Asset Management

Overview

Inventory → Management → Assets

The Asset Management module in Inventory Pro provides comprehensive tracking and management of both tangible and intangible assets across your organization. This powerful system supports equipment, tools, vehicles, computers, software licenses, and more with advanced features for depreciation, maintenance, warranty tracking, and hierarchical relationships.

Key Features

• Comprehensive Asset Tracking: Manage tangible and intangible assets with detailed attribution
• Advanced Categorization: Organize assets by type, location, department, and ownership
• Depreciation Management: Multiple depreciation methods with automatic calculations
• Maintenance & Compliance: Certification and inspection scheduling with alerts
• Asset Hierarchies: Parent-child relationships for complex equipment setups
• Barcode & RFID Support: Automated identification and tracking capabilities
• Financial Integration: Cost tracking, warranty management, and replacement planning

Core Asset Operations

Creating New Assets

Primary Access: Assets → New Asset or Assets → Asset Catalog Entry

New assets can be created through two main methods:

1. Direct Asset Creation: Create individual assets with full field customization
2. Asset Catalog Entry: Use predefined asset templates for common equipment types

To add a new asset:

1. Click on the “Add Asset” button
2. Enter an asset tag and any other applicable fields
3. Click on the “Save” button
4. Continue adding more assets or navigate to other sections as needed

Asset Search and Filtering

The asset list supports advanced filtering and search capabilities:

• Quick Search: Find assets by number, description, or serial number
• Type Filtering: Filter by asset type or category
• Status Filtering: View active, retired, or maintenance assets
• Location Filtering: Find assets by physical location or department
• Ownership Filtering: Filter by assigned employee or cost center

Asset Modification and Updates

Access: Assets → Pencil Icon in Edit Column

To modify an existing asset:

1. Search for the asset you wish to modify
2. Click on the pencil icon next to the asset
3. Make the desired modifications
4. Click on the “Save” button

All changes are logged with timestamps and user information for audit trails.

Asset Retirement and Restoration

To retire an asset:

1. Search for the asset you wish to retire
2. Click the pencil icon to access the asset details
3. Click on the “Retire” button
4. Confirm your decision when prompted
5. The asset is now deactivated but remains in the system for historical tracking

To restore a retired asset:

• Access the retired asset and click the “Restore” button
• Retired assets appear in the list when “All” is selected in the Status filter

Asset Classification and Tracking

Asset Fields

The system supports comprehensive tracking of various asset types including equipment, vehicles, IT assets, furniture, buildings, and intangible assets (software licenses, patents, intellectual property). Assets can be classified as tangible (physical) or intangible (virtual) with corresponding tracking capabilities for location, maintenance, and compliance requirements.

Key Asset Fields:

• Asset #: Unique identifier, can be barcode or RFID tag for automated tracking
• Description: Detailed asset description for identification
• Asset Type: Category classification for organization and reporting
• Tangible/Intangible: Physical vs. virtual asset designation affecting tracking and depreciation
• Status: Active, Retired, Under Maintenance - controls asset availability and operations
• Serial Number: Manufacturer’s serial number for warranty and identification
• Manufacturer/Model: Product identification and specification details
• Location: Physical placement or department assignment
• Owner/Used By: Responsibility and assignment tracking
• Parent Asset: Hierarchical relationships for complex equipment setups
• Purchase/Installation Dates: Timeline tracking for depreciation and warranty
• Warranty Dates: Coverage period tracking for protection and maintenance planning
• Image/PDF Upload Links: Visual documentation and file attachments for identification and condition tracking

Access: System → Definition → Asset Types

To add a new asset type:

1. Navigate to System → Add New Asset Type
2. Fill in the Description field
3. Select applicable depreciation methods
4. Check the “Use” checkbox to make the type active
5. Click “Save”

Financial Management

Depreciation System

Inventory Pro supports multiple depreciation methods for accurate financial reporting with up to 2 depreciation schedules per asset:

Supported Depreciation Methods

1. Straight-Line Depreciation

Annual Depreciation = (Purchase Price - Salvage Value) / Useful Life

2. Double Declining Balance

Annual Depreciation = (Book Value × 2) / Useful Life

3. Sum of Years Digits

Annual Depreciation = (Purchase Price - Salvage Value) × (Remaining Life / Sum of Years)

4. Custom Depreciation

• User-defined depreciation schedules
• Accelerated or deferred depreciation patterns
• Compliance with specific accounting standards

The system supports additional methods including Units of Production, MACRS-Combined 150%, and MACRS-Combined 200%:

Depreciation Configuration

Each asset can track multiple depreciation schedules for different reporting purposes (book vs. tax depreciation).

To add a new depreciation formula:

1. Navigate to System → Definitions → Asset Depreciation
2. Click “Add New Asset Depreciation”
3. Type in description and formula
4. Check “Use” checkbox to activate
5. Click “Save”

Cost Tracking

Comprehensive cost management includes:

• Purchase Price: Initial acquisition cost
• Replacement Cost: Current replacement cost estimation
• Installation Costs: Setup and implementation expenses
• Maintenance Costs: Ongoing service and repair costs
• Total Cost of Ownership: Lifetime cost calculations

Warranty Management: Track warranty start/end dates, coverage terms, and vendor information for asset protection.

Asset Retirement and Lifecycle

Retiring Assets

To retire an asset:

1. Search for the asset you wish to retire
2. Click the pencil icon to access the asset details
3. Click on the “Retire” button
4. Confirm your decision when prompted
5. The asset is deactivated but remains in the system for historical tracking

To restore a retired asset:

• Access the retired asset and click the “Restore” button
• Retired assets appear in the list when “All” is selected in the Status filter

Retirement maintains complete asset history while removing the asset from active operations and depreciation calculations.

Maintenance and Compliance

Inspection and Certification System

Assets requiring regular compliance checks support certification and inspection tracking with automated scheduling and alerts:

Certification Tracking:

• Req. Periodic Certification: Enable regular certification requirements
• Certification Units: Set frequency (days, months, years)
• Number of Units: Specify certification intervals
• Certification Due Date: Calculated next requirement date

Inspection Management:

• Req. Periodic Inspection: Enable regular inspection requirements
• Inspection Units: Set inspection frequency
• Number of Units: Specify inspection intervals
• Next Inspection Due: Calculated next inspection date

The system automatically calculates due dates and provides alerts for upcoming certifications and inspections, ensuring regulatory compliance and preventive maintenance.

Additional Features

Asset Relationships

Complex equipment setups support hierarchical structures through the Parent Asset field, enabling tracking of parent assets (major equipment or systems) and child assets (components or subsystems).

Assignment and Tracking

Flexible assignment options include employee assignment (Used By), owner assignment for cost center allocation, and location tracking for physical placement. The system supports barcode and RFID integration through the Asset Tag field for mobile scanning and automated tracking.

Documentation

Image and PDF upload links support uploading asset images and documents for visual identification and condition documentation.

Receiving Assets via Purchase Orders

Capital equipment and fixed assets can be received directly through purchase orders. This workflow creates asset records linked to the original PO for complete cost tracking and procurement history.

Access: Orders → Purchasing → Purchase Order → Asset Lines

When to Use PO Asset Receiving:

• Equipment purchases (computers, vehicles, machinery)
• Furniture and fixtures acquisition
• Assets requiring depreciation tracking
• Items needing procurement cost linkage

PO Asset Lines vs. Regular PO Lines

How to Receive Assets via Purchase Order

1. Navigate to Orders → Purchasing → Purchase Orders
2. Select or create a purchase order
3. Click Asset Lines to access the asset receiving screen
4. For each asset line, enter:
   • Asset Type: Select from configured asset types
   • Asset Description: Description of the asset
   • Tag Style/Asset Tag: Unique identifier for the asset (validated for uniqueness)
   • Units: Number of assets at this line
   • Price: Unit cost for the asset
5. Click Save to validate and store the line (system verifies tag uniqueness)
6. When ready to receive, click Receive
7. The system creates asset records and redirects to the Assets list (filtered to new assets)

Auto-Populated Asset Fields

When receiving assets via PO, these fields transfer automatically:

After PO Asset Receipt

After receiving, complete the asset records:

1. Navigate to Inventory → Management → Assets (filtered to new assets)
2. Edit each asset to add:
   • Employee assignment (Used By)
   • Physical location details
   • Warranty information
   • Depreciation schedule
   • Images and documentation
3. Save the completed asset record

Bulk Import Assets

For organizations with large asset inventories or data migration needs, use the Import & Export system to bulk load asset information.

Access: Utilities → General → Import and Export → Asset Import

Supported Data:

• Asset tags, descriptions, and serial numbers
• Asset types, manufacturers, and suppliers
• Location assignments and owner information
• Installation dates and cost tracking

Benefits:

• Rapid deployment of comprehensive asset tracking
• Migration from spreadsheets or other systems
• Consistent data formatting and validation
• Automatic integration with depreciation and maintenance systems

See the Import & Export documentation for template download and import procedures.

Best Practices

1. Regular Audits: Perform periodic physical asset audits to maintain accuracy
2. Proper Classification: Use appropriate asset types and categories for consistent reporting
3. Maintenance Scheduling: Set up inspection and certification intervals for compliance
4. Lifecycle Management: Track assets from acquisition through retirement
5. Cost Tracking: Maintain accurate purchase prices and depreciation methods

The Asset Management system provides comprehensive tracking capabilities for all organizational assets, with specialized features for depreciation calculations, retirement management, and regulatory compliance through automated certification and inspection scheduling.