How to Add a Fixed Asset in NuMetric
Follow these steps to add a new asset and enable depreciation tracking:
Go to Purchases from the left menu
Click on Assets
Click “Add an Asset”
Then complete the asset details:
Asset Name – e.g., “Office Laptop”
Asset Type – e.g., Electronics, Furniture
Description – add additional context about the asset
Select Account – choose the asset GL account from your chart of accounts
Depreciation % – enter the annual depreciation rate
Click “Calculate Depreciation” to automate monthly depreciation expense records (journl vouchers).
Select Depreciation Account – choose the accumulated depreciation account for depreciation expense (auto depreciation).
Attach Files – upload documents such as purchase receipts or warranties
Click Save to complete the entry
Step by Step:
1. navigate to "Purchases"
2. Click "Assets"
3. Click "Add an asset"
4. Click "Asset Name:"
5. Click "Asset Type:"
6. Click "Description:"
7. Click "Select Account"
8. Click "Depreciation %:"
The follwoing next two step 9 and 10 are related to Automatic Depreciation.
By clicking on "Calculate Depreciation" you activate this auto process. otherwise you decide to manually record depreciation expenses based on assets report.
NuMetric automates depreciation by generating a monthly Journal Voucher at the end of each month, based on the asset’s straight-line prorated calculation. This ensures depreciation is recorded accurately and consistently without manual intervention.
9. Click "Calculate Depreciation"
10. Click "Select Depreciation Account"
11. Click "Files" to add files that related to this asset.
12. Click "Save" to create assets type.
Purcahse an Assets
After completeing creating assets type: you can now record asset purchases directly through the bill creation process, just select "Asset" as the item type when adding a line. This links the purchased item to your fixed assets and automatically updates your asset records for depreciation tracking.