Fixed asset
Equipment, vehicles, furniture or property you will use for more than a year. Recorded at cost and depreciated, not expensed.
In Solo Superstars
Add it under Accounting › Fixed assets with cost, date in service and useful life. The app books depreciation on schedule (and in bulk at year end) and computes the gain or loss when you dispose of it. Default accounts 1500–1540 by kind.
Example
A $2,400 desk in service March 1, 5-year life: asset in 1500, 480 per year of depreciation.
Codes shown are the defaults a new workspace starts with. Yours may be renamed or renumbered — check Accounting › Chart of accounts. See the full default chart.
Also called
- capital asset
- PP&E
- long-lived asset
Related
- Depreciation — Spreading the cost of a long-lived asset over the years you use it, instead of expensing it all at once.
- Accumulated depreciation — The running total of depreciation taken on a fixed asset. Shown as a negative asset so the balance sheet reads cost minus wear.
- Capitalize vs expense — Whether a purchase becomes a fixed asset depreciated over years (capitalize) or a cost of this period (expense). Price and useful life decide.
- Disposal — Selling, scrapping or giving away a fixed asset. Removes its cost and accumulated depreciation and books any gain or loss.
- 1500 Furniture and Fixtures — The default fixed-asset account for long-lived furniture, shelving and fixtures. Recorded at cost and depreciated, not expensed.