Q: How does Puzzle identify transactions as fixed assets?

A: Puzzle suggests that a transaction be recorded as a fixed asset when two conditions are met: the transaction is categorized to a fixed asset category (e.g., Furniture or Computers and Hardware), and its dollar amount exceeds $2,500.

Q: Can I manually add fixed assets if Puzzle doesn't identify them automatically?

A: Yes. Navigate to the Fixed Assets tab to convert an existing transaction into a fixed asset or to manually add a new fixed asset.

Q: Can I place a fixed asset in service in a locked period?

A: For fixed assets getting placed in service retroactive to some time in the past, there cannot be any locked periods during the intervening months between the placed-in-service date and today's date.

Q: What happens if I mistakenly place a fixed asset in service?

A: Select "Void" to remove a fixed asset. This will also reverse the auto-generated capitalization and depreciation journal entries.

Q: How does Puzzle calculate the depreciation expense for each fixed asset?

A: Puzzle uses straight-line depreciation over the useful life of the asset with a “half-month” first-month convention and the assumption that the asset will have no end-of-life salvage value.

If you are looking to use a different method, please let us know via the in-app chat or at [email protected]

Q: What if I dispose of a fixed asset? Will Puzzle automatically calculate the gain or loss?

A: Not yet. Stay tuned, as we will be rolling out this functionality in the coming months. For now, you can record the gain or loss using manual journal entries.

Q: Can I export the fixed asset rollforward report?

A: Yes, on the Fixed assets tab, there is a toggle for the “Asset Rollforward” in the top left. You can export this view in CSV and Excel format.

Q: Are there any additional costs associated with using the fixed asset management features in Puzzle?

A: Fixed asset depreciation is available on the Automation and Enterprise plans. You can upgrade from the Settings page.

Q: How frequently are depreciation schedules updated in Puzzle?

A: Puzzle automatically updates depreciation schedules at the end of each month; recording the proper accruals as a depreciation expense.

Q: Can I track maintenance and repair expenses for fixed assets in Puzzle?

A: No. Please let us know via the in-app chat if you would like us to consider this as a future enhancement.