Fixed assets are long term assets. For certain businesses, FA is indeed a significant portion in terms of capital investments and balance sheet item. Hence proper recording will ensure value of the assets is maintained with accurate posting to your Balance Sheet and P&L.In Mr Accounting, assets are grouped under similar groupings with the same depreciation. The details of your assets can be found within ‘Fixed Asset Register’ section where items such as the “asset’s brand, modal, serial number, warranty years” can be found here. You can even add a picture for better visual!