Asset Operations

Asset operations manage asset records and lifecycle activity.

Workspace Reference

Workspace	How Users Reach It	Main Actions
Asset Register	Assets -> Asset Register -> Asset Register	Use Create Asset, open detail, add identifiers, add component links, and review lifecycle, financial, and custody context.
Transactions	Assets -> Transactions -> Transactions	Use transaction actions for acquisition, transfer, revaluation, impairment, and disposal.
Depreciation Runs	Assets -> Depreciation -> Depreciation Runs	Use Run Depreciation, review totals and exceptions, then finalize reviewed runs.
CIP	Assets -> Capital Projects -> CIP	Use New CIP Project, Add Cost Line, and Capitalize when work is ready for use.
Maintenance	Assets -> Compliance -> Maintenance	Use Log Maintenance and review service history.
Insurance	Assets -> Compliance -> Insurance	Use Add Insurance Policy and review covered assets.
Verification	Assets -> Compliance -> Verification	Use New Verification and reconcile verification lines against the register.

Asset Register

The asset register is the main list of assets. It should show the asset identity, type, location, status, custody, acquisition information, book value, and other operational details.

Common register fields include:

• asset tag;
• serial number;
• description;
• asset type;
• asset product;
• depreciation rule;
• primary location;
• current custodian;
• commissioning date;
• warranty expiry date;
• lifecycle stage;
• condition rating;
• insured value;
• original cost, accumulated depreciation, net book value, fair market value, and snapshot date where financial data is available.

Use Create Asset to register a new asset. The form supports batching, so users can add several assets before submitting where the workflow allows it.

Use the detail view to review tabs such as overview, assignment, lifecycle, financials, and custom fields. If the asset tag, location, custodian, product, or depreciation rule is wrong, correct it before recording financial or compliance activity.

Asset Transactions

Asset transactions record lifecycle changes such as acquisition, transfer, revaluation, impairment, and disposal.

Users should ensure approvals and supporting evidence are complete before posting financial asset transactions.

Acquisition

Use Record Acquisition to capture how the organization acquired the asset.

Important fields include asset, acquisition method, acquisition date, total cost, currency, asset book, source party, invoice or reference information, and notes.

Acquisition methods include purchase, lease, donation, construction, capitalization, and transfer. Select the method that matches the evidence and expected accounting treatment.

Transfer

Use Record Transfer when an asset changes business unit, location, custodian, ownership, or department.

The transfer type controls which fields are visible. For example, a location transfer asks for from-location and to-location, while a custodian transfer asks for from-custodian and to-custodian.

Review transfers carefully because they affect custody, verification, accountability, and reporting.

Revaluation And Impairment

Use revaluation when the asset's carrying value is adjusted upward or downward based on approved valuation evidence.

Use impairment when the asset has lost value because of damage, obsolescence, reduced recoverable value, or another approved reason.

Both actions should include valuation method, date, previous amount, new amount or loss amount, valuer or evidence references, and approval notes.

Disposal

Use Record Disposal when an asset is sold, scrapped, written off, donated, stolen, retired, or otherwise removed from active use.

Important fields include asset, disposal date, proceeds, disposal method, and reason. Confirm the asset has no unresolved verification, insurance, maintenance, or accounting blockers before disposal.

Depreciation Runs

Depreciation runs calculate and record depreciation for eligible assets. Finance users should review exceptions before relying on period depreciation totals.

Use Run Depreciation to select:

• period from;
• period to;
• optional asset book;
• optional asset type;
• run date.

Leaving book or asset type blank can broaden the run. Use filters intentionally to avoid running depreciation for the wrong population.

After a run, review totals, exceptions, asset count, and posting status. Use Finalize Depreciation Run only when finance has reviewed the result and any exceptions are understood.

Capital Work In Progress

Capital work in progress tracks costs for assets or projects that are not yet ready for use. When complete, CIP should be capitalized into the appropriate asset record.

Use New CIP Project for construction, development, or rollout work that should accumulate cost before becoming an asset.

Important project fields include project name, asset type, description, budget amount, currency, start date, and expected completion.

Use Add Cost Line to add costs to the project. Review accumulated cost and utilization percentage against budget.

Use Capitalize only when the project is ready for use and the accumulated cost should become a fixed asset. Capitalization should create or update the fixed asset record and mark the project as capitalized.

Maintenance

Maintenance records help track servicing, repairs, inspections, and operational readiness. Maintenance history supports asset reliability and audit evidence.

Use Log Maintenance Activity for preventive maintenance, corrective maintenance, inspection, calibration, upgrade, or other work.

Important fields include asset, maintenance type, maintenance date, description, cost, currency, and next scheduled date.

Maintenance cost does not automatically mean capitalization. Finance should decide whether a cost is repair expense, enhancement, replacement, or CIP.

Insurance

Insurance records track policy coverage, insured values, expiry dates, and renewal needs.

Use Create Insurance Policy to record policy number, insurer, policy type, premium frequency, coverage amount, premium amount, deductible, currency, start date, end date, broker, terms summary, and covered assets.

For covered assets, confirm the insured value is reasonable compared with original cost, net book value, and current replacement expectations.

Review insurance regularly for expired policies, underinsured assets, missing covered assets, or policies that need renewal.

Verification

Verification records confirm physical existence, location, condition, and custody. Verification should be performed regularly for high-value or mobile assets.

Use Create Physical Verification to record verification code, verification date, optional asset type, location, notes, and verification lines.

Each verification line should identify the asset and capture whether it was found, missing, damaged, moved, or otherwise discrepant. Condition options include excellent, good, fair, poor, and damaged.

Verification results should be reconciled against the register. Missing or damaged assets may require transfer correction, maintenance, impairment, insurance claim review, incident reporting, or disposal.

Good Practice

Do not rely on the register alone for audit readiness. A reliable asset record needs current location, custodian, condition, financial values, depreciation status, insurance coverage, maintenance history, and recent verification evidence.