Step-by-step of Fixed Asset Module

Main Page

Main Page → Asset Register

After installing the plug-in and restarting Autocount, access the Fixed Asset module from the plug-ins menu.

Setting

Configure asset categories, depreciation methods, and default GL mapping before adding assets.

General Settings

Posting Journal Type
Select which journal type will be used when the system generates accounting entries for depreciation or disposal. This determines how the entry appears in the General Ledger.
Posting Journal Method
Choose how journal entries are posted:
- By Details: Each asset generates its own journal entry.
- By Summary: All assets are combined into a single summarized journal entry.
Detail posting provides clearer audit trails. Summary posting keeps the ledger cleaner.
Cost Allocation on Posting Project/Department
If enabled, the system allows depreciation costs to be allocated to a specific project or department. If not enabled, even if you select project or department in other settings, the system will ignore the allocation. This setting also affects the Cost Allocation setting in Asset Maintenance.
Cost Allocation on Posting Method By
Choose whether depreciation cost is allocated by:
- Department
- Project
Useful for companies that track expenses by cost centers or projects.
Disposal Double Entry
Determines how accounting entries are handled when disposing of an asset. There are different double-entry treatments depending on whether you use the Disposal Profit & Loss account method, or Self Profit method. This affects how gains or losses from disposal are recorded in financial statements.
Depreciate Opening Date
Defines the starting date from which system depreciation calculations begin. All depreciation calculations will follow this configured start date.
Calculate Full Depreciation on 1st Year
If enabled, the system calculates a full year of depreciation in the first year, regardless of the purchase month.
Example: If an asset is purchased in October, the system will still calculate a full year's depreciation for that year. During the first year, the annual depreciation will be distributed across the months it is in service. This option is often used to comply with specific tax or accounting policies.
Banker Rounding
Uses the “round half to even” method.
Examples:
- 23.5 becomes 24
- 22.5 becomes 22
- -22.5 becomes -22
- -23.5 becomes -24
This method reduces cumulative rounding bias over time. Also known as unbiased rounding or Gaussian rounding.
Standard Rounding
Uses the normal rounding method where 0.5 is always rounded up.
Example: 22.5 becomes 23

Document Numbering Format

Document Numbering Format
Define the formula for document numbering.
Example: FA-2026-0001
This controls how asset-related documents are formatted.
Next Number
Defines the next running number in the document sequence. The system will continue numbering from this value.

Others

Project and Department Code Field Length

This setting allows you to define the maximum character length for:

Project Code
Department Code

By default, the system sets the field length to 15 characters. If your company requires longer codes, you can select a character length greater than 15 and click “Apply” to update the setting.

Reminder

The system will automatically send alerts based on the return date in Asset Transfer and the next service date in Asset Maintenance, helping you stay on time and manage assets more efficiently.

Asset Type Maintenance

Asset Type is used for maintaining the Type of Asset, the depreciation method, posting method and depreciation account codes.

Create New Asset Type

Click the "New" button.

New Asset Type

Asset Type Maintenance is used to define the settings and accounting rules for each fixed asset category.

Code

Asset type code automatically generated by the system.

Description

Used to describe the fixed asset type.

Depreciation Method

There are three depreciation methods available:

Straight Line
Depreciates the asset evenly over its useful life.
Formula: Annual Depreciation = (Asset Cost − Residual Value) ÷ Useful Life (Years)
Reducing Balance
Applies higher depreciation in the earlier years and gradually reduces over time.
Formula: Annual Depreciation = Depreciation Rate × Beginning Book Value of the Year
None
Select this if the asset should not be depreciated (not capitalized).

Salvage / Residual Value

The estimated value of the asset after depreciation. Minimum value is RM1.

Calculate By

You can calculate depreciation by:

Year (e.g., 5 years useful life)
Rate (%) (e.g., 5% for 20 years)

Account Code

Asset Account Code – G/L account for the asset cost
Accumulated Depreciation Account Code – G/L account for accumulated depreciation
Depreciation Account Code – G/L account for depreciation expense
Asset Write Off Account Code – G/L account used when writing off damaged or unusable assets

Asset Location Maintenance

Asset location means where is the location of the asset.

Click Asset Register → Asset Location Maintenance

Create New Asset Location

Click "New" button.

New Asset Location

Fill in the code and the description of the new asset location.

Asset Maintenance

This is the main part of the asset maintenance where you create the individual asset codes and filled up the details of the assets analysis code info and depreciation details.

Click Asset Register → Asset Maintenance

Create New Asset

Click "Create New Asset" button.

New Asset

Fill in the asset details in the form.

Asset Code: Automatically generated by the system.
Description: Description of the fixed asset.
Currency Code: The currency used when purchasing the asset.
Supplier: Linked from A/P Creditor Maintenance.
Currency Rate: Based on the exchange rate set in the system.
Purchase Date: The date the fixed asset was purchased.
Quantity (Qty): The number of units purchased under the same asset code.
Insurance Policy: Linked from Insurance Policy Maintenance.
Unit Purchase Price: Purchase price per unit.
Sum Assured: The minimum amount covered by the insurance policy.
Total Purchase Price: The total cost of the fixed asset (Quantity × Unit Price).
Category: The group or classification the fixed asset belongs to.
Serial No.: The unique identification number of the fixed asset.

Service Maintenance

The Service Maintenance function helps you record and manage the servicing schedule of fixed assets. You can set the next service date and keep a history of all maintenance activities. It also works with reminder settings to ensure servicing is done on time and assets are properly maintained.