Asset Types

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Asset Types 

The asset types module is used for categorizing the different types of assets the organization has and capturing them into the system.

 Each type of asset has different life spans and depreciation patterns. 

 Asset types can be created based on depreciation, useful life span or consumable time frame.

These asset types will later be used to classify your organization's assets.

 These classifications are used to aggregate assets into different blocks on the balance sheet, so that one can discern the relative liquidity of the assets of an organization.

To access this sub module click on: Procurement and Assets Management -> Navigate -> Setup -> Asset Types.

   The following screen will open up :        

Asset Types Figure 1.

              The available entries will be populated to the screen. 

Creating An Asset Type :

      Click on the create button to open the following window :

Asset Types Figure 2.

On the above figure : 

Name - Enter the name of the of the asset type.

Depreciation - Select a depreciation pattern for the asset from the drop down menu :         

Asset Types Figure 3.

• Fixed-Declining Balance - Where computation of depreciation is done at a fixed rate.
• Double-Declining Balance - Where the assets depreciates at a higher rate during the initial years of it's useful life, Laptops for example which are more productive when they're new.
• Straight Line -  Where the value of the asset depreciates at a fixed amount for every accounting period until the end of it's useful life.
• Sum-Of-Years' Digits - This is also an accelerated depreciation method where a higher expense is incurred in the early years and a lower expense in the latter years of the asset's useful life.
• Variable Double-Declining Balance - This is a combination of declining balance and straight line. 

Click on the lookup Icon 

to lookup G/L Account, Depreciation Expense G/L Account, Accumulated depreciation G/L Accounts & Gain-Loss G/L Account 

from the appropriate General Ledgers

Useful Life - Set the asset's useful life using the up down scroll keys. 

Asset Types Figure 4.

NOTE : Check the 

flag if the asset type is tangible.

                           Click on the create button to save the commit the asset type into the system. 

On successful completion you will get a pop up message confirming that the operation was successful.

 Editing An Asset Type :

       Identify the asset type to be edited : 

Asset Types Figure 5.

Click on the edit icon 

against the asset type to open the following screen :

Asset Types Figure 6.

Make applicable modifications to the Name, Depreciation, G/Ls & Useful life  fields.

NOTE :   Check/ clear 

flag to modify the tangibility status of the asset type.

                             Click on the update button to save the changes into the system. 

On successful completion you will get a pop up message confirming that the operation was successful.

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