Accounting and Finance

Last updated: november 21, 2019

Accounting and Finance

Asset Management

Asset management is the systematic process of initiating the operation, maintenance, upgrading, and disposing of asset costs effectively. Odoo supports Asset Management. It helps to keep track of the fixed assets such as Land, Machinery and so forth. One can compute its depreciation entries automatically.

To configure assets in Odoo,

Go to Accounting> Configuration>Accounting >Asset Models

Click CREATE button to create new Asset Model.

Under the creation form, you can specify the name of asset model, company name, journal, Asset account (account used to record the purchase of this asset at its original price), Depreciation Account (account used in the depreciation entries to decrease the asset value), Expense Account (account used in the periodical entries, to record the part of asset as expense), Analytic account and Analytic tag.

Under depreciation method computation methods, you have three options.

  • Linear: Calculated on the basis of Gross Value/Number of Depreciations.
  • Degressive: Calculated on the basis of Residue Value*Degressive Factor.
  • • Accelerated Degressive: Like Degressive but with a minimum depreciation value equal to linear value.

Duration: Under Depreciation Duration, you can provide number of depreciations needed to depreciate your assets per year/month.

Prorata Temporis: If ticked, Indicates that the first depreciation entry for this asset has to be done from the asset date(purchase date)instead of the first January/Start date of fiscal year.

After entering all the details, click SAVE to mark the changes.

Now via going to Accounting>Accounting>Assets, you can create new assets.

Now if you select the fixed asset account from the drop down menu, you can see the category of asset( asset model on top).

After adding all the parameters in the asset creation form, click COMPUTE DEPRECIATION button.

One can see the depreciation computed under the depreciation board.

Via clicking thePOSTED ENTERIES, you get navigated to a new window, where you can see the journal entries created for the asset.

Via confirming the asset, one can either SELL/DISPOSE the asset.



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