Setting 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.

To set up your Fixed Asset Settings:

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

2. Go to Organization Settings

1. Select Accounting in the left menu

2. 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

3. 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