Getting Started with Fixed Assets

Assets are valuable resources owned and controlled by your business. They can be tangible, such as: Cash, Inventory, Receivables, Furniture and fixtures, Equipment, Investments, Prepayments Or intangible, such as: Goodwill, Intellectual property, Customer lists, Data bids

Assets play a pivotal role in financial reporting and are crucial for assessing the financial health of your business.

Among these asset types, Fixed Assets are long-term tangible resources held for use in the production or supply of goods and services. These assets are not intended for resale and typically include items such as machinery, vehicles, buildings, and office equipment.

Fixed Assets Management on Tyms

Tyms Fixed Assets Manager gives you complete oversight of your business’s fixed assets. It allows you to:

• Record details of all owned assets
• Monitor depreciation and book value over time
• Track vendor and account information
• Export or upload fixed assets in bulk

Tyms supports two methods for bringing in your fixed assets:

1. Assets(Manual Entry) : Enter individual asset records manually
2. Assets Import(Bulk Upload): Use the provided Tyms Excel template to upload multiple assets at once.

Accessing Fixed Assets on Tyms

1. Log into your Tyms account via https://app.tyms.io/auth
2. From the sidebar menu, scroll down and click on Fixed Assets

You will be directed to the Fixed Assets Dashboard, which provides a snapshot overview of: Asset Cost, Total Depreciation, Total Book Value, and Total Payables. You can use the filter tool (by year or period) to adjust the data view.

Understanding the Dashboard Sections

Each section gives you key insights:

• Asset Cost : Total purchase cost of all assets
• Total Depreciation: Total depreciation applied over time
• Total Book Value: Total Current value after depreciation
• Total Payables: Total Outstanding amounts related to the assets

Asset Overview Table and Filters

Below the dashboard is a comprehensive table displaying all your fixed assets. Above the table are several tools and filters:

1. Table Controls:

• Excel Button(Export): Download all asset data
• Search Field: Search for specific assets
• Select Vendor: Filter assets linked to a specific vendor
• Select Account: Filter by the chart of account the asset is linked to
• Date Field (Purchase filter): Filter assets by acquisition date
• Second Date Field (Depreciation filter): Filter by depreciation date range
• Columns: Add or remove columns such as:
  • Opening/Closing Depreciation
  • Opening Book Value
  • Depreciation Method
  • Asset Status
  • Depreciation Account
  • Label

2. Asset Table Columns

Each row in the table represents an individual asset. Columns include:

• Acquisition Date: The date the asset was purchased
• Asset Name: Name or description of the asset
• Account: Asset category (e.g., Office Equipment, Land & Buildings)
• Vendor: Supplier or source of the asset
• Cost: Original purchase price
• Salvage Value: Expected residual value
• Depreciation: Amount depreciated so far
• Book Value: Current net value after depreciation
• Action

3. Asset Actions

For each asset, there's an Action menu (three vertical dots), which allows you to:

• Preview: View full asset details
• Edit: Update asset information
• Manage Payments: Record or update related payments
• Dispose: Mark the asset as disposed
• Duplicate: Create a copy of the asset record
• Delete: Remove the asset from the system