Create a New Fixed Asset

Fixed assets are long-term tangible assets used in business operations, such as equipment, furniture, and vehicles. In Rillet, creating a fixed asset record allows you to track assets, schedule depreciation, and support accurate financial reporting throughout the asset's lifecycle.

Before creating individual assets, ensure that default accounts for fixed asset types and depreciation settings are properly configured. For instructions, see the 📄 Setting up Fixed Assets in Rillet article.

Add a Fixed Asset Bill

You can create a fixed asset in Rillet directly from a bill. This ensures that your purchase details and depreciation schedule are automatically connected to your accounting records.

1. Navigate to Accounts Payable > Bills.

   
2. Click + Add Bill.

   
3. Enter standard bill details such as Vendor, Bill Date, and Payment Terms.

4. At the line item level, select a Fixed Asset account. Once selected, additional fields will appear to define the fixed asset terms:

   • Useful Life: Number of months the asset will be depreciated.

   • In Service Date: Date the asset was placed into use.

   • Asset ID (optional): Internal tracking ID, if applicable.

5. Click Save to generate the fixed asset bill.

   

When saved, Rillet creates the corresponding bill and automatically schedules depreciation based on the provided inputs and organizational settings.

View the Depreciation Schedule

After the fixed asset is created, you can view its full depreciation plan to confirm that it aligns with your accounting expectations.

1. Find the corresponding bill and select the three dots on the right side of the bill line item.

2. Choose GL Impact.

   

The GL Impact view shows the full depreciation schedule for the asset.

See Also

To learn more about setting up and managing fixed assets in Rillet, review these articles:

• Setting up Fixed Assets in Rillet

• Fixed Asset Bill Credits

• Fixed Asset Disposals

• Fixed Asset Materiality Thresholds