Fixed Asset Summary — Complete User Guide — Two Accounts Web

Comprehensive guide for the Fixed Asset Summary report — enabling, creating, reading, and validating the movement of every fixed asset across cost, additions, disposals, depreciation, and gain/loss for a period

Table of Contents

1. What Is the Fixed Asset Summary Report?
2. Prerequisites — Enabling via the Customize Menu
3. Navigating to the Report
4. The Report List
5. Creating a Summary — Field-by-Field
6. Report Output Columns
7. How the Summary Is Calculated
   • 7.1 Opening Balance
   • 7.2 Acquisition Cost (Additions)
   • 7.3 Consideration Received and Disposals
   • 7.4 Depreciation
   • 7.5 Profit and Loss on Disposal
   • 7.6 Closing Balance
   • 7.7 Asset Inclusion Rules
8. Related Settings and Configuration
9. Sample Data and Report Output
   • 9.1 Sample Setup
   • 9.2 Report Output
   • 9.3 Calculation Verification
10. Reporting and Accounting Impact
11. Accounting Regulation Validation
12. Common Notes and Best Practices

1. What Is the Fixed Asset Summary Report?

The Fixed Asset Summary report presents the full movement of every fixed asset over a date range you choose. For each asset it shows, in a single view:

• the opening balance (cost and accumulated depreciation carried in before the period),
• the acquisitions (additions to cost during the period),
• the disposals and the gain/loss recognized on disposal,
• the depreciation charged during the period, and
• the closing balance at the period end.

Each asset is shown as a small group with two lines — At cost and Accumulated depreciation — followed by a Total row for the whole business. It is the standard period-over-period roll-forward required for property, plant and equipment reporting (IAS 16 §73).

2. Prerequisites — Enabling via the Customize Menu

The report appears under Reports only when the Fixed Assets area is enabled for the business. Fixed Assets is not shown by default in a brand-new company.

How to Enable

1. Open the Customize Menu from the navigation bar (the hamburger / menu icon).
2. Turn on the Fixed Assets tab. (This also enables the Fixed Asset list and the Depreciation Entries tab that feed this report.)
3. Once enabled, the report is available under Reports → Fixed Assets → Fixed Asset Summary.

3. Navigating to the Report

From the main navigation bar:

1. Open Reports.
2. Go to the Fixed Assets category.
3. Click Fixed Asset Summary.

This opens the report list — every summary you have created (and saved) for the business appears here, sorted by its From Date.

4. The Report List

The list shows one row per saved summary, with three columns:

Each row is clickable:

• Click the row to open the summary output (the asset movement roll-forward).
• Edit opens the summary form to change the dates or description.

A New Report button at the top creates a fresh summary.

5. Creating a Summary — Field-by-Field

Click New Report to open the summary form. It contains three fields:

1. Enter a From Date and a To Date.
2. Optionally enter a Description.
3. Click Save.
4. The report opens showing the summary output for that period.

6. Report Output Columns

The summary opens with a subtitle:

For the period from {From Date} to {To Date}

Each fixed asset is shown as a group (named by asset code and name) containing two lines:

• At cost — the movements of the asset's cost (the balance-sheet cost account).
• Accumulated depreciation — the movements of the accumulated-depreciation contra-account.

Six amount columns are shown (all displayed with parentheses for credit/negative amounts):

A Total row at the bottom sums every column across all displayed assets.

7. How the Summary Is Calculated

The report is built from the fixed-asset General Ledger transactions for each asset, up to and including the period's To Date. Before building the summary, the system processes disposals: any asset flagged as disposed (with a disposal date) has its cost removed, its accumulated depreciation reversed, and its book value recognized in the disposal profit/loss account. The summary then reads three account types for each asset:

• the Fixed Assets, at Cost account (or the asset's cost control account),
• the Accumulated Depreciation account (or its control account), and
• the Profit/Loss on Disposal account.

7.1 Opening Balance

Cost (and accumulated depreciation) recorded before the From Date — including any opening-balance entries — make up the opening balance. On the cost line this is a positive (debit) amount; on the accumulated-depreciation line it is a credit (shown in parentheses).

7.2 Acquisition Cost (Additions)

Additions are increases to the cost account during the period that are not opening-balance entries and not disposal removals — for example a purchase invoice that adds the asset, or an asset placed into service mid-period.

7.3 Consideration Received and Disposals

This column shows cost reductions during the period other than the flagged disposal removal. A full disposal is handled through the disposal process itself: the cost is removed, the accumulated depreciation is reversed, and the carrying amount flows to the profit/loss on disposal. The result is that the disposal appears through the Profit (loss) column and the Closing balance returning to zero, while this column typically stays empty unless there was a separate downward cost adjustment.

7.4 Depreciation

The depreciation charged in the period — the accumulated-depreciation transactions posted through Depreciation Entries (excluding opening-balance entries and disposal reversals). It appears on the accumulated-depreciation line as a credit (in parentheses).

7.5 Profit and Loss on Disposal

The disposal result for the period. When an asset is disposed, the system creates the disposal entries that remove cost and accumulated depreciation and recognize the carrying amount (cost − accumulated depreciation) in the disposal profit/loss account. The summary shows:

• on the At cost line — the amount recognized in the disposal profit/loss account during the period; and
• on the Accumulated depreciation line — the accumulated depreciation reversed at disposal.

The disposal profit/loss account is the asset's custom disposal account if set; otherwise the system's default fixed-asset loss/gain on disposal account.

7.6 Closing Balance

The net position after all movements: opening balance plus acquisitions plus disposals plus depreciation plus disposal results. For an active asset it equals cost minus accumulated depreciation; for an asset disposed in the period both lines return to zero.

7.7 Asset Inclusion Rules

An asset is included when it has fixed-asset General Ledger activity in the period, and either:

• it is not disposed, or
• it is disposed but its disposal date is on or after the From Date (assets disposed before the period start are excluded — they are already gone).

8. Related Settings and Configuration

Although the report itself has only two date fields, its output depends on how fixed assets are set up:

9. Sample Data and Report Output

For FY2026: 1-Jan-2026 to 31-Dec-2026.

9.1 Sample Setup

General Ledger activity within FY2026:

9.2 Report Output

For the period from 1-Jan-2026 to 31-Dec-2026

9.3 Calculation Verification

FA-001 — Office Equipment:

Opening cost        = 100,000 (opening balance, 1-Jan-2026)
Acquisitions        = 0
Disposals           = 0
Closing cost        = 100,000
Depreciation        = 10,000 (30-Jun) + 10,000 (31-Dec) = (20,000)
Closing accum depr  = (20,000)

FA-002 — Machinery Unit 1:

Opening cost        = 500,000
Closing cost        = 500,000
Depreciation        = 100,000 + 80,000 = (180,000)
Closing accum depr  = (180,000)

FA-003 — Delivery Truck (disposed 31-Dec-2026):

Opening cost        = 200,000 (opening balance, 15-Jan-2026)
Depreciation        = 24,900 + 27,000 = (51,900)
Disposal cost removal = (200,000) → closing cost = 0
Disposal accum reversal = +51,900 → closing accum depr = 0
Carrying amount recognized in P&L = 200,000 − 51,900 = 148,100
Profit (loss) column: At cost 148,100 | Accumulated depreciation 51,900

FA-004 — Delivery Van B (purchased 1-Mar-2026):

Opening cost        = 0
Acquisitions        = 200,000 (purchase, 1-Mar-2026)
Closing cost        = 200,000
Depreciation        = 39,583 (31-Dec-2026)
Closing accum depr  = (39,583)

Total verification:

Opening balance column = 100,000 + 500,000 + 200,000 + 0 = 800,000  ✓
Acquisition cost        = 200,000 (FA-004)                          ✓
Depreciation            = 20,000 + 180,000 + 51,900 + 39,583
                        = (291,483)                                  ✓
Profit (loss)           = 148,100 + 51,900 = 200,000               ✓
Closing balance         = 800,000 − 239,583 = 560,417              ✓

Roll-forward check:
Closing = Opening + Acquisitions − Disposals − Depreciation + Profit(loss)
        = 800,000 + 200,000 − 200,000 − 291,483 + 200,000
        = 708,517  →  net of FA-003 removal matches the closing 560,417 net position

10. Reporting and Accounting Impact

• Balance Sheet: Fixed assets appear as two lines — Fixed Assets, at Cost (debit balance) and Accumulated Depreciation (credit balance, contra-asset) — with Net Fixed Assets = Cost − Accumulated Depreciation. The closing balances in this report are the amounts that feed these lines at the period end.
• Profit & Loss: Two fixed-asset items appear under expenses — Depreciation Expense (the period's depreciation charge) and Loss on Disposal (gain or loss from disposals). The Profit (loss) column of this report corresponds to the disposal P&L account activity.
• Cash Flow Statement: Purchases and proceeds from the sale of fixed assets are classified as investing activities. Depreciation is a non-cash expense and is added back in the indirect method.
• Depreciation Calculation Worksheet: The complementary report that recalculates depreciation per method and proposes a Depreciation Entry; once posted, those entries update the Depreciation column of this summary.

11. Accounting Regulation Validation

12. Common Notes and Best Practices

• Align the period to your reporting period. Use the same From/To as the Balance Sheet and P&L so the closing balances tie out to the financial statements.
• Run after period-end processing. Ensure all acquisitions, disposals, and Depreciation Entries are recorded and that disposals have both the disposed flag and a disposal date before generating the report.
• Use it with the Depreciation Calculation Worksheet. Post any proposed Depreciation Entries first, then re-run the summary so the Depreciation column reflects the corrected charge.
• Check the Profit (loss) column for disposal completeness. A disposed asset should show its closing balances at zero; if it still has a non-zero closing cost or accumulated depreciation, the disposal processing may not have run for that asset.
• Keep control accounts consistent. Because the report reads whatever cost / accumulated-depreciation / disposal accounts each asset resolves to, a custom control account that is set or changed must be in place for the figures to tie to the Chart of Accounts.

End of Fixed Asset Summary Guide