Fixed asset registration, valuation, and depreciation schedules

Manage the complete lifecycle of tangible and intangible fixed assets. 1. Asset Categories: Define asset classes (e.g., Machinery, Vehicles, IT Equipment, Furniture) and link their respective Asset, Accumulated Depreciation, and Depreciation Expense GL accounts. 2. Asset Registration: Add assets with purchase date, vendor reference, serial number, cost value, salvage (scrap) value, and useful lifespan in years or months. 3. Depreciation Methods: Choose Straight-Line or Reducing Balance depreciation. The system generates the full multi-year amortization schedule. 4. Automated Monthly Posting: At period close, review pending depreciation entries and post them in a single batch. The journal entries debit Depreciation Expense and credit Accumulated Depreciation without manual calculations. 5. Asset Disposal: When retiring or selling an asset, record the disposal proceeds. The system automatically computes gain or loss on asset disposal and clears the asset account.