Maintenance > Assets

Assets are entered in Mill7 by menu Maintenance> Financial> Assets.

To book depreciations or write down assets completely use the function 'Write down assets' in menu Bookkeeping> Financial> Assets.

To create multiple Assets the function Import assets can be used.

Report Activa

The default report Financial> Assets gives a complete overview by asset with the data included in the screen maintenance assets complemented with actual amounts to the current financial year.

Method of depreciation

Assets are depreciated linear by a fixed percentage of the purchase value.

Creating a new bookyear

When the depreciation in the previous year has not been done Mill7 will calculate the book value opening bookyear itself and also sets the date written down until at end previous bookyear.

There will be no journals booked.

Changes in the previous year

Depreciation journals can be booked using the option Write down assets in the menu Bookkeeping> Financial> Assets in the previous bookyear and adjust to the new bookyear with the option Copy opening balance.

If the assets values end previous bookyear differ from the opening book value new year, the correct book value opening bookyear can be recalculated by using the option Copy book value assets of previous bookyear in menu Bookkeeping> Financial> Assets.

This function also will count the depreciations already made in the new bookyear.

Tabpage General

New assets can be added by pressing F5 or Ctrl+N.

Description

The name of a certain asset will be entered, for example buildings.

The combination of description and serial number is unique.

Serial number

A serial number can be added to the description.

The combination of description and serial number is unique.

Purchase date

This is the date the asset is purchased.

Purchase value ex VAT

This is the purchase value of the asset ex VAT.

Remainder

This is the value of the asset after completely being written down.

Depreciation period / Number of periods

The depreciation period can be a month or a day.

The number of periods gives the duration of the depreciation.

End date

Mill7 determines the end date using the purchase date, the depreciation period and the number of periods.

Thereby is calculated that the first period to be depreciated is the first period to follow after the purchase date.

For example when an asset is purchased on January 14 2016 and the period = month, the first write down will be in February 2016

When an asset is purchased on January 14 2016 and the period is day, the first write down will be on Januari 15 2016.

Amount per period

This is determined by Mill7: (Purchase value - Remainder) / Number of periods.

Balance account depreciation / P&L account depreciation

These general ledgers are used by the function 'Write down assets' in menu Bookkeeping> Financial> Assets.

Cost centre

The cost centre must be entered when the general ledger entered at the P&L account has a cost type.

This cost centre will be used when the journals are created using the function 'Write down assets' in menu Bookkeeping> Financial> Assets.

Removed

This indicates if the asset is removed.

Assets can be removed by the option Write down assets in the menu Bookkeeping> Financial> Assets.

Tabpage Depreciation

Book value

The book value is the value of purchase minus the amount that is already written down.

When no depreciations have been done the book value equals the purchase value.

By using the option Write down assets in the menu Bookkeeping> Financial> Assets to book depreciation journals Mill7 will adjust the changes to the Book value.

If a new asset is entered that already has been depreciated, calculate and enter the correct Book value.

When depreciation journals are booked or deleted manual the book value should be adjusted manual as well.

Book value opening bookyear

When a new bookyear is created, the book value previous bookyear of the asset is used as the book value opening bookyear.

When the depreciation in the previous year has not been done Mill7 will calculate the book value opening bookyear itself and also sets the date written down until at end previous bookyear.

There will be no journals booked.

When a new asset is entered with a purchase date before the actual bookyear the Book value opening bookyear should be entered manually.

When a new asset is entered with a purchase date in the actual bookyear the Book value opening bookyear should be zero.

Disinvestment

Assets can be removed by the option Write down assets in the menu Bookkeeping> Financial> Assets.

The disinvestment value will be set equal to the book value before written down completely. The book value and the remaining value will become zero.

Written down until

This date will be calculated by Mill7 when using the function Write down assets in the menu Bookkeeping> Financial> Assets.

When adding a new asset which has already been depreciated to some extent, enter the date of the last depreciation.

When depreciation journals are booked or deleted manual this date should be adjusted manual.
This field is empty when no depreciations have been made so far.

Tabpage Memo

Remarks or other specifics about an asset can be entered in this field.