An Asset Class is what defines an asset's characteristics and groups all similar assets together. This helps the organization when locating an asset with specific characteristics. An asset item must belong to a class which defines its basic characteristics and type. A computer may be an asset class and can also be a parent class for a desktop or laptop computer class.
Assets ► Support Entities ► Asset Class
| Fields | Description |
| ID | The unique identification code, manually entered by users or automatically generated based on parameters. |
| Active | The status of the asset class it is Active or Not. |
| Is Component | Determines if this Asset Class can be referenced as a component of a parent asset. |
| Is Movable | Defines whether all Asset Items represented by this class are physically Movable or not. |
| Is Used On Asset Item That Was On Construction | By default it is false, the user can change the value. If this attribute is true then when the user selects this asset class on asset item, the system displays Manage by Institution and Manage by Vendor. |
| Depreciation | The default value is true. If this is false then the asset value can’t be depreciated. |
| Useful Life | The useful life of the asset class. This is measured in years. |
| Total Periods To Depreciate | This information contains the number of periods that this Class of Asset should have. |
| Salvage Percentage | Applied to the original cost of all the related asset items in order to calculate their salvage values. |
| Depreciation Rate Factor | This rate is used for the declining balance depreciation method. |
| Parent Asset Class | Parent Class of this Asset Class, e.g. Computers can be Parent Class for Desktops. |
| Depreciation Method | Default Depreciation Method for this asset class. |
| Useful Life Unit of Measure | A class might suggest a useful life for an asset item belonging to this class. |
| Depreciation Reference Date | Reference date when the Assets belonging to this Asset Class starts to depreciate. Available values are: Acquisition Date, Start in Use Date, Receipt Date, and Month/Year of Manufacture. |
| Language | The default value is English. |
| Name | This is the name of the asset class. |
| Description | A detailed description of the Asset Class. |
| Accumulated Depreciation Coding | This is the coding block for the accumulated depreciation. |
| Coding Block | Coding block for this asset class. |
| Revaluation surplus coding | This is an optional attribute referencing the revaluation surplus coding block used for revaluation on assets. |
| Expense Coding Block | This coding block will be used to associate all expenses (including depreciation) related to this asset class. |
| Coding Block for Confiscation, Expropriation, and Appropiation | It depends on the system setting of the parameters. If its related parameter is true and false then the system asks the value and display it. This is asset coding block. |
| Financial Coding of Transfer | Financial coding block of asset transfer. |
| Coding Block used for Manage by Institution | By default it is hidden. This coding block is used to generate financial transactions related to the Asset Transaction. |
| Coding Block used for Manage by Vendor | By default it is hidden. It is the financial coding block field. This coding block is used to generate financial transactions related to the Asset Transaction. |
| Inherit Depreciation Rate From | This is the inherit depreciation rate for the asset class. |
| Custom Period Depreciation Rates Tab | Allows users to select previously configured customized depreciation rates from another Asset Class. Users can modify the values copied from the other Asset Class. |
| Asset Item Additional Field Configs Tab | It allows the user to configure asset additional field. |
Overview
Configuration relating to additional field of Asset Item in Asset Class gets added from this tab.
Asset Class Asset Item Additional Field Configuration screen Fields
Field | Description |
Sequence # | The sequence number of additional field configuration is automatically generated by the system. |
Active | Whether the record added is kept active for usage, gets marked in the checkbox. |
| Entity Property | Property of the entity like whether it refers to length, width, height, color, exchange rate, gender, etc. is selected from the dropdown box. |
| Is Display Property | Whether this is a display property, gets marked in this field. |
| Is Mandatory Property | Whether this is a mandatory property, gets marked in this field. |
Overview
Allows users to select previously configured customized depreciation rates from another Asset Class. Users can modify the values copied from the other Asset Class.
Customized Period Depreciation Rate Tab Screen Fields
| Fields | Description |
| Consecutive Period Number | The period in which the asset is useful. |
| Depreciation Rate | The rate by how much the asset is depreciating. |