Assets are everything a company owns. Tangible assets are physical; they include cash, inventory, vehicles, equipment, buildings and investments. Intangible assets do not exist in physical form and include things like accounts receivable, pre-paid expenses, and patents and goodwill.
To understand the value of an asset, it’s important to understand its potential long-term benefits. Often, intangible assets are of greater long-term value than tangible assets because tangible assets are used up more quickly. For example, the patent for new technology could continue to generate money for decades, while the products based on that patent might have value in inventory for only a short time.
Process for data entry: Balance sheet >> Tangible assets and Intangible assets.
Open the exbace Software, Go to Transaction → Notes of Balance Sheet → Tangible assets given in menu bar
To enter the tangible asset detail, click on Add Record “Disclosure of tangible assets [Table]”
Enter detail with the parent-child method; this is the most prevalent method of modeling for presentation, definition and calculation linkbases. In this modeling technique, individual elements are organized in a tree-like structure. This structure allows representation of information using parent-child relationships wherein each parent can have many children, but each child has only one parent.
An example is shown below in the screen
The tangible asset details should be entered into two parts, “Gross carrying amount [Member]” and “Accumulated depreciation and impairment [Member]”. Meaning every asset should have two tables.
Process to enter detail in "Gross Carrying Amount [Member] " Table
Mention below details in "Gross Carrying Amount [Member] " Table
The process to enter detail in “Accumulated depreciation and impairment [Member]" Table
Mention below details in “Accumulated depreciation and impairment [Member]" Table
Now the tangible assets netblock details would be updated in the balance sheet automatically.
The same process follows for Intangible assets details.