Setting Up Fixed Asset Register - Ten Top Tips When Getting Started

1. Before you start, if the company has been maintaining fixed assets in Excel, or perhaps a downloaded asset register report into Excel is available, the total accumulated costs and depreciation  should be compared with the values on the balance sheet in the accounting software as at the last closed period-end date to check they agree.  (usually last completed financial year-end).  It's not mandatory, but it's generally easier if your values fully reconcile when you start.
2. The first financial year of use in nettTracker for fixed assets should be the first year you need to identify new asset purchases, and when you need to start processing depreciation journals.  If you already have an asset register finalised as at 31 December 2021, the first financial year in nettTracker would normally be 1 January 2022 to 31 December 2022.
3. It is recommended to use a 'full financial year' in nettTracker that covers a 12-month period.  However, you can start part way through a year if you wish.  nettTracker will default to create a 12-month financial year, but you can override the start and end dates to create a period of less than 12 months.  Movements for the 'year' in the asset register will only reflect the additions/depreciation for the number of months in the period set.
4. Check the depreciation rules already set-up in nettTracker by default.  Add further rules if you need them.  Menu:  Assets>Depreciation Rules (step 2 of the 'wizard')
5. Edit or add further Asset Groups to reflect the same asset groups used in a previous system.  Menu: Assets>Asset Groups & Mappings (step 3 of wizard)
6. Map asset groups to the balance sheet and profit and loss accounts used in accounting software. (step 4 of wizard)  If using nettTracker with accounting software, account mappings are mandatory.  Without asset groups mapped to chart of account categories, nettTracker is unable to create any of the accounting journal entries it is required to.  Account Mappings is split into 3 sections;              (1) 'Additions/Depreciation', (2) 'Disposals' and (3) 'Year-End'.  If the same balance sheet accounts are selected in parts 1 and 2, you will not require section 3 for 'Year-End'.  ('Year-End' will create journals when the financial year is closed to adjust 'movements in year' to 'accumulated balances'.)
7. Double check all the required settings are in place.  Depreciation Rules, Asset Groups, and Mappings to accounting software if applicable.   Also check company settings; 'Automation Options' and the use of 'Classes' for example.  Menu: Settings>Company Settings.  All initial settings are covered in detail within the Getting Started Video Tutorials.
8. With all settings in place you should be in a position to import your current fixed asset values (opening balances of assets).  Menu: Assets>Import Assets. If you have any problems importing, refer to this article.
9. With settings in place and assets imported you should be all set.  The 'External Book Value' on the Dashboard should agree to the asset register if all is up to date.  Please be advised the external book value will reflect the balance sheet summary total value as at the next 'Reporting Period End' date - this date is displayed on the dashboard.  (note: it is a report summary value - not the calculation of separate asset categories added together).
10. For general day-to-day use of nettTracker, please refer to these short video tutorials.  When you've reached the end of the financial year these year-end tutorials should help.