The Asset Management application is a great tool to not only keep track of your capital assets but also allow you to calculate and record depreciation for the assets. The application provides a few tools to help categorize and track related assets. This month we highlight a few of those tools.
The first tool is known as Manage Primary Assets. This allows you to link related assets together. For example, let’s say you have a police vehicle. Inside the vehicle we have a camera system and laptop. These are tracked as separate assets but can all be linked to the police vehicle as sub-assets. You can identify an asset as the primary asset in two ways. First, as you setup
a new asset, there is a checkbox that you can mark indicating that the asset is a primary asset. Second, you can use the Manage Primary Asset view to choose an existing asset as the primary asset and then relate the sub-assets to it. When an asset is related to other assets you will have the ability to dispose of or transfer the related assets all together or break the relationship and handle them individually.
The second tool is known as groups. Groups allow you to create sub classifications for reporting purposes. While classifications tend to be more general in nature, groups allow you to be more specific. Assets can only be associated with one classification but can be a member of multiple groups.
For example, let’s say we have a classification called vehicles, but we need to be able to report on the type of vehicles we have in our fleet. Groups are a great way to accomplish this task. We could set up groups for trucks, cars, public safety vehicles, public works vehicles, OHV, etc. The possibilities are as endless as your imagination when it comes to groups.
These are just two of the many features in the Asset Management application designed to help you manage your capital assets. If you have questions about these features or any others in Asset Management, please contact our customer service team.
Don’t have Asset Management? Contact us to schedule a demo and discover more of the benefits of this application.