Quick Start Manual

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Manual

Intro
BizFusion Trial
User Interface
Contacts Module
Products Module
Discount Rules
Inventory Module
Sales Module
Purchase Module
Bills & Receipts
Projects
Subscriptions
Credit note / Returns
VAT Module
VAT over margin
European Trade
Foreign Trade
VAT Shifted
US Sales Tax
VAT Correction
Manufacturing
Assets Module
Current Account
Accounting Basics 1
Accounting Basics 2
Accounting Advanced
Year End
Owner Equity
Income Tax
Banking Module
Payments
Loans
Financial Lease
Cross Payment
CSV Statement
Data Import
Data Export
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Assets and Depreciations


Assets aren't simple consumable items, they're items that you will be using for multiple years.
This means that you can't just write them off as expenses when you purchase them.
Instead, you will recoup the costs of your assets by writing them off over several years.

There are two types of assets: Start Assets and Purchased Assets.




Register Start Assets


A lot of freelancers and small businesses start from scratch, so they don't have any start assets.
But if you took over a company or are switching from a different accounting system, then you have to
deal with existing assets that must be registered.

Go to: 'Accounting > Asset'

Fields with a blue left line are required.
You can leave the 'Expense Voucher' field blank when you're registering start assets.
Click on 'Save & Post' to finalize the record.

Example Start Asset


The UI changes when you post the asset.
The top of the page shows additional menu items.
You can now start adding depreciations to the registered asset.

Example Posted Start Asset





Purchased Assets



Go to: 'Expenses > Bills & Receipts' to register your purchase.

Here's an example of an expense voucher that contains a purchase of an asset.
The laptop costs more than 450 euro, which means that it must be registered as an asset.
This was the price point set by the Dutch government for 2014.
All our examples assume that we're located in the Netherlands (the home base of BizFusion).
The price point at which a purchase must be registered as an asset, differs from country to country.
Consult the website of your local tax agency to see what rules apply to your business.

Example Purchased Asset


Notice that the system automatically creates an asset when you click on the 'Save & Post' button.
This happens because 'Office Equipment' is an asset account.




Asset Depreciation


You recoup the cost of your asset by depreciating it over time.
The maximum amount for which you can depreciate an asset differs from country to country.
E.g. in The Netherlands you can write off 20% of the purchase value per year.
This enables you to completely write off an asset within five years.

You're allowed to write off more than 20% per year for certain products.
This is the case for e.g. computers and laptops.
Consult the website of your local tax agency for the exact percentages.

Click on 'Add depreciation' to depreciate an asset.

Example Asset Depreciation


It's customary to register your asset depreciations at the end of the year.
The depreciations are then split over all months of the year.

Click on 'Save & Post' to return back to the asset.
Notice that the depreciations per month are shown in the details table.

Example of Depreciated Asset





Asset Sales


You can also sell your assets.
Check the current value of the asset before setting a sales price.

Go to: 'Accounting > Asset' to check the current value of the asset.

You can then sell the asset by going to: 'Accounting > Asset Sale'.

Example Asset Sale


Any profit or loss that you make on the sale are posted to the aptly name 'Asset Sales' account.

Go to: 'Accounting > Profit & Loss' to see the results of the sale.




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