Financial Transactions
This page explains how to view, add, and manage financial transactions on individual assets. Transactions are the building blocks of the financial asset register — every purchase, depreciation charge, disposal, and cost adjustment is recorded as a transaction. Understanding how transactions work is essential for maintaining accurate financial records.
Prerequisites
- You must be in the Fixed Asset Management profile (see Fixed Asset Management Profile).
- You need to have an asset record open in the editing screen (see Financial Asset Information for how to navigate to an asset).
Viewing Transactions
The Transactions tab within the asset editing screen lists all financial transactions recorded against the asset:
Use the Book and Transaction Type dropdowns at the top of the screen to filter the list:
| Filter | Purpose |
|---|---|
| Book | Show transactions for a specific book only (e.g. "Management" or "Tax"). Select "All Books" to see everything. |
| Transaction Type | Show only transactions of a specific type (e.g. Purchase, Depreciation, Disposal). Select "All Types" to see everything. |
Transaction Types
Common transaction types include:
| Type | Description | Created By |
|---|---|---|
| Purchase | Records the acquisition cost of the asset | Automatically when the asset is created, or manually |
| Depreciation | Monthly depreciation charges | Automatically by period-end processing |
| Disposal | Write-off of remaining book value on disposal | Automatically by the disposal process |
| Write-Up / Write-Down | Manual adjustments to asset value | Manually by the user |
| Revaluation | Formal revaluation of the asset | Manually by the user |
| Running Cost | Operating costs such as maintenance, fuel, or insurance | Manually, or imported via data transformation |
Viewing and Editing a Transaction
Click the blue Type link (for example, "Purchase") to view or edit an individual transaction:
Key fields on the transaction record:
| Field | Description |
|---|---|
| Type | The transaction type (Purchase, Depreciation, etc.) |
| Book | Which book this transaction belongs to |
| Amount | The financial value of the transaction |
| Apply Date | The date the transaction takes effect — this determines which accounting period it falls into |
| Period | The accounting period this transaction is posted to |
| Nominal Code | The general ledger account this transaction maps to |
| Reference | An optional reference number for cross-referencing with your accounting system |
Warning: Avoid editing posted transactions — the system will warn you if you attempt this. Editing a transaction that has already been included in a journal can cause discrepancies between xAssets and your general ledger. Instead, post an adjusting transaction to make corrections.
Warning: Posting a transaction into a closed accounting period is not permitted (subject to a system setting). If you need to record a transaction in a past period, contact your administrator about reopening the period.
Adding a Transaction Manually
To add a transaction:
- Navigate to the asset's Transactions tab.
- Click the Add button at the bottom of the transaction list.
- Select the target book. You can choose a specific book, or use Add to All Books to create the transaction in every book simultaneously:
- Select the transaction type, enter the amount, and set the apply date.
- Click Save.
Tip: The Set Purchase Date button sets the transaction's Apply Date to match the purchase date recorded on the asset. Use this when adding a retrospective transaction that should be dated to the asset's acquisition.
When to Add Manual Transactions
Common scenarios for manual transactions include:
- Revaluations — Recording a formal revaluation of an asset (e.g. property revalued by a surveyor)
- Write-downs — Reducing the value of an impaired asset
- Running costs — Recording maintenance, insurance, or other operating costs for total cost of ownership tracking
- Corrections — Posting adjusting entries to correct previous errors (rather than editing the original transaction)
Bulk Transactions
To add the same transaction to multiple assets, use the Bulk Update feature:
- Select multiple assets in an asset list view.
- Choose Bulk Update Assets from the Actions on Selected Records menu.
- Navigate to the Transactions tab in bulk update mode.
- Add the transaction — it will be applied to all selected assets.
This is particularly useful for posting running costs (e.g. annual insurance premiums) across a group of assets.
Related Articles
- Financial Asset Information — Navigating to the transaction screen
- The Monthly Accounting Process — How depreciation transactions are created automatically
- Disposal — How disposal transactions are created
- Total Cost of Ownership — How running cost transactions contribute to TCO