If your business has few fixed assets, it may be sufficient to record then in one general ledger account, with a subledger or other support specifically identifying each asset. On the other hand, if your business is capital intensive, you may prefer to set up different general ledger accounts for different classes of assets, such as land, buildings and installations, construction and infrastructure, construction in progress, machinery and equipment, furniture and fixtures, vehicles, leaseholds and leasehold improvements, and other fixed assets.
Accumulated depreciation accounts should generally be set up to mirror the way the corresponding assets are recorded.
Other Assets
The other assets section includes long-term accounts and notes receivables, from employees, owners and officers, related companies, or others. This section could also include security deposits and other guarantees. Other assets also include long-term investments, including investments in related or affiliated companies.
Another category of accounts that fall under other assets would be intangibles, such as organization costs or start-up costs that you choose to defer and amortize over a period of time. Other deferred charges accounts may also be needed for amounts that are paid and will contribute to the generation of income over a period longer than one year. Goodwill is another account in this section, and normally corresponds to acquisitions in which the amount paid exceeds the book value of the assets or investment acquired. Related accounts for amortization of intangible assets also appear in this section.