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Fixed Assets

Purpose

The Fixed Assets module tracks all long-term physical assets owned by the cooperative — such as vehicles, office furniture, computers, buildings, and equipment. It manages asset registration, depreciation calculations, disposals, and generates asset reports required for financial statements.

Who Can Access

  • Administrator
  • Accountant
  • Auditor (view only)

How to Open This Page

Treasury & Control → Procurement & Assets → Fixed Assets

Key Concepts

Term Meaning
Fixed Asset A long-term item owned by the cooperative (e.g., a vehicle)
Asset Category A group of similar assets (e.g., "Motor Vehicles")
Depreciation The reduction in an asset's value over time
Net Book Value Current value = Cost − Accumulated Depreciation
Disposal Removing an asset from the register (sold, scrapped, or donated)
Useful Life Expected number of years the asset will be used

Asset Categories

Before adding assets, set up categories:

  1. Go to Fixed Assets → Categories.
  2. Click Add Category.
  3. Enter:
  4. Category Name (e.g., "Office Equipment")
  5. Depreciation Method (Straight Line or Reducing Balance)
  6. Useful Life (years)
  7. Residual Value (value at end of useful life)
  8. Click Save.

Registering a New Asset

  1. Go to Fixed Assets → Add Asset.
  2. Enter:
  3. Asset Name (e.g., "Toyota Corolla 2022")
  4. Category (e.g., Motor Vehicles)
  5. Purchase Date
  6. Cost (acquisition price)
  7. Serial Number (optional)
  8. Location / Branch
  9. Assigned To (staff member or department)
  10. Click Save.

Depreciation begins from the purchase date automatically.

Recording Depreciation

QoopOne can calculate and post depreciation automatically:

  1. Go to Fixed Assets → Depreciation.
  2. Select the period (monthly or annually).
  3. Click Calculate Depreciation.
  4. Review the amounts.
  5. Click Post Depreciation to record in the accounting ledger.

Asset Disposal

When an asset is sold or scrapped:

  1. Open the asset from the register.
  2. Click Dispose Asset.
  3. Enter:
  4. Disposal Date
  5. Disposal Method (Sale, Scrap, Donation)
  6. Sale Price (if sold)
  7. Click Confirm Disposal.

The asset is removed from the active register, and a disposal gain or loss is posted to accounting.

Reports

Report Description
Asset Register Full list of all assets with cost and current book value
Depreciation Schedule Yearly depreciation breakdown per asset
Disposal Report All assets disposed of in a period

Tips

Tip

Conduct a physical asset verification at least once per year. Walk through every office and match physical assets to the system register.