A fixed asset is something that a business will keep and use over time, and it will depreciate in value. Since not everyone knows what a fixed asset is, just asking "Is this a fixed asset?" isn't always helpful. Instead, we ask "How long will you use this item?" and if you will use it for more than a year, then we know it's a fixed asset. From there we will show you a straight-line depreciation schedule.
Check out this video to see how to track your fixed assets in LessAccounting: http://screencast.com/t/BfDvh7FHsC