Getting your fixed assets set up properly in Business Central is one of the best ways to make sure your business stays organised, compliant, and ready for growth. Whether you’re managing company vehicles, IT equipment, or office furniture, a good setup will save you time and hassle down the line. Here’s a straightforward guide to help you get started.
Asset Classes, Organise Your Assets from Day One
Kick off by creating asset classes, your main categories like Vehicles, Equipment, or Furniture. This helps keep everything tidy and makes reporting a breeze.
Subclasses, Add Detail Where You Need It
Want to get more granular? Subclasses let you break down your main categories. For example, split Equipment into Heavy and Light Equipment. This extra detail is great for insurance, audits, and internal reporting.
Locations, Know Where Everything Is
It’s vital to know where your assets are, whether that’s your Stockport office, a Manchester warehouse, or a remote site. Add locations so you can track assets across all your sites and stay organised.
Depreciation Books, Stay Compliant and In Control
Depreciation books help you manage how assets lose value over time. Set up at least one, but you can have more if you need to meet different reporting requirements, like HMRC versus internal accounts. Choose your depreciation method, rounding, and decide if entries should post to both the General Ledger and Fixed Assets.
Posting Groups, Keep Your Accounts Spot On
Posting groups make sure asset transactions end up in the right place in your accounts. Set these up so everything flows smoothly into your financials and you stay compliant with accounting standards.
Journal Permissions, Control Who Can Post
Make sure only the right people can post asset journals. Add users to the FA Journal Setup so your process stays secure and you avoid any unwanted surprises.
Why It Matters
A well-structured Fixed Assets setup means smoother financial operations, easier audits, and better asset management. By investing a little time upfront, you’ll make audits easier, keep your accounts accurate, and give your business the flexibility to grow. Regular reviews help keep everything up to date as your business evolves.
Conclusion
Setting up Fixed Assets in Business Central isn’t just a tick-box exercise—it’s the foundation for reliable financial management and long-term success. Follow these steps to ensure your assets are tracked, your accounts are accurate, and your business is ready for whatever comes next.