Tyms allows you to manually create and record fixed assets with detailed configurations for depreciation, accounts, ownership, and more.
Steps to Manually Create a Fixed Asset
- Log in to Tym: Access your Tyms account using your login credentials.
- Navigate to the Fixed Assets module
From the left sidebar:
- Click on Fixed Assets
- At the top-right corner of the page, click on “New”
- Select “Asset” from the dropdown menu
You will be directed to a new page where you can input all necessary asset details.
3. Fill In Asset Information
The asset creation form is grouped into sections:
A. General Information
- Date: The date the asset was acquired
- Depreciation Start Date: The date depreciation should begin
- Currency: Choose NGN (default) or change to USD or other currencies if the asset was purchased in foreign currency
- Name: The name of the asset
- Description: Brief description of the asset
- Label: Optional tag to group or identify the asset
- Vendor: Select the vendor or supplier from whom the asset was acquired
- Asset Account: Choose the appropriate fixed asset account (e.g., Office Equipment, Furniture)
- Payables Account: Select the account to record any outstanding liability
- Salvage Value
B. Other Details
- Depreciation Account: Account used to track depreciation expenses
- Schedule: Choose how often depreciation is applied, Monthly or Yearly
- Accum.depreciation account
- Duration: Enter the number of periods (e.g., 6 months, 3 years)
- Depreciation Method: Select your preferred method (e.g., Straight Line)
- Acquisition Cost: Total purchase cost of the asset
- Tax (if applicable): Add tax percentage if relevant
- Deposit: Indicate if a deposit was made for the asset
- Amount Paid: Total payment made so far
- Paid Through: Specify the payment channel (e.g., Bank Transfer, Cash)
- Custodian: Employee responsible for the asset
- Branch: Select the branch where the asset is located
- Department: Assign the asset to the appropriate department
Once you've filled in all the necessary details, go to the top-right corner and click “Save” to either save the asset as a draft or publish it.
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