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About Fixed Assets
A fixed asset is a long-term and high value item or property that your organisation owns and uses to help run its activities. Fixed assets are not expected to be used or converted into cash within a year.
Fixed assets (“Assets”) are grouped into various categories, such as property, fixtures and fitting, and computer equipment. They are also referred to as capital assets.
You can use Clubtreasurer to simply track your organisation’s Assets (with no financial data) or fully account for them in your Financial Statements (Profit Loss/Income Statement and Balance Sheet) including depreciation, revaluations and impairments.
Fixed Asset Accounting vs Cash Accounting
Clubtreasurer uses “modified cash basis accounting” which is a method that combines elements of the two major bookkeeping practices: cash and accrual accounting. Strictly, this method does not allow for Fixed Asset accounting as some costs and income recognised are not cash flows, eg. depreciation.
Therefore, when adopting Fixed Asset accounting in Clubtreasurer you must be aware that non-cash transactions will only be reported on the Fixed Asset Reports and Financial Statements (Profit Loss/Income Statement and Balance Sheet).
Fixed Asset Non-Cash Transactions:
- Opening Fixed Asset Balances
- Depreciation costs
- Revaluations
- Impairments
- Impairment Losses
- Disposal Losses
- Disposal Gains
Just as importantly, Fixed Asset accounting will also generate Receipt and Payment transactions which will be shown on all appropriate Reports, as these are recording cash inflows and outflows just like normal transactions.
Fixed Asset Cash Transactions:
- Initial Capital Asset Purchases (Payments)
- Additional Capital Asset Purchases (Payments)
- Asset Disposal Costs (Payments)
- Asset Sale Proceeds (Receipts)
Introduction to Fixed Assets
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Introducing Financial Fixed Assets
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How to Manage Depreciation, Revaluations & Impairments
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Asset Disposals & Reinstatements
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Video: How to create a Fixed Asset Disposal
This video shows you how to create a Fixed Asset disposal and record gain or loss on disposal (1:03)
Fixed Asset Reporting
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