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Assets Overview
The Assets module manages fixed assets and capital items from setup through registration, acquisition, transfer, depreciation, capital projects, maintenance, insurance, verification, and disposal.
Use Assets when the organization needs a controlled record of what it owns, where it is, who is responsible for it, how much it is worth, whether it is covered, and how it affects finance reporting.
What Assets Helps Manage
Use Assets to manage:
- Asset types and categories.
- Asset books for financial, tax, or management views.
- Asset products and reusable asset templates.
- Asset register records.
- Acquisition, transfer, revaluation, impairment, and disposal activity.
- Depreciation rules and depreciation runs.
- Capital work in progress.
- Maintenance logs, service records, calibration notes, and operational readiness.
- Insurance policies and covered assets.
- Physical verification and discrepancy review.
- Accounting setup and finance posting readiness.
Main Areas
Setup defines the asset structure and accounting behavior.
Asset Register holds the active asset records.
Transactions record financial and operational changes such as acquisitions, transfers, disposals, revaluations, and impairments.
Depreciation manages periodic depreciation activity.
Capital Projects manages capital work in progress.
Compliance manages maintenance, insurance, and physical verification.
Workspace Reference
| Workspace | How Users Reach It | What Users Usually Do There |
|---|---|---|
| Asset Types | Assets -> Setup -> Asset Types | Add asset types, classify lifecycle behavior, assign depreciation defaults, and define capitalization thresholds. |
| Asset Books | Assets -> Setup -> Asset Books | Add financial, tax, or management valuation books. |
| Asset Products | Assets -> Setup -> Asset Products | Add reusable asset product templates for repeated asset registration. |
| Depreciation Rules | Assets -> Setup -> Depreciation Rules | Configure depreciation methods, useful life, residual value, and start behavior. |
| GL Integration | Assets -> Setup -> GL Integration | Configure asset posting rules, financial event review, and disposal methods. |
| Locations | Assets -> Setup -> Locations | Review or add shared operational locations used by assets. |
| Asset Register | Assets -> Asset Register -> Asset Register | Use Create Asset, review asset detail, register identifiers, component links, and lifecycle status. |
| Transactions | Assets -> Transactions -> Transactions | Record acquisitions, transfers, revaluations, impairments, and disposals. |
| Depreciation Runs | Assets -> Depreciation -> Depreciation Runs | Use Run Depreciation and finalize reviewed depreciation runs. |
| Capital Projects | Assets -> Capital Projects -> CIP | Use New CIP Project, add costs, and capitalize completed projects. |
| Maintenance | Assets -> Compliance -> Maintenance | Use Log Maintenance for repairs, service, calibration, inspection, or upgrades. |
| Insurance | Assets -> Compliance -> Insurance | Use Add Insurance Policy to record coverage and covered assets. |
| Verification | Assets -> Compliance -> Verification | Use New Verification to capture physical verification evidence and discrepancies. |
Standard Lifecycle
A typical fixed-asset lifecycle is:
- Configure asset types, books, products, depreciation rules, accounting links, and shared locations.
- Register the asset with a tag, description, classification, location, custodian, condition, and financial details.
- Record the acquisition or capitalization event.
- Transfer the asset when its location, custodian, department, business unit, or ownership changes.
- Run depreciation for the relevant period and book.
- Track maintenance, insurance, and physical verification.
- Record revaluation or impairment when the carrying value changes.
- Dispose of the asset when it is sold, scrapped, retired, donated, or otherwise removed.
- Review accounting and reporting status after financial events.
For a concrete asset example, see Asset Acquisition To Disposal.
Important Values
Asset screens may show several finance values:
- Original cost: the initial capitalized cost of the asset.
- Accumulated depreciation: depreciation charged so far.
- Net book value: original or carrying cost less accumulated depreciation and other adjustments.
- Fair market value: a valuation estimate used for review, insurance, or revaluation context.
- Insured value: the amount covered by an insurance policy.
- Snapshot date: the date when displayed asset financial values were last captured or reviewed.
Key Controls
Assets affect balance sheet values, depreciation expense, insurance coverage, custody, and audit evidence. Users should keep asset location, status, valuation, and verification data current.
Before approving asset activity, confirm the asset status, location, custodian, book, depreciation rule, acquisition evidence, and accounting readiness. Do not dispose, impair, revalue, or capitalize assets without supporting documentation.