Assets are a wide range of valuable resources owned and controlled by your business. They include tangible possessions such as Cash,Inventory, Receivables, Furnitures and fixtures, Investments, Prepayments, etc. and also Intangible ones like Goodwill, Intellectual properties, Customer lists and databases, etc. They serve a pivotal role in financial reporting as they serve as a cornerstone in accessing the financial health of your business.

Tyms Book’s Asset Manager section gives you access to having a complete oversight on the assets of your business. It includes the “Assets” segment, which displays your business assets and also allows you to record details on assets owned by your business.

It automatically calculates the depreciation schedule of these assets and apportion them to relevant books of account, when the depreciation charge on them is due. And also the “Asset Schedule” segment that allows you to add certain parameters with which the life span and depreciation of an asset under each category will be appraised on.

Here is a brief guide on how to record your Assets:

1. Begin by signing in to your Tyms Book account https://mybook.tyms.africa/auth/login

2. Select the “Assets Manager” page and and click on the “Assets” section.

3. Navigate to the page and click on the “Add Assets” button.

4. To record an asset, you must: a. Firstly, Input the “Asset Name” then the “Asset label” for easy identification. b. Then select the “Currency” with which the asset purchase is to be recorded and also its conversion “Rate” to your base currency. c. Input the “Acquisition date” for the asset, the “Assets total Cost”, the “Amount Paid” on its acquisition and the “Payment Account” the purchase is due to.

5. Then proceed to a. Select the pre-registered “Asset Schedule” the asset is to be categorized under. b. Include the “Tax(es)” relevant to the asset, the  “Asset Custodian” the asset is peculiar to. 

6. Continue by including the a. “Department”, “Branch” and/or “Project” peculiar to the asset. b. Describe the asset in the “Asset Description” column then conclude by clicking on “Submit & Save” 

You have now succeeded in adding the asset. It is now available for display on your asset section and you can now assess, and edit if need be from there.

Here is a brief guide on how to create an Assets Schedule:

1. Begin by signing in to your Tyms Book account https://mybook.tyms.africa/auth/login

2. Select the “Assets Manager” page and and click on “Assets Schedules”.

3. Navigate through the page and click on the “Create Schedule” button.

4. Proceed to provide the following information on the asset schedule that you want to add: a. The asset’s “Schedule Name”. b. The “Asset Account” where the asset is to be recorded c. The “Life time period” basis over which depreciation will be calculated. d. The estimated “Lifespan of the asset”. Once these have been provided, proceed to “Save Schedule”.

Now that the schedule has been saved, you can now proceed to record an asset under it.