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Adding a Fixed Asset

Step-by-step guide for registering a new fixed asset with cost, depreciation, and tax-class details.

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Adding a Fixed Asset

This page shows you how to register a new fixed asset with its identity, cost, depreciation method, useful life, and tax class.

Product: Beam Machine
Module: Fixed Assets / Register
Role: Accountant, Asset Controller, Finance Lead
Difficulty: Intermediate
Time: 10 minutes
Last Updated: 2026-03-10
Version: Current Beam Machine app build in this repo

Before You Start

  • You need access to Fixed Assets -> Register.
  • You should know the acquisition date, cost, depreciation method, and useful life.
  • If you use tax-class tracking, know the correct tax class before you save.

What is a fixed asset record?

A fixed asset record is the master record for something the business owns and depreciates over time.

In Beam Machine, the add-asset form captures identification details, physical details, cost in rands, depreciation method, useful life, salvage value, and tax class.

When do you use this?

Use this when a new fixed asset is acquired and needs to enter the register before depreciation, reconciliation, and disposal workflows can work properly.

If the asset never enters the register, your finance and asset-control records drift apart.

Where to find it

Primary path: Fixed Assets -> Register -> Add Asset

Alternative: Start at Fixed Assets, then open Asset Register and use the add-asset action.

How to add a fixed asset

  1. Open Fixed Assets -> Register -> Add Asset.
  2. Enter Asset Code.
  3. Enter Name.
  4. Enter Description if needed.

✅ Checkpoint: You should now have the asset's identity captured.

  1. Enter Make and Model if known.
  2. Enter Serial Number and Location if known.
  3. Select Category.
  4. Enter Acquisition Date.
  5. Enter Cost (Rands).

✅ Checkpoint: The financial basics of the asset should now be on the form.

  1. Select Depreciation Method.
  2. Enter Useful Life (Years).
  3. Enter Salvage Value (Rands) if applicable.
  4. Select Tax Class if applicable.
  5. Click Save Asset.

✅ Checkpoint: The form should save and return you to the asset register.

  1. Confirm the asset appears in the register.

Important note about money values

The form asks for Cost (Rands) and Salvage Value (Rands), but the code converts those to cents before saving. Enter normal rand values like 12500.00, not cent values like 1250000.

Common Questions & Issues

"Do I enter cost in rands or cents?"

Why this happens: Many Beam Machine finance records use cents internally.

Fix: On this form, enter rands. The system converts them to cents before saving.

"I do not know the tax class yet"

Why this happens: Tax classification may be decided by policy or asset type.

Fix: Confirm the correct tax class before saving if tax reporting depends on it.

"The asset saved, but I cannot find it"

Why this happens: You may be in the wrong entity or the register needs a refresh.

Fix: Refresh the register and confirm the active entity in the header.

What's Next

Related Pages

SA Compliance Reference

  • Asset values, depreciation, and tax treatment affect finance and tax outputs. Follow your firm's asset policy and tax classification rules.

Still Stuck?

  • Search the Beam Machine help set
  • Check the fixed-assets routes in ../98-screen-map.md
  • Contact support: support@veva.co.za

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