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12.2The asset lifecycle

Chapter 12 · Fixed Assets·1 min read

StatusMeaning
PendingRegistered, not yet in use. No depreciation.
Being builtAn asset built over time; its costs collect in work in progress.
ActiveIn use; depreciation is scheduled and posting.
PausedTemporarily out of use; depreciation suspended.
DisposedSold, scrapped, written off, donated, traded in or lost; off the books with the gain or loss booked.
CancelledIts source bill was voided or the line removed before it was used; it never reached the books.
12.11Disposing of an assetDispose on the asset page. Depreciation up to the disposal date posts first, so the gain or loss is measured against the value on the day. Sale, on an…Fixed Assets12.4Adding an assetFixed Assets → Assets → New asset asks how the business got it: Choice Use it for What it records Bought A purchase from a vendor, paid now or owed. The…Fixed Assets12.12The asset pageHeader: asset number, description, category, status, assignment (location, department, acquired and in-service dates, warranty) and value (Total cost,…Fixed Assets6.2The purchasing lifecycle at a glanceDocument Statuses Posts to the ledger when… Purchase order Draft → Open → Partially received → Fully received → Partially billed → Fully billed → Closed…Purchases