Category: Accounting V2

The “Assets” module allows you to keep track of your fixed assets like machinery, land and building. The module allows you to generate monthly depreciation entries automatically, get depreciation board, sell or dispose assets and perform reports on your company assets.

As an example, you may buy a car for 3,600,000,000 VND (gross value) and you plan to amortize it over 36 months (3 years). Every months (periodicity), KIU will create a depreciation entry automatically reducing your assets value by 100,000,000VND and passing 100,000,000VND as an expense. After 3 years, this assets accounts for 0 VND (salvage value) in your balance sheet.

The different types of assets are grouped into “Assets Types” that describe how to deprecate an asset. Here are two examples of assets types:

• Building: 10 years, yearly linear depreciation
• Car: 5 years, monthly linear depreciation

Define the taxes that should be applied for a specific customer/vendor or invoice. Example: If some customers benefit from specific taxes (government, construction companies, EU companies that are VAT subjected,…), you can assign a fiscal position to them and the right tax will be selected according to the products they buy.

Accounting -> Reporting -> Profit and Loss

Accounting -> Reporting -> Balance sheet

Accounting -> Reporting -> Cash flow statement

Accounting -> Reporting -> General ledger

 

KIU BMP will summarize and create a report to manage your company assets in Reports  ‣ Assets. You can filter and customize reports as your preference.

If you sell or dispose of an asset, you need to completely depreciate this asset. Click on the button Sell or Dispose in depreciation form.

The system will generate entry automatically. This action will post the full costs of these assets but it will not record the sales transaction that should be registered through a customer invoice.

Assets depreciation generate automatically from Vendor bills

To depreciate an asset, open Accounting module ‣ Accounting ‣ Assets

KIU will create depreciation journal entries automatically at the right date for every confirmed asset. (not the draft ones). You can control the depreciation board: a green bullet point means that the journal entry has been created for this line.

But you can also post journal entries before the expected date by clicking on the green bullet and forcing the creation of a related depreciation entry.

In the Depreciation board, click on the red bullet to post the journal entry. Click on the Items button on the top to see the journal entries which are already posted.

→ Create assets depreciation manually

To register an asset manually, go to the menu Adviser ‣ Assets.

Once your asset is created, don’t forget to Confirm it. You can also click on the Compute Depreciation button to check the depreciation board before confirming the asset.

Note: If you create assets manually, you still need to create the supplier bill for this asset. The asset document will only produce the depreciation journal entries, not those related to the supplier bill.

 

Assets can be automatically created from supplier bills. All you need to do is to set an asset category on your bill line. When the user will validate the bill, an asset will be automatically created, using the information of the supplier bill.

Depending on the information on the asset category, the asset will be created in draft or directly validated. It’s easier to confirm assets directly so that you won’t forget to confirm it afterwards. (Check the field Skip Draft State on Asset Category) Generate assets in draft only when you want your adviser to control all the assets before posting them to your accounts.

Besides, you can also buy this asset through purchase order, then create Vendor bills.

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An asset will be created in product form as another product.

Open Sales/Purchase/Inventory module ‣ Products ‣ Create

To determine a product as an asset, you have to choose an asset category for this product and it will automatically be filled in the supplier bill.

To define asset types, go to Configuration ‣ Asset Types ‣ Create

Go to Accounting -> Accounting-> Journal entries. Using filter, group by to optimize your search

Note: The journal entries aren’t automatically created though Kiu BMP, user have to create manually, example: record capital contributions from investor (Accounting-> Accounting-> Journal entries. Click “Create”.)