-up, enter the Template Name.
  - Select the fields you want to include in the template. Click + Add a New Field if you want to add more fields in the export template.
  - Click Save and Select.
- Select the required Export File Format.
- Enter a Password to protect your file, if required.
- Click Export.

The fixed assets will be exported in the required file format.