Asset Categories

This article explains how to create a fixed asset category in Qoyod, set the depreciation rate and useful life, and define the accounting accounts linked to each category.

Path in Qoyod

Fixed Assets › Asset Categories › Add Asset Category

Add a New Category

1. From the “Fixed Assets” dropdown menu, select “Fixed Assets”.
2. Click “Asset Categories” then “Add Asset Category (+)”.
3. Fill in the category data (see the next section).
4. Click “Save” or “Save and Create New”.

Asset Category Data

• Reference Number: filled automatically.
• Category Name in Arabic and English.
• Depreciability: specify whether the asset is depreciable or not.

Non-Depreciable Asset Settings

• Asset Account.

Depreciable Asset Settings

• Depreciation Method: straight-line.
• Useful Life: calculated in years or as a percentage.
• Asset Account.
• Depreciation Expense Account.
• Accumulated Depreciation Account.
• Depreciation Type: carried-forward depreciation (registered).

Asset Categories Page

After saving, the category appears in the list. Available options:

• View: to view the category data.
• Edit: to edit the category data.
• Delete: available only if the category is not linked to any fixed asset.

Notes

• The accounts linked to a category cannot be changed once it has been linked to a fixed asset, purchase, or opening balance.