Assets

 

Assets are items inside the property which are to be depreciated separately from the property itself.  These are also sometimes known as Fittings or Chattels.

Assets may be added to a property both for a record of what a property contains, and also to calculate the depreciation that asset will incur over the years. The make, model and serial numbers are optional, and there for your information only.

Enter the name of the asset, the date it was purchased, and the value at that time. If the asset was acquired at the time the property was purchased, then the purchase date of the fitting is the date of the property purchase.

The depreciation rate and method are required only if you are interested in tracking the depreciation of the asset over time.

The sale details may be entered if a asset which was used as part of a rental property is sold. The sale date and amount can be entered. The current year’s depreciation report automatically calculates the amount of depreciation the fitting had at the time it was sold, and can be used to determine any book loss or gain on sale.