Asset Type

Path: Maintenance>Master>Asset Type

An organization will have different types of assets, but managing each and every asset will be a cumbersome process. The asset type screen plays a vital role by classifying the similar types of assets under the single asset type.

Similar types of assets are grouped under one particular name called asset type.

1. Code Category: The code category is selected as an Asset type while creating a new asset type.
2. Code: The code of the asset type needed to be entered here. Code can be created from the name of the asset type. For e.g., The name of the asset type is Building, then the code will be BULID.
3.  Name: The name of the asset type needed to be entered here. The common name of a group of assets can be used as an asset type name. For e.g., Computers, Buildings, etc.,
4.  Tracking Type: This field is used to define how the assets can be tracked.

• Single: This option is selected to track each and every single asset.
• Consolidated: This option is selected to track the consolidated quantity of assets
• Batch: This option is used to track the asset with the batch number.
• Serial No: This option is used to track the asset with the serial number.

5. Parameter Set: The parameter set is used to create a checklist for asset maintenance. To create a parameter set click here.

6. Nature: An asset might be tangible or non-tangible. The nature of assets will be selected here.

7. Asset Schedule:

8. Resource Type Name: 

9. Activity: The activity tab is used to define the maintenance process for the asset type. Different types of maintenance are created in the activity type. Activity type Click here Activity Type

• Activity: The type of maintenance process will be selected here.
• Frequency Period: The time cycle in which the maintenance process occurs. For e.g., daily, weekly, monthly, etc.,
• Duration: The time period to complete the selected maintenance process.

10. Depreciation: This tab is used to define the depreciation of the assets. For internal purposes, this field can be used.

11. Accounts: This field is used to define the account details of the asset.

12. Options: A list of options provided for the asset maintenance and this is basic information related to the asset.

13. Click the Save button to save the asset type details.

******************************************************************************************What is an Asset Type?

An Asset Type is used to classify the various types of fixed assets owned by an organisation.

Similar type of fixed assets owned by an organisation are grouped under one particular name called Asset Type.

Why do we need an Asset Type? 

An Asset Type is useful for an efficient management of fixed assets and easy maintenance,scheduling, tracking,accounting and valuation  of  various types of fixed assets owned by an organisation.

To understand better if an organisation owns three buildings  lets say  an office, factory and a godown  all of them are grouped together under one Asset Type named as Buildings . Similarly if there are 10 laptops and 15 desktops owned by an organisation, all of them can be grouped under one Asset Type named as Computers. Chairs & tables can be under an Asset Type named as Furniture.

Purpose of the Asset Type screen:

The purpose of the Asset Type screen is to create the different Asset Types like buildings,computers, equipment etc and define (record) information which are required to manage the assets under each  Asset Type

Path for the Asset Type screen:

FAM > Master > Asset Type

Field description:

Code category: 

Code: Describes the code for the Name of the Asset Type Fore.g., BLDG for Asset Type Name Buildings.

To be entered manually or can be generated automatically based on the code category if the Name is entered (For automatic generation , click here)

Name: Describes the name of the Asset Type like Buildings, Computers, Furniture etc.

To be entered based on the type of assets grouped under the Asset Type e.g., Computers for Laptops,desktops etc

Tracking Type: Describes how the assets under one Asset type can be tracked  and gives options to select based on the Asset Type

E.g., The Tracking Type can be selected as  Single for  Asset Type Buildings, Batch for Asset Type Computers and Serial No for Asset Type Furniture.

Parameter set:

Nature:  Describes the nature of the asset like Tangible or Non-Tangible

Asset Schedule:

Activity Tab: Describes any activity to be performed on the asset type for maintenance, the frequency  of performance and the duration or number of times the activity needs to be performed.

Any number of activities can be entered using the Add Row facility

E.g., Whitewashing, Electrical lines checking for Buildings.

Depreciation:  This field provides an option for entering depreciation for internal calculation  and tax depreciation imposed  by the Govt is applicable for that Asset Type by checking the  box and if applicable , the type & percentage of depreciation and life of the asset  to be entered.

Accounts: Gives options to select the Accounting Type as Direct to Asset or WIP to Asset with relevant account (general ledger).

based on which the asset type accounts will be reflected in books.

Options: Provides various options which are basic information regarding the assets to be maintained and they can be recorded by checking the boxes provided