Q1. What is Transfer Fixed Assets for?
It lets you transfer your fixed assets and their depreciation value from your previous accounting system into Jaz. This is usually the next step after Transfer Trial Balance.
Q2. How do I Transfer Fixed Assets?
Follow these steps to transfer your Fixed Assets:
Step 1: Transfer Trial Balance.
Before proceeding, make sure you have completed the Transfer Trial Balance. Confirm that your trial balance includes an Accumulated Depreciation account or a similar.
Step 2: Enter Fixed Asset Details
Go to Fixed Assets > Transfer Fixed Assets, then fill in the following:Category
Asset Type
Asset Account
Asset Name
Asset Reference
Purchase Date
Purchase Value
Depreciation Method
Step 3: Fill in the depreciation details
Depreciation Start Date:
This should be the day after your Transfer Trial Balance lock date.Book Value at Start Date:
Enter the asset’s value as of the lock date. For example: If the purchase value is SGD 50,000 and the current value is SGD 25,000, input SGD 25,000.Depreciation Expense Account:
Select the appropriate expense account.Depreciable Value:
This is auto-calculated from the Purchase Value. No changes are needed.Accumulated Depreciation Account:
Select the correct account from your COA, typically Accumulated Depreciation.Useful Life:
Enter the asset’s useful life in months.
Step 4 (optional): Provide internal notes and attachments.
Step 5: Double check the record by viewing its ledger entry or go to Reports > Summaries > Fixed Assets
Q3. Can I import Transfer Fixed Assets?
Yes. Do this in Settings > Data Transfer.
Q4. Can I edit or delete assets I transferred?
Yes, just click on the 3 dot icon to edit or delete an asset. If you delete a fixed asset, all of the asset's depreciation entries will be deleted and are irreversible.
Q5. When does the depreciation happen?
Depreciation in Jaz happens on the last day of the month.