Talking about finance, one of the most important elements that you may want to control, are your fixed assets, because they concentrate a large part of the company investment.
The fixed assets module is very large section in financial accounting, because in involves the control and inventory of this assets, with this I mean that ideally they have to be cataloged, labeled and properly stored. The system helps you do this, even it has some functionality that allows you to upload images of this assets.
Once that you have created the catalog for all your assets, their characteristics and data, it is important to integrate them in the financial accounting.
I’m going to be honest, you can only post to asset accounts, and manage your assets at account level, but this is not the best practice at you are wasting functionality that the system has to offer in this area.
As it works with accounts receivable and accounts payable, the fixed assets works with reconciliation accounts, that allows us to manage each asset as an individual object in the system, and have all the information and history about it.
You can depreciate it, reevaluate it and sell it.
There is a lot to talk about this topic, and soon we are going to have a course in Udemy regarding this module, because it is important for you to consider adding this to your system, it will help you keep control of everything that is going on in your company.