Assets are owned by a business and are used to generate positive outputs to help run or sustain operations. This is generally some kind of property (vehicle, building, or otherwise) that you own and use for your business. Assets are recorded on a company’s ‘balance sheet’ and if you are able to maintain an accurate description of your business’ asset balances, this can help you to determine the financial wellbeing of the business.
In Sole, users have the ability to create and maintain assets through the ‘Asset’ screen, in which you can perform activities such as:
- Adding a newly or previously purchased asset;
- Assigning an ‘asset category’ to categorise types of assets by class;
- Marking assets as ‘paid by cash’; and
- Run a balance sheet report to summarise the position of your business.