Furniture and Fixtures

Furniture and Fixtures holds the cost of desks, chairs, tables, cupboards, shelving, counters and shop fittings that the business will use for years. In the demo books it carries Rs 40,000 from Purchase Invoice ACC-PINV-2026-00004 for office chairs and a table bought from Market mind investment group, tracked as Asset ACC-ASS-2026-00001 with straight line depreciation. The cost stays in this ledger; the monthly Depreciation Entry credits Accumulated Depreciation instead, so the Balance Sheet shows cost less depreciation. The IRD pool rate for furniture is 25 percent a year. Cheap items such as a stool or a plastic rack are better expensed to Miscellaneous Expenses than tracked as assets for years.

Monthly depreciation = (Rs 40,000 - Salvage value) / Useful life in months; book value = Rs 40,000 - Accumulated Depreciation.

1. 01Go to Invoicing > Purchase Invoice > New for Market mind investment group.
2. 02Add the fixed asset item for chairs and a table at Rs 40,000 with no VAT template and Submit.
3. 03Go to Assets > Asset and open ACC-ASS-2026-00001; set the available-for-use date, useful life and salvage value and Submit.
4. 04The Asset Depreciation Schedule is created; the first month's share is part of ACC-JV-2026-00091.
5. 05Open the Furniture and Fixtures ledger from Accounts Setup > Chart of Accounts to read the Rs 40,000 debit.

Post by a Purchase Invoice for a fixed asset item. BRAccount debits this account when the invoice is submitted and tracks it on the Asset record.

Purchase Invoice ACC-PINV-2026-00004: Dr Furniture and Fixtures Rs 40,000, Cr Creditors Rs 40,000 for chairs and a table, tracked as Asset ACC-ASS-2026-00001.