What are asset types?
Asset types are categories that group similar assets together. Each type controls which accounts are used for the accounting entries and how depreciation is calculated.
For example, all your vehicles would use the same type. When you create a new asset, you pick a type and Cybooks applies the correct settings automatically.
Default asset types
Cybooks comes with eight types commonly used by Cyprus businesses:
Asset type | Useful life | Tax life | Examples |
Vehicles | 5 years | 5 years | Cars, vans, trucks |
Computer Equipment | 4 years | 5 years | Laptops, servers, printers |
Furniture and Fixtures | 10 years | 10 years | Desks, chairs, shelving |
Office Equipment | 5 years | 5 years | Phones, copiers |
Machinery and equipment | 10 years | 10 years | Manufacturing tools |
Buildings | 33 years | 25 years | Offices, warehouses |
Land | None | None | Plots and parcels |
Leasehold Improvements | 10 years | 10 years | Renovations to rented space |
You can use these as they are, change them, or create your own.
Where to find asset types
Go to Fixed Assets in the sidebar, then click the Asset Types button in the top-right corner.
Create a new asset type
Click Add Asset Type and fill in these fields:
Name
Give it a clear name, like "Delivery Vehicles" or "IT Hardware".
Accounting accounts
Each asset type links to three accounts in your Chart of Accounts:
Fixed Asset Account – where the cost of the asset sits on your Balance Sheet (e.g. "Vehicles")
Depreciation Expense Account – where the monthly depreciation charge appears on your Profit and Loss (e.g. "Depreciation – Vehicles"). Leave empty for assets that do not depreciate, like Land.
Accumulated Depreciation Account – tracks the total depreciation taken so far on the Balance Sheet (e.g. "Accumulated Depreciation – Vehicles")
Depreciation settings
Depreciation method – Cybooks uses Straight-Line, which spreads the cost evenly over the useful life
Averaging method – controls the first month:
Full Month (default) – the asset gets a full month of depreciation no matter what day you bought it
Actual Days – the first month is adjusted based on how many days were left in that month
Default Useful Life – pre-fills the useful life field when you create a new asset of this type. You can always change it per asset.
Tax Useful Life – the useful life for tax purposes, which may be different
Active or inactive
Active types appear in the dropdown when creating assets. Set a type to inactive to hide it without deleting it.
Edit an asset type
Click any asset type in the list to edit it. You can change any field at any time. Changing the default useful life only affects new assets – existing assets stay the same.
Delete an asset type
You can only delete an asset type if no assets are using it. If assets exist under the type, reassign or delete those assets first.
Important: Instead of deleting a type you no longer need, set it to inactive. This hides it from the creation dropdown but keeps your records intact.
Non-depreciable asset types
Some assets, like Land, do not lose value. To set up a non-depreciable type, leave the Depreciation Expense Account field empty. This tells Cybooks that assets of this type should not be depreciated. They stay on your Balance Sheet at their original cost but can still be registered, tracked, and disposed of.
Tips
Set up your asset types before you start creating individual assets
Match the accounting accounts to your existing Chart of Accounts
Keep the names clear and consistent