Asset Master

Table of Contents

1. Introduction

2. Create Asset Category

3. Create Asset Type

4. Create Asset Item

5. Adding Asset to Load Opening Balance using grid

6. Importing Asset Items to Load Opening Balance via Copy Paste from Excel

1. Introduction

The asset master screen serves as a tool for creating an asset item within a system or software platform. This form is used to create one asset at a time.

2. Create Asset Category

Asset category refers to the classification or grouping of assets based on their characteristics, function, or purpose. 

Go to Inventory >> Item Categories >> Create New

Enter the required details then click "ADD" to include the Asset Category

3. Create Asset Type

Asset type refers to the classification of assets based on their nature, characteristics, or usage. It categorizes assets into different types such as machinery, equipment, vehicles, furniture, etc.

Go to Asset Management >> Depreciation Master >> Create New

Enter required detail

In this form the percentage represents the rate at which the value of an asset decreases over time due to factors such as wear and tear, obsolescence, or expiration of usefulness.

Once the details entered then click "ADD" to include the Asset Type

4. Create Asset Item

To create one asset at a time.

Go to Asset management >> Asset Master >> Create New

Enter Asset Details

Clicking the icon below will calculate the depreciation for the asset being created.

After entering the asset details, click "Add" to include the asset item, which will then appear in the asset item list.

5. Adding Asset to Load Opening Balance using grid

The Inventory Adjustment screen is used to load opening balance for an Asset

Go to Inventory -> Inventory Adjustment -> Create New

Enter Inventory Adjustment Details

When you click "Add Items" in the grid, it displays a list of asset that have already been added. Choose the Asset we want for loading opening balance

Once the Asset is added to the grid, enter the reason for loading opening balance of an Asset and input the value in the "Adjust To" column in the grid to load the opening balance for the Asset.

Note:

• In the Cost Price Column, Enter the Cost/Unit Price Per Item, Not for the Whole Quantity.
• This Cost price will be used at the time of Selling.

Once the details are entered, click ADD. The opening balance has been successfully added for the Asset.

6. Importing Asset Items to Load Opening Balance via Copy Paste from Excel

Copy the "Asset Item Code" and "Quantity" column from the existing file, then paste them in the respective place.

Once you click the "Paste From Excel and Import" icon mentioned below, a popup will open.

Copy the Asset item's detail from the Excel file and paste them into the popup. Then, click 'UPDATE' to add the asset to the grid.

Click "ADD", the opening balance will be successfully added for the asset items. We can view the opening balance of an asset in Asset Item List screen.