MAQSU

Assets Management

Asset Management feature in MAQSU allows you to efficiently track and manage your company's fixed assets throughout their lifecycle. From acquisition to disposal, you can maintain accurate records, calculate depreciation, and ensure compliance with accounting standards.

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📌 Key Takeaway
  • Use Asset Categories first to define depreciation and accounting behavior.
  • Record purchases with an Asset Category so MAQSU creates proper asset tracking.
  • Confirm assets to activate depreciation and keep financial statements accurate.

The sections below guide you through setup and day-to-day asset operations in a practical sequence.

Purchase an Asset

Purchase an Asset is the same as creating a vendor bill. However, the critical step is to assign an Asset Category to the bill line. This ensures that MAQSU recognizes the purchase as a fixed asset and applies the correct accounting and depreciation rules.

📌 Prerequisites

Before purchasing an asset, ensure you have set up Asset Categories with depreciation settings. Let's see how to setup Asset Categories

Step 1 — Navigation

Navigate to the Bills page by going to Accounting ‣ Vendors ‣ Bills from the left sidebar.

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Step 3 — Create

Click the Create button at the top-left of the Bills page to open a new vendor bill form.

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This will open a blank bill form where you can record your asset purchase transaction.

Step 4 — Fill Out Bill Header

In the bill header, fill out the following fields to provide the necessary information about the purchase:

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  1. Vendor – Select the supplier for this asset purchase to ensure correct accounts payable tracking.
  2. Reference – Enter a short purchase description (for example, asset type, model, and terms).
  3. Bill Date – Use the date shown on the vendor invoice.
  4. Doc No. – Keep auto numbering unless your process requires a custom sequence.
  5. Accounting Date – Set the posting date for accounting books (usually same as bill date).
  6. Payment Terms – Select due terms (for example, Immediate, Net 30, Net 60) to auto-calculate due date.
  7. Journal – Keep the default vendor bills journal unless you need a special journal.
  8. Currency – Select the bill currency and apply exchange rates when needed.
  9. Auto-complete – Use only when linking from an existing PO or prior document; otherwise leave blank.
Step 5 — Add a line with Asset Category

Now you need to add the line item for your asset purchase. This is the critical step where you assign the asset category.

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In the Invoice Lines tab, use these fields:

  1. Product (Optional) – Select an existing product if the asset is tracked in inventory.
  2. Description – Enter a clear asset description including model or identifying details.
  3. Asset Category (Critical) – Select the fixed-asset category so MAQSU applies depreciation and asset accounting.
  4. Account – Confirm the line uses the correct asset account instead of an expense account.
  5. Quantity – Enter units purchased (for example, 1.00 or 5.00 for identical assets).
  6. UOM – Choose the matching unit of measure (for example, Units, Each, Pieces).
  7. Price – Enter unit price before taxes.
  8. Discount – Enter line discount if applicable.
  9. Taxes – Apply the correct purchase tax profile.
  10. Subtotal – Review auto-calculated pre-tax line total (Quantity x Price - Discount).
📌 Important

Without an asset category, MAQSU records the line as expense instead of fixed asset.

Step 6 — Post

Click on the Post button. Once you've reviewed and confirmed all information is correct. This will create the vendor bill and automatically generate the corresponding asset record in MAQSU with the correct category and depreciation settings.

Step 7 — View the Asset Record

After posting the bill, you can immediately view the created asset record by clicking the View Asset button.

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Step 8 — View the Asset Record

Clicking Asset List will take you to the asset's detailed page where you can see all relevant information about the asset, including its category, depreciation schedule, and financial details.

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Step 9 — View Asset Details

The asset record will show all relevant details.

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Step 10 — Confirm

After reviewing the asset details, click the Confirm button to activate the asset. This will change its status from Draft to Running, making it available for depreciation processing and financial reporting.

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Step 11 — View Running Asset

Once confirmed, the asset will show as Running in the asset list, indicating it is active and ready for depreciation.

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The asset is now fully registered in the system and will be included in all relevant financial reports and depreciation calculations.

Step 12 — Book an Entry

You can book depreciation for the asset by clicking on the Red dots in the Linked column, which indicates that depreciation entries are not yet posted. Once you run depreciation, these will turn green, showing that the asset is being depreciated according to its schedule.

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Step 13 — Post Depreciation

Once it books the depreciation, the red dots will turn yellow, mean the depreciation is booked but not yet posted. So now let's click on the smart Smart Items button to view and post the depreciation entries.

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Click Post to reconignize the depreciation in the system. After posting, the dots will turn green, indicating that the depreciation has been successfully recorded.

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Create Manual Assets

In some situations, you may need to create an asset record directly without going through a vendor bill purchase. This is useful when you already own assets that need to be added to your system, such as when migrating from another system, recording donated equipment, or entering opening balances for existing assets.

📌 Note

For new purchases, use the vendor bill method with asset category assignment (see "Purchase an Asset" guide). Manual asset creation is primarily for existing assets that need to be registered in the system.

Step 1 — Navigation

Navigate to the Assets page by going to Accounting ‣ Assets from the left sidebar.

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If you have already created assets through vendor bills, they will appear in this list. To add a new asset manually, you will create a new asset record from this page.

Step 2 — Create

Click the Create button at the top-left of the Assets page to open a new asset form.

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Step 3 — Fill in Asset Details

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  1. Asset Name – Enter a clear asset name for identification and reporting.
  2. Asset Category – Select the category that controls depreciation and accounting behavior.
  3. Asset Code – Enter a unique tracking code (numeric or alphanumeric).
  4. Reference – Add optional internal notes such as serial number or location.
  5. Date – Enter acquisition date to determine depreciation timing.
  6. Depreciation Dates – Choose manual or automatic depreciation scheduling mode.
  7. First Depreciation Date – Set the first depreciation start date.
  8. Currency – Select the transaction currency.
  9. Gross Value – Enter original asset cost before depreciation.
  10. Salvage Value – Enter expected value at end of useful life.
  11. Residual Value – Review current book value (usually equals gross value at creation).
  12. Vendor – Select vendor if purchased, or leave blank for non-purchase assets.
  13. Invoice – Link related vendor bill when available.
Step 4 — Review Depreciation Board

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The Depreciation Board tab shows the complete depreciation schedule:

  1. Depreciation Date – When each depreciation entry occurs
  2. Depreciation – Amount depreciated each period
  3. Cumulative Depreciation – Total depreciation to date
  4. Residual – Remaining book value
  5. Linked – Link to journal entry (after posting)

Example Schedule: – Initial Gross Value: $2,000.00

  • Monthly Depreciation: $166.67
  • 12-month schedule showing gradual value reduction
Step 5 — View Depreciation Information

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The Depreciation Information tab displays settings inherited from the asset category:
The depreciation settings are inherited from the asset category and provide a consistent approach to calculating depreciation across all assets in the category:

Computation Method – The method used to calculate depreciation, either Straight Line or Declining Balance.

Period Type – The type of period used to determine depreciation, either Number of Entries, Ending Date, or Yearly.

Period Count – The total number of periods over which depreciation will be calculated.

Period Interval – The frequency at which depreciation will be recorded, such as monthly or yearly.

Step 6 — Save and Confirm Asset

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After completing all fields:

  1. Click Save to save the asset as a draft
  2. Thoroughly review all information for accuracy and completeness
  3. Click Confirm to activate the asset and make it available for depreciation processing

After Confirmation: – Asset status changes from Draft to Running

  • The depreciation schedule becomes active and the asset appears in financial reports, ready for depreciation processing.
Step 7 — Asset is Running

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Once confirmed, the asset shows Running status with:

Status Indicators: – Red dots in Linked column indicate depreciation entries not yet posted

  • Will turn green after running depreciation

Available Actions – Sell or Dispose – Record asset disposal

  • Set to Draft – Revert to draft if needed (before depreciation)
  • Edit – Modify asset details
  • Action – Additional options menu

The asset is now active and will be included when you run depreciation entries.

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Deferred Revenue & Expense