Fixed Assets

Prosaic’s Fixed Assets module helps you track, depreciate, and manage fixed assets while keeping your asset register and general ledger in sync. This article walks through what’s available in version one and how to get started.

What’s included in Fixed Assets v1

In the first release of Fixed Assets, you can:

• Create and manage asset types
• Add fixed assets manually or automatically
• Activate and delete assets
• Run depreciation on active assets
• Dispose of assets
• Create a purchase journal at the time of activation to keep the ledger aligned

Coming soon

We’re actively working on:

• Additional depreciation methods (including a 20% loading)
• More year-end and reporting options
• Asset type imports and templates for faster setup across clients

Step 1: Create fixed asset types

Asset types define how assets are accounted for and depreciated.

To create a fixed asset type:

1. Go to Fixed Assets → Asset Types

   Enter the asset type details (for example, Office Equipment)

   Set the relevant accounts

   • You can optionally use a private-use account

     Choose the depreciation method

   • Currently, straight line is available
   • Depreciation can be based on useful life or a rate (e.g. 20%)

Once created, the asset type becomes available for all assets within that entity.

Soon you’ll be able to reuse asset types across entities using templates and imports.

Step 2: Create fixed assets

There are two ways to create fixed assets in Prosaic.

Option A: Create a fixed asset manually

1. Go to Fixed Assets → Add Asset

   Select the entity the asset belongs to

   • Asset details inherit from the selected asset type

     Enter:

   • Purchase date
   • Purchase price
   • Depreciation start date
   • Optional finishing value
2. Save the asset as a draft

Step 3: Activate an asset and create a purchase journal

When activating a draft asset, Prosaic gives you the option to create a purchase journal at the same time.

This ensures:

• Your asset register
• Your chart of accounts
• Your general ledger

stay fully aligned.

To activate an asset:

1. Open the draft asset
2. Click Activate
3. Choose whether to create a purchase journal
4. Confirm the default account (for example, Office Equipment)
5. Select the funding source (e.g. funds introduced)
6. Activate the asset

Once activated, the asset becomes eligible for depreciation.

Step 4: Run depreciation

Depreciation can be run on any active assets.

• Prosaic applies depreciation based on the asset’s settings
• Only active assets are included
• The process is straightforward and designed to be repeatable at period end

Option B: Create assets automatically from transactions

You can also create fixed assets directly from bank reconciliation.

1. Reconcile a transaction to a fixed asset account (e.g. Computer Equipment)
2. Complete the reconciliation
3. Navigate to Fixed Assets

The transaction will appear as a draft fixed asset, where you can:

• Update the asset name
• Edit details if required
• Activate the asset immediately

This makes it easy to capture assets as part of your normal reconciliation workflow.

What’s next

This is the first version of Fixed Assets, and we’re keen to improve it with your feedback. Expect ongoing enhancements to depreciation methods, reporting, and setup speed.

If you have suggestions or questions, we’d love to hear from you.