This is probably is my first documentation, where do I start from. I have tried to include as much description in the fields as I could. Well the following is the Main Screen :
Scenario 1A: Create a Fixed Asset Account if you are carrying forward a Fixed Asset from Last Fiscal Year. See an example below :
Important Point to note here is to Set the Original Purchase Value Asset and to Insert a single record in the Depreciations Table with the Last Fiscal Year and the Total Accumulated Depreciation of the Fixed Asset till the End of Last Fiscal Year. In Other words Depreciation Provided Till the End of the last fiscal Year.
Scenario 1B: Create a Fixed Asset Account if you are purchasing a new Asset. Here don’t put anything in the Depreciations table and no need to supply Gross Purchase Value. The Purchase Value would be filled in Once the Purchase Transaction is Submitted.
Scenario 2: Purchase a Fixed Asset. Look at the Image below :
I feel it is self explanatory. Once the record is submitted it will give an option to post the Journal Entry.
Scenario 3: Sell a Fixed Asset: Again an example follows :
Here you need to select the Fixed Asset Account, where its purchase value would automatically be fetched. Then you can enter the Sale Value (Fixed Asset Sold For), which will result in fetching the Total Accumulated Depreciation for that Asset and whether the Company has incurred Loss/Profit on the Sale of that Asset. Once this is done, the user can then select the Account where the Loss/Profit needs to be booked (Booking Account). Journal Entries can be posted once the record is submitted.
The Report: As discussed earlier the Report Format Could be as :
I hope the Above documentation is of help and the module itself. I would try to make an Independent Application once the Team is Satisfied with the module and its results.
Edit: The Module Currently uses “Written Down Method of Depreciation” and for now does not consider Useful life and Scrap Value. I am not even sure how they are used as I was building the module for personal use in the our firm. But thanks to your encouragement I hope to contribute in the development of ERPNext.