Add an Asset
Adding an asset puts a long-lived purchase — a machine, a vehicle, a set of computers — onto your asset register. This is also called capitalising: instead of the whole cost hitting this year's profit like a normal expense, the cost sits on the register and is charged off gradually over the years you use the asset.
Most assets start life as a supplier bill. You can capitalise straight from the bill, so the purchase you already recorded becomes an entry on your register without typing everything twice.
Availability depends on your plan and your role.
Two ways to add an asset
| Starting point | When to use it |
|---|---|
| From a supplier bill | You bought the asset from a supplier and already recorded the bill. The cost and supplier flow across for you. |
| Fresh entry | You're setting up assets you already owned before you started using Bizconnekt, or an asset with no bill behind it. |
Before you start
- Your role can add assets (check with your admin if the button is missing)
- If capitalising from a bill, the supplier bill is already recorded
- You know the asset's cost, and roughly how many years you expect to use it
- Your accountant has told you which depreciation method to use, if you're unsure
Step-by-step guide
Step 1: Open the asset register
- Go to Finance from the sidebar
- Click Assets
- Click Add Asset
To capitalise from a bill instead, open the supplier bill and choose the option to capitalise as an asset — the form opens with the cost and supplier already filled in.
Step 2: Describe the asset
Give it enough detail that anyone in the business can identify it later.
- Name — what the asset is, in plain words ("Packaging Machine", "Delivery Van", "Reception Laptop")
- Category — a grouping you choose, such as "Plant & Machinery", "Vehicles" or "Office Equipment". Type whatever grouping suits your business; assets in the same category sit together on the register.
- Maker, model and serial number — optional, but useful for warranty claims, servicing and telling two similar machines apart
Step 3: Record what it cost and when you bought it
- Cost — what you paid for the asset. This is the figure depreciation is worked out from. (If you capitalised from a bill, it's already here.)
- Purchase date — the day you acquired it
Step 4: Say where it is and who holds it
- Location — the site or office where the asset lives
- Person responsible — the team member who holds or looks after it. Handy when someone leaves and their equipment needs handing over.
- Warranty expiry — the date cover runs out, so you're never caught out mid-breakdown
Step 5: Set up depreciation
This is where you tell Bizconnekt how the asset's value should fall over time. You set it once, and every future charge is worked out for you.
- Method — choose how the yearly slice is worked out:
- Equal slices — the same amount every year across the asset's life
- Reducing slices — a fixed percentage of the value left, so bigger drops early on
- None — for something that doesn't lose value, such as land, or an asset you're not ready to depreciate yet
- Expected life — roughly how many years (or months) you expect to use it. Equal slices spread the cost across this life.
- Percentage — only for reducing slices: the rate applied to the leftover value each year
- Leftover value — the small amount the asset is worth at the very end (its scrap or resale value). Depreciation never writes it below this floor.
- Start date — when depreciation should begin. This is the day the asset is first ready to use, which can be later than the purchase date — a machine bought in March but installed in June starts in June.
If your accountant tracks a separate wear-and-tear figure for your tax return, you can hold those settings alongside the ones for your main accounts. The two follow different rules and don't have to match.
Step 6: Add any notes and save
Add a note if there's anything worth remembering — a purchase reference, an installation detail. Then save. The asset appears on your register, marked in service, and depreciation will begin from the start date you set.
Field definitions
| Field | What it means |
|---|---|
| Name | A plain description of the asset |
| Category | A grouping you choose (Vehicles, Plant & Machinery, Office Equipment…) |
| Maker / Model / Serial number | Optional identifiers for warranty, servicing and telling similar items apart |
| Cost | What you paid — the figure depreciation is worked out from |
| Purchase date | The day you acquired the asset |
| Location | Where the asset lives |
| Person responsible | The team member who holds or looks after it |
| Warranty expiry | When the warranty runs out |
| Method | How the yearly depreciation slice is worked out — equal, reducing, or none |
| Expected life | How long you expect to use the asset |
| Leftover value | The floor value depreciation never drops below |
| Start date | When depreciation begins — the day the asset is ready to use |
A worked example
You've recorded a supplier bill for a new packaging machine. From the bill you choose capitalise as an asset. The form opens with the cost and supplier already in place. You name it "Packaging Machine", put it in the "Plant & Machinery" category, set it at the reception-floor location, and choose equal slices over a five-year life with a small leftover value. You set the start date to the day it was installed. You save. The machine is now on your register, in service, and will be depreciated a slice at a time from its start date.
Common issues
The asset isn't losing any value
Check the depreciation method. If it's set to none, no wear-and-tear is charged. Set a method, a life and a start date, and depreciation will begin.
Depreciation started on the wrong date
The start date is separate from the purchase date on purpose — it's when the asset became ready to use. Edit the asset and set the start date to the day it was actually put into service.
I can't add the asset
The button appears only for roles allowed to add assets. Ask your admin to check your access.
The serial number is rejected
Each serial number can appear once on your register — a register that holds the same physical machine twice isn't reliable. If it's rejected, the asset may already be recorded. Search the register before adding it again.
The cost looks wrong after capitalising from a bill
The cost carries across from the bill line. If it doesn't look right, check the bill itself — correcting it there keeps the asset and the bill in step.
Related guides
- Manage Assets — view the register, track depreciation and record a disposal
- Assets overview — what a fixed asset is, and how depreciation works
- Bills — record the supplier bill an asset is capitalised from
- Purchase Order — order the equipment before the bill arrives
Need help? Contact support at support@bizconnekt.com