How to Add a Fixed Asset Manually on Tyms

Tyms allows you to manually create and record fixed assets with detailed configurations for depreciation, accounts, ownership, and more.

Steps to Manually Create a Fixed Asset

1. Log in to Tym: Access your Tyms account using your login credentials.
2. Navigate to the Fixed Assets module

From the left sidebar:

• Click on Fixed Assets
• At the top-right corner of the page, click on “New”
• Select “Asset” from the dropdown menu
  You will be directed to a new page where you can input all necessary asset details.

      3. Fill In Asset Information
The asset creation form is grouped into sections:

 A. General Information

• Date: The date the asset was acquired
• Depreciation Start Date: The date depreciation should begin
• Currency: Choose NGN (default) or change to USD or other currencies if the asset was purchased in foreign currency
• Name: The name of the asset
• Description: Brief description of the asset
• Label: Optional tag to group or identify the asset
• Vendor: Select the vendor or supplier from whom the asset was acquired
• Asset Account: Choose the appropriate fixed asset account (e.g., Office Equipment, Furniture)
• Payables Account: Select the account to record any outstanding liability
• Salvage Value

B. Other Details

• Depreciation Account: Account used to track depreciation expenses
• Schedule: Choose how often depreciation is applied, Monthly or Yearly
• Accum.depreciation account
• Duration: Enter the number of periods (e.g., 6 months, 3 years)
• Depreciation Method: Select your preferred method (e.g., Straight Line)
• Acquisition Cost: Total purchase cost of the asset
• Tax (if applicable): Add tax percentage if relevant
• Deposit: Indicate if a deposit was made for the asset
• Amount Paid: Total payment made so far
• Paid Through: Specify the payment channel (e.g., Bank Transfer, Cash)
• Custodian: Employee responsible for the asset
• Branch: Select the branch where the asset is located
• Department: Assign the asset to the appropriate department

Once you've filled in all the necessary details, go to the top-right corner and click “Save” to either save the asset as a draft or publish it.