Fixed Asset Register

Overview

The Fixed Assets Register in Fr8Labs helps you track and manage all your company-owned assets such as buildings, vehicles, machinery, and furniture. It helps you to keep track of:

This ensures compliance with accounting standards and supports accurate Profit & Loss and Balance Sheet reporting.

Fixed Assets Register Dashboard

Fixed Assets Register Dashboard


Accessing the Fixed Assets Register

  1. Go to Accounting Module → Assets → Asset

  2. You will see a list of all registered assets along with key details such as:

    • Asset Name

    • Status

    • Asset Category (e.g., Vehicle, Furniture, Equipment)

    • Location / Assigned Department

    • ID

Accessing Assets List View

Accessing Assets List View


Fixed Assets List View

Fixed Assets List View


Adding a New Asset

When creating a new asset in Fr8Labs, certain fields must be completed before you can save the record.

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Prerequisites

Before you actually add an asset, you need to make sure that:

  1. Fixed Asset Accounts have been created - See our Chart of Accounts documentation to check.

  2. Asset Category has been defined

Required Fields

  • Company – The legal entity that owns the asset.

  • Item Code – Unique identifier for the asset (e.g., “FORKLIFT-001”).

  • Asset Name – The descriptive name of the asset.

  • Location – Physical location where the asset is stored or used.

  • Purchase Receipt – The purchase receipt document linked to this asset.

  • Purchase Invoice – The purchase invoice document linked to this asset.

  • Available-for-use Date – Date the asset is ready and available for operations.

Other Key Fields (Optional but Recommended)

  • Asset Owner – Person responsible for the asset.

  • Custodian – The user or department physically holding the asset.

  • Department – Department that the asset belongs to (for cost allocation).

  • Asset Quantity – Number of units being registered (defaults to 1).

  • Is Existing Asset – Check if the asset was acquired before system go-live.

  • Is Composite Asset – Check if the asset is composed of multiple sub-assets.

  • Accounting Dimensions – Assign cost center or branch for parallel reporting.

New Asset Form

New Asset Form


Depreciation

Fr8Labs allows you to automatically generate a depreciation schedule for each asset once it is created with the appropriate depreciation settings. Click here to read more about Depreciation.

Asset Disposal or Write-off

Over time, assets may need to be disposed of (sold) or written off (scrapped).

You may read more about Asset Disposal or Write-off here.

Reports

The Fixed Assets Register integrates with financial reporting, giving you:

  • Asset Register Report – full list of assets, grouped by category.

  • Depreciation Report – schedule of depreciation charges by asset.

  • Disposal Report – details of assets sold or written off in a period.

Fixed Assets Report

Fixed Assets Report


Key Points to Remember

  • Only ledger accounts of type “Fixed Asset” can be used when recording assets.

  • Depreciation is automated but can be manually adjusted if required for audit purposes.

  • Always ensure the correct cost center is assigned so asset costs flow into the right P&L branch or department.

  • Assets can be tracked individually (e.g., each laptop) or grouped (e.g., “Office Furniture – HQ”).

Documentation owner: Fr8Labs Customer Success. Text reviewed: 21 September 2026.