The Intangible Assets tab helps manage and track your business's non-physical assets, such as intellectual property rights, patents, licenses, or goodwill.
You can enter detailed information for each intangible asset, monitor its amortization, and track its book value as it changes over time.
To create a new intangible asset, click the New Intangible Asset button.
When you create a new intangible asset, its acquisition cost will initially be zero. This is because no transaction has been linked to this intangible asset yet.
To set an acquisition cost, you need to record a transaction that represents the purchase of the intangible asset.
If you purchased an intangible asset with cash, navigate to the Payments tab and click New Payment. Record the payment by allocating it to the Intangible assets at cost account and select the specific intangible asset.
If you purchased the intangible asset on credit from a supplier, navigate to the Purchase Invoices tab and click New Purchase Invoice. Allocate the purchase invoice in the same manner as you would allocate a payment.
The Intangible Assets tab displays the following columns:
A unique identifier code for the intangible asset. This optional field helps you track assets using your own coding system.
The name of the intangible asset.
A detailed description of the intangible asset.
The annual amortization rate as a percentage.
The control account associated with this intangible asset. If you haven't set up custom control accounts, it will default to Intangible assets at cost.
The total cost of acquiring the intangible asset, calculated from all transactions assigned to this asset.
The accumulated amortization amount, calculated from all amortization entries recorded for this intangible asset.
The current book value of the intangible asset, calculated by subtracting Amortization from Acquisition cost.
Shows whether the intangible asset is currently Active or has been Disposed.