Set up Fixed Assets in Rillet

Rillet’s Fixed Asset module allows you to track, depreciate, and report on capitalized assets throughout their lifecycle. This guide outlines how to set up a fixed asset record, assign depreciation settings, and connect it to your accounting structure.

Define your Fixed Asset Settings

Before creating new assets, define the default accounts and depreciation settings that will apply across your organization.

1. Click your company logo in the lower-left corner

2. Go to Organization Settings.

   
3. Select Accounting in the left menu

4. Assign default information for existing fixed assets accounts

   1. Fixed Account: Automatically populates the accounts defined as fixed assets in the Chart of Accounts

   2. Accumulated Depreciation Account: The contra-asset account used to track depreciation to date

   3. Depreciation Account: The P&L account where depreciation expense is booked

   4. Useful Life: Number of months over which the asset will be depreciated (e.g., 36, 48, 60)

   5. Type:

      1. Even period: Equal depreciation per accounting period

      2. Daily: Prorated depreciation by service days in the period

5. Assign default accounts to be used in the disposal of fixed assets.

   1. Gain/Loss on sale: The income statement account used to record any net gain or loss from the sale of an asset.

   2. Sales proceed account: The account where cash or proceeds from the asset sale are deposited.

      

See Also

Learn more about managing fixed assets:

• Creating a New Fixed Asset

• Fixed Asset Bill Credits

• Fixed Asset Disposals

• Upload Bills