Bulk Asset Item Creation

Created by Level 1 Support Team, Modified on Wed, 27 Mar at 8:27 PM by Level 1 Support Team

Table of Contents

1. Introduction

2. Creating asset items in bulk using file import

3. Creating asset items in bulk using grid

4. Category-Based Ledger Mapping for Bulk Asset Item Creation

4.1 Mapping Ledger Accounts for Asset Item Categories

5. Effect of Asset Enhancement on Depreciation Calculation

5.1 To add an enhancement for an asset

6. Bulk Asset Item Creation: Edit Mode

6.1 Editing Asset Items: Using the Edit Icon

6.2 Editing Asset Items in Bulk asset item creations report

1. Introduction

The Bulk Asset Item Creation screen is utilised for creating multiple asset items simultaneously, streamlining the process of adding assets in large quantities to the system.

To create Asset Item in Bulk

Go to Inventory>> Bulk Asset Item Creation>> Create New

Enter Asset Item Details

Select the Depreciation ledger and the Asset ledger. These selected ledgers will be applied to all the assets which are being entered in asset Item Details Table or Grid.

Note:

1. Add multiple items under the same asset and depreciation ledger simultaneously.
2. Perform category-based transactions, where one category encompasses items with identical ledgers for assets and depreciation

2. Creating Asset Items in bulk using file import

Set the import data field as 'YES', then download the sample sheet, add asset items detail for the assets to be created, and upload the sheet.

The column signifies

Column	Description
Asset Code	It's recommended to use the next sequential asset code for entry.
Name	Name of the asset to be created
Description	Brief description of the asset
Purchase Cost	Enter the purchase cost, though it's optional. This value will be populated from the item receipt during asset reception.
Expiry Date	The expiry date for asset items typically refers to the anticipated end of the asset's useful life or its expected duration of effectiveness.
Asset Type	This dropdown will decide the life of asset. Make sure to select the correct value. In order to create the value and define the correct % of depreciation
Asset Condition	Asset condition options such as "Excellent," "Fair," "Good," and "Poor" typically indicate the physical condition or quality of an asset, with "Excellent" representing the highest quality and "Poor" representing the lowest
Depreciation Frequency	Typically, companies depreciate assets monthly, so enter "12" for monthly depreciation. Selecting "1" means depreciation occurs once a year.
Total Depreciation Years	This indicates the number of years for which depreciation will be calculated, or the expected lifespan of the asset. The value here should correspond to the selection made in "Asset Type."
Booked Amount	The booked amount typically refers to the recorded cost of an asset on a company's financial statements. For new assets, this will be 0.00.
Opening Months Ran	It indicates the duration for which the asset has been in use since its initial acquisition. For new assets, this will be 0.00.
In Stock	It refers to whether the asset is currently available or present in inventory. For new assets, this will be ' NO '.

After uploading the sample sheet, click on 'ADD' to bulk add asset items.

These asset items will then be listed in the All Asset Item List.

Note:

1. Creating an asset does not mean it is immediately available in stock.

2. It must be acquired through either a purchase order followed by item receipt and purchase invoice, or directly through a purchase invoice with stock enabled.

3. Creating asset items in bulk using grid

Click the ' + ' icon in the grid to add a new row. Once the new row is added, select it and enter the number of rows we want to duplicate in the text box.

Once the number entered in the textbox, click the icon next to the textbox and the number of rows entered will get added in the grid.

Then add the Asset Item details either by copying their details from the XL/CSV file and pasting them here in column wise or by manually entering here.

Once the details are pasted into the grid from the existing file, click on "ADD" to create the asset items. The items will be added to the Asset Item List.

4. Category-Based Ledger Mapping for Bulk Asset Item Creation

When adding multiple asset items at once and If the asset items belong to different categories and if each category belongs to different ledger accounts.

You can link the ledgers individually for each category in the item categories screen. When asset items are added to the grid, each asset item will be associated with the ledger linked to its category instead of the same ledger account for all asset items in the grid.

This ensures more accurate accounting as each asset item is assigned to its appropriate ledger account based on its category.

4.1 Mapping Ledger Accounts for Item Categories

Go to Inventory>> Item Categories>> Create New

Once the asset item category is linked with the ledger accounts, click " save ".

In bulk asset item creation screen, paste asset item details with items belong to different item categories in the grid.

Once the details are entered click " ADD " . The asset items will be added with their corresponding ledger accounts.

5. Effect of Asset Enhancement on Depreciation Calculation

When creating an asset item, depreciation is calculated based on the purchase cost of the asset item.

We can view the depreciation for an asset on the asset master screen by selecting the respective asset item.

5.1 To add an enhancement for an asset

Go to Asset Management >> Asset Repair >> Create New.

In the "Select Items to Repair" grid, click on "Add Items" and select the asset item for enhancement.

In the "Maintenance Type" column, select "ENHANCEMENT" and enter the value in the "Amount" field for the enhancement. Click " ADD ".

After adding an enhancement for an asset, the depreciation is calculated based on the sum of the purchase cost and the enhancement amount of the asset.

6. Bulk Asset Item Creation: Edit Mode

After the asset items are added, you can edit the asset item details such as asset name, description, price and other attributes directly in the grid.

There are two ways to edit items detail.

6.1 Editing Asset Items: Using the Edit Icon

Click the edit icon in the top of the form and select the respective bulk asset item creation ID to edit the asset items detail.

Double-click on the desired column to modify the values and edit the asset item details.

Once the asset item details are edited, click "SAVE" to modify the asset item details.

Once saved, you can view the modifications in the asset master screen. Additionally, you can edit individual asset item details directly by double-clicking on the respective asset item within the screen.

6.2 Editing Asset Items in Bulk asset item creations report

In the Bulk Item Creation report, double-clicking the item id you want to edit switches it to edit mode.

Once the item details are edited, click "SAVE" to modify the item details.