What is the Fixed Assets register?
The Fixed Asset Module is only for churches and charities that account on an accruals basis.
For charities that account on a receipts and payments basis (cash basis), asset purchases are simply treated as 'expenditure'.
What is a Fixed Asset?
Fixed Assets are tangible items that are purchased for long-term use by your charity or church. They are usually over a certain value threshold and are recorded as a Fixed Asset purchase at the point of purchase.
Fixed Assets are not likely to be converted quickly into cash. Examples include:
- land and buildings
- equipment e.g. audiovisual systems, IT infrastructure.
Recording a purchase as a Fixed Asset can be referred to as 'capitalisation'. Your statutory accounts will include a policy setting out what types and values of purchases need to be dealt with as a Fixed Asset purchase. If you're in doubt about this, contact your Independent Examiner or Auditor for advice.
Fixed Asset Register in ExpensePlus
Fixed Assets are recorded in the Fixed Asset register - you can just click on Fixed Assets in the sidebar menu.
Each item is individually recorded with its own number, name, purchase date, and purchase value, as well as the planned duration for its depreciation.
To help you better understand the Fixed Assets module as a whole, please visit the module overview page here.