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Your assets, depreciated for you.

Each laptop, vehicle and software licence gets its own record, linked to the purchase and its invoice. You approve the depreciation schedule, and Sumly posts the entries to your books.

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  • Each asset linked to its invoice
  • You approve each schedule
  • Shown in your reports

  • A record for every asset

    Each asset the company owns has its own record. It links to the purchase, the invoice and every entry posted for it.

  • Depreciation on schedule

    Sumly spreads each asset's cost over the years you use it. Equipment and vehicles are depreciated. Software, patents and trademarks are amortised.

  • In your reports

    The balance sheet, profit and loss and cash flow show your assets and their depreciation as soon as the entries post.

Every asset, with its invoice.

The invoice, the payment and every entry stay with the asset's record. You can trace any figure back to its paperwork.

  • Asset accounts for equipment, vehicles, furniture, software, patents and trademarks
  • You can't code a bill to accumulated depreciation by mistake
  • Sumly AI can prepare the asset record for you to check

Approve the schedule. Sumly posts the rest.

Each asset gets a schedule with the date and amount of every charge. Once you approve it, Sumly posts each entry on its date.

  • Depreciation and amortisation kept on separate accounts
  • Every entry passes the same checks as any other in your ledger
  • Sumly AI explains a schedule but never approves one

Assets in your reports, ready for year-end.

The register keeps no ledger of its own. Its entries go straight into your general ledger, so there is no second set of figures to reconcile at year-end.

  • Non-current assets on the balance sheet, at cost less depreciation
  • Depreciation and amortisation in operating expenses on the profit and loss
  • Asset purchases under investing in the cash flow, with depreciation added back

How it works.

From the bill to the year-end accounts, every step writes to the same books.

  1. Record the purchase

    Forward the bill to your company's Sumly address. Sumly reads it into a draft, and you code the line to an asset account such as 1150 Computer & IT Equipment.

  2. Add it to the register

    The asset gets its own record, linked to the purchase and its invoice.

  3. Approve the schedule

    Check how the cost is spread over the asset's life, then approve it.

  4. Sumly does this

    Entries post to your ledger

    Each depreciation or amortisation entry goes to your ledger on its date, with no journal to write.

  5. Close the year

    The year-end review covers the register and its schedules with the rest of your books. The accounts start from the figures your reports already show.

What else it does.

  • Ask about an asset

    Ask Sumly AI what an asset is worth in your books, or how its depreciation charge was worked out. It answers from your own records.

  • One copy of each file

    The invoice is stored once and linked to the purchase, the asset and its entries. Nothing is copied into a second folder.

  • Locked periods stay locked

    Depreciation follows the same locks as the rest of Sumly. A closed year can't take a new entry.

  • Roles respected

    Only people whose role allows it can approve a schedule. Each posting checks that role again.

  • Assets you already own

    Moving to Sumly? The cost and accumulated depreciation of your existing assets come in with your opening balance.

  • From your phone

    Scan the receipt for a new laptop with the Sumly app for iPhone and Android, and code it to an asset account there.

Works together.

Everything in Sumly writes to the same books, so each part knows what the others did.

All features

Fixed assets, answered.

Something the company buys to keep and use over several years, such as a laptop, a vehicle, office furniture or software. Stock you buy to sell is different, and the register leaves it out.

Both spread an asset's cost over the years you use it. Depreciation is for things you can touch, such as equipment and vehicles. Amortisation is for intangible assets, such as software, patents and trademarks.

No. Depreciation follows your company's accounting policy, and the schedule in Sumly is for your accounts. A capital allowance is the deduction the Cyprus tax rules give for wear and tear, at the rate for that class of asset. The two can differ, so don't copy the depreciation charge into the tax return.

In the accounts, yes. The car sits in 1130 Motor Vehicles and is depreciated like any other asset. The tax side is different. Article 10 of the Income Tax Law leaves private motor vehicles out of machinery and plant, so don't assume the car earns a capital allowance.

A person with the right role in your company. Sumly AI can read your asset records, explain a schedule and prepare a draft. It can't approve a schedule, dispose of an asset or close the year. Entries post only from a schedule a person has approved.

Record the sale or disposal against the asset and keep its evidence with it. Work out the tax result separately, from the allowances already claimed. An asset that is fully depreciated in the accounts can still produce a tax adjustment.

Bring last year's asset register and tax schedule. The cost and accumulated depreciation go into your opening balance, account by account. Keep the capital allowance history too, because the tax side needs what was claimed before.

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Try it on your own books.

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