Creating a New Fixed Asset

Fixed assets represent long-term tangible assets used in business operations, such as equipment, furniture, and vehicles. In Rillet, creating a fixed asset record enables accurate tracking, depreciation scheduling, and financial reporting throughout the asset's lifecycle.

Before creating individual assets, ensure that default accounts for fixed asset types and depreciation settings have been configured by following the steps in the 📄 Setting up Fixed Assets in Rillet article.

Steps to Create a Fixed Asset

1. Navigate to Accounts Payable > Bills.

1. Select + Add New

1. Enter standard bill information such as Vendor, Bill Date, Payment Terms

2. Select a fixed asset account at the line item level. Once selected, additional fields populate to define the Fixed Asset terms

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

   2. In Service Date: The date the asset was placed into use

   3. Asset ID (optional): An internal tracking ID, if applicable

1. Click Save to generate the fixed asset bill

Once the fixed asset is saved, Rillet creates the corresponding bill and automatically schedules depreciation based on the provided inputs and organizational settings.

To view the schedule, find the corresponding bill and drill into the general ledger detail by selecting the three dots on the right side of the bill line item and select GL Impact.