• Fixed Assets: Those assets will be used by the company for a long period of time. a) Tangible assets: Those assets which we can see and touch physically. For e.g., Land & Buildings, Plant &  Machinery, Furniture, fixtures, and fittings. b) Intangible assets: Those assets which we can’t see and touch such as Goodwill, Patents,  Copyrights, Trade Mark, etc
• Current assets: Those assets which can be easily converted into cash within one year like cash in hand, cash at  bank, Bills receivable, stock, etc
• Fictitious assets: It is not the actual assets, its the expenditure that occurred at the time of commencement of firm ( capital expenditure )like preliminary expenses, discount on the issue on debenture/shares, underwriting commission, etc

1. Asset Type: Similar types of assets are grouped under one particular name called asset type. Select the asset type from the list which was created already.
2. Asset Code: The asset code is the simpler way to indicate the asset name. For e.g., The asset name is Generator, then the code is GNR.
3. Asset Name: The name of an asset is needed to be entered here.
4. Batch/Serial#: Every asset will have batch and serial numbers. It can be defined while creating the asset type. So the appropriate batch/serial number is needed to be selected here.
5. Classification: The classification tab is used to classify the asset brand, purchase date, category, etc.

• Category: The category of the asset is needed to be defined here. For e.g., If the asset is Building, then the category will be Educational buildings, Government buildings, etc.
• Sub Category:
• Brand: The brand name of the asset is needed to be entered here.
• Model: Every asset will have a model name and number, enter the appropriate model details.
• YOM: Year of manufacturing of an asset is selected in this field.
• Purchase Date: The purchase date of an asset is needed to be given in this field.
• Bill Number: Each asset will be having a specific bill number. Provide the bill number of an asset.
• Bill Date: Provide the bill date when the purchase of this asset is made.

6. FMS: Facility management system

• Party Type: The asset might be owned by the organization or it can be rented from third parties. So the type of party is needed to be selected here.

Own Asset: If the asset is owned by the organization itself, then select this button.

Third-Party: If the asset is owned by the third parties, then select this button.

• Site: The asset will be employed anywhere, so this field is to mention the site where the asset is located.
• Location: The location of an asset is needed to be mentioned here.
• Capacity: Some of the assets will be holding fuel or other components to function, so the capacity of holding the fuel is needed to be entered here.
• UOM: The unit of measurements is needed to be specified here.
• Running Status: The functioning status of an asset is needed to be mentioned here. In a few cases, the asset will be under maintenance or it will be on standby for any reason.

To be installed: The asset is still not installed, but it is ready for installation.

Working: The asset is working properly.

Scrapped: Once the asset becomes non-usable, then the asset will go for scrapping.

Stand By: Asset will be on standby if the main system fails, then stand by will be used instead of the main system.

Maintenance: Select this button when the system is under maintenance.

Alert:

• Is Critical Asset: From the list of assets, few assets will be having more value. Those kinds of assets are marked as critical assets.
• Energy Metering: Some assets can use the energy source to run, so the details of energy sourcing are needed to mentioned here.

Incharge: The in-charge person's name responsible for the asset is needed to be mentioned here.

Department: The department where the asset will be used.

Quantity:

8. Service: The service status is used to record the service details of an asset.

Service Status:

Service From Date: The date when the service of an asset is started.

Service To Date: The date when the service of an asset is ended.

Service Provider: The asset might be from third parties, so select the service provider if required.

Asset WIP Account: The asset will have a WIP (work in progress) account.

Asset Account:

Depreciation Account:

Accumulated Depreciation Account:

10. Parameter: The parameter tab includes detailed information regarding each parameter.