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Assets Management (Depreciation) | Accounting

Asset management is a systematic process to organize, monitor, and sell the assets of an organization in a cost-effective way. By monitoring the assets and their current working conditions, will help the business to understand the loss/gain, equipment failures, etc.

Odoo 14 also provides the feature of asset model and asset creation to manage the assets in a company. The asset model is a feature to manage the asset entries for an asset. The depreciation for the asset can be set for a particular duration. A single asset model can be used for creating multiple assets.

To create an asset model, Go to the Accounting module - Configuration - Management - Asset Model - Create.

Create an asset model by adding details as required in the form such as:
Asset Model Name
Depreciation Method(Straight line, Degressive, Accelerated Degressive)
Duration
Prorata Temporis
Accounting:
1. Fixed Asset Account: The account which was used to document the purchasing of the asset at its original cost

2. Depreciation Account: Account used to record the depreciation entries

3. Expense account: Accounts used to report the expense portion of the asset.

4. Journal


One can mention the analytical account and analytical tag if needed. Thus the asset model is created.

Now go to the chart of accounts and assign the asset model to the asset account, Accounting Module - Configuration - Accounting - Chart of Accounts. Edit fixed asset account.

Under Asset options, 'Automate Asset' chosen as Create and Validate, and the created asset model is added to the field. Then, save changes.

Now let see how the purchased product can be converted to an asset using the asset account and asset model. Create a vendor bill from the accounting module and add the fixed asset account. Add the label for the vendor bill, then add an account, quantity, and price. Now confirm the bill. On confirming a smart button 'Asset (s)' will appear. Details on assets can be viewed in the asset tab. Thus the asset is created, whose first depreciation date, value, and status can be seen here. Click on the asset, which will show the depreciation entries for each year. Here you can see the original value of the asset, acquisition date, and all the calculations of depreciation can be viewed under the 'Depreciation Board' tab.

On this page, you have a smart tab 'Posted Entries'. It will display the details of all posted depreciation.

For each depreciation, there is a depreciation date. The depreciation entries are validated and posted on the corresponding dates. Right Now, the status is in Draft. Once the entry is posted, the status changes to post. When you open one entry, in the other info tab, you can see the checkbox 'post automatically' is ticked. It means the accounting entry is automatically posted on that particular accounting date. We can manually post this entry, by un-ticking the option 'post automatically'.The posted entries will be reflected in the profit and loss account. One can save the asset model using 'SAVE MODEL' or pause or modify depreciation using the 'PAUSE DEPRECIATION' and 'MODIFY DEPRECIATION buttons respectively.

Also, the asset can be 'sell' or 'dispose' at the end. If the action is 'sell', mention the customer invoice and Loss / Gain account. For an action 'Dispose', mention the Loss/Gain account.

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