Why masters matter
Every asset belongs to an asset class, and each class carries defaults (method, useful life or rate, residual %) that new assets inherit. Set these up first and most of your asset entry becomes a couple of clicks.
Open Setup ▸ Classes, Locations, or Custodians from the ribbon.
Asset classes
Create a class for each major group of assets — e.g. "Plant & Machinery", "Computers & Office Equipment", "Furniture & Fixtures", "Vehicles", "Software".
| Field | What it does |
|---|---|
| Name | The class label used in reports. |
| Type | Tangible (depreciated) or Intangible (amortised). Software, goodwill and patents are intangible — the engine amortises them along the SLM path. |
| Default Method | WDV (using a rate %) or SLM (using a useful life). |
| Default Life / Rate | Enter the useful life in years or the depreciation % — not both for the same default. |
| Default Residual % | The salvage value as a % of cost; it floors both methods. |
| Notes | Anything you want to remember about this class. |
Sub-classes
Optionally drill down inside a class — for example "Laptops" and "Desktops" under "Computers". Sub-classes are for reporting and organisation; they don't change depreciation.
Locations & custodians
Track where assets sit and who holds them. A location might be a plant, a branch or a department; a custodian the person responsible. Both are free-text lists you can add to as needed. They appear in the register and exports but don't affect the depreciation math.
ERP ledgers
If you post journal entries to an accounting system (Tally, etc.), map each asset class to the ledger names Just FAR should use:
- Asset ledger — the gross-block ledger; defaults to the class name.
- Accumulated depreciation ledger — if blank, depreciation is credited to the asset block directly.
- Depreciation / amortisation expense ledger — defaults to "Depreciation A/c" (tangible) or "Amortisation A/c" (intangible).
There are also file-level ledgers for the clearing account, and for profit/loss on sale. Set these once under Setup ▸ ERP Ledgers.
Company profile & branding
Under Setup ▸ Company Profile you set the client's legal name, PAN, GSTIN, address, contact details, financial-year start month, and the branding (name, logo, colours) that appears when you open their file. This lives inside the .fardb, so the branding travels with the file.