Track physical assets and intellectual property with automated depreciation

Fulfil tracks both tangible and intangible assets. Physical assets include manufacturing equipment, packaging machinery, warehouse equipment, display fixtures, retail buildouts, and office furniture. Intangible assets include patents, trademarks, copyrights, software licenses, and other intellectual property. Each asset type can have custom depreciation or amortization schedules based on its useful life.

When you register a fixed asset, Fulfil automatically creates depreciation schedules based on your chosen calculation method (daily or monthly). The system posts backdated entries for past periods if they're still open, and schedules future entries that post automatically at period end. You can track depreciation expense accounts, accumulated depreciation, and current book values in real-time without manual journal entries.

Monthly calculation spreads depreciation equally across all periods, making budgeting predictable with the same amount each month. Daily calculation adjusts for actual days in each period, providing more precise accounting that varies based on month length (28-31 days). Choose monthly for standard business accounting where consistency is preferred, or daily for mid-month acquisitions, high-value assets, or regulatory requirements needing granular calculations.

Set up intellectual property assets the same way as physical assets, but use amortization schedules aligned with legal protection periods. For patents, amortize over the patent protection period (typically 20 years). For trademarks, you can amortize registration costs over the renewal period (typically 10 years). Software licenses and copyrights follow their respective useful life or legal protection periods. Each asset maintains proper balance sheet valuation with automated expense recognition.

For disposals, Fulfil automatically writes off the remaining net book value to your designated write-off account while clearing the asset and accumulated depreciation accounts. For sales, the system calculates gain or loss by comparing the sale price to the current book value, posts an invoice to accounts receivable, and recognizes the gain or loss on your income statement. All transactions maintain complete audit trails with proper accounting treatment.

Yes, use CSV bulk import to migrate existing assets. Set the depreciation start date to your Fulfil go-live date, and adjust the purchase price to reflect the current net book value (original cost minus accumulated depreciation already expensed elsewhere). This prevents Fulfil from creating historical entries for closed periods while maintaining accurate future depreciation schedules. The system preserves all historical details like original purchase dates for reporting purposes.

Assign depreciation expense to specific departments, cost centers, or locations using Fulfil's class allocation feature. For simple cases, select a single class for the entire depreciation expense. For complex scenarios, use allocation templates to split expenses across multiple classes and categories (e.g., 60% to manufacturing, 40% to R&D). Classes apply to all depreciation entries automatically, ensuring accurate departmental expense tracking and reporting.

Fulfil uses state-based workflows with permission controls. Assets start in Draft state where details can be modified. When ready, users with appropriate permissions register the asset, moving it to In Use state and starting depreciation. You can configure user permissions to separate asset creation from registration approval, ensuring proper review before automated posting begins. All state changes and modifications maintain complete audit trails.