Track capital assets one asset at a time, year over year

Enable the worksheet

In the engagement's left menu, under WORKSHEETS, click Worksheets and check Capital assets. Ledger auto-suggests it when it detects a non-zero capital asset account in the TB.

Open Details and configure an account

The first time you use the worksheet on a client, each capital asset account appears with a Configure button and a message : « This account isn't configured yet. Click Configure to set the amortization method, the rate, and the linked accounts (accumulated amortization, expense, gain/loss). »

The dialog asks for :

• Amortization method : straight-line or declining balance.
• Annual rate (%) for declining balance, or useful life (years) for straight-line.
• Linked accounts (all must already exist in the TB) : accumulated amortization, amortization expense, gain (loss) on disposal (optional but required if you plan disposals).

Create opening balances for existing assets

If the client already has capital assets at the start of the year, Ledger shows a green hint in the account card : « No detailed assets for this account. The TB shows a cost of $62,500.00 and accumulated amortization of $18,750.00 at the start of the year. Create an opening balance to start detailed tracking. »

The Create opening balance button opens the dialog in Opening balance mode, with cost and accumulated amortization pre-filled from the TB. Adjust the description, the original acquisition date (may be before the current year), then save. Repeat for each asset if the opening balance covers several items.

Add the year's acquisitions

In the account card, click Acquisition. Enter the description (e.g. « Ford F-150, invoice #1234 »), the acquisition date (within the year), the cost. Notes are optional. The Customize the method for this asset panel stays collapsed by default : open it only if a specific asset should amortize differently from the account.

Dispose of an asset

On the asset row, click Dispose. The dialog asks for :

• The disposal date (within the year).
• The proceeds ($0 if the asset was scrapped or gifted).
• The account receiving the proceeds (bank, shareholder loan, receivable). Default : first cash account.
• The gain/loss account. Set once in the account configuration, reused for all disposals.

A gain/loss preview appears at the bottom : cost, opening accumulated amortization, YTD amortization to disposal, NBV, proceeds, gain/loss. It's indicative ; the final entry uses precise pro-rata amortization to the disposal date.

Check the Summary

Back in Summary. Each account shows a status :

• Balanced : the computed balance (N-1 + acquisitions − disposals) matches the TB N balance exactly.
• To explain : there's a gap. Click the row to jump to the account card in Details and find the cause (forgotten acquisition, wrong value, rounding).
• Not configured : method or linked accounts missing.

Submit the entry to Adjusting entries

Tab Entry. Three steps :

1. Existing adjusting entries. If you already booked amortization manually on these accounts, check to have Ledger reverse them in the new entry.
2. Entry auto-computed. Year's amortization (with pro-rata on acquisitions), plus disposals (cost writeoff, accumulated amortization reversal, proceeds, gain/loss).
3. Net entry to post. Step 2 minus step 1. That's what will land in Adjusting entries as « Amortization and disposals, Capital assets (via worksheet) ».

Click Submit to adjusting entries. The worksheet confirms : « ✓ The entry has been added to adjusting entries. »

Print for the reviewer

The Print button at the top produces a PDF with all three tabs : full Summary, per-asset Details with calculations, and the generated entry. That's what the reviewer or partner examines. The layout picks up your firm's brand.