Asset classification in an asset management system refers to the categorization or grouping of assets based on specific criteria or attributes. It entails classifying assets into various groups in order to improve management, tracking, and decision-making. 

Dependency: 

• Chart of accounts: Integration with the chart of accounts is necessary within the asset management system during the creation of asset classifications, as it involves linking each classification with its corresponding chart of accounts.

How To Navigate:  

The navigation includes the following steps to view the asset classification that was registered with the asset management system:

Click on the: 

Listing: 

The asset management system’s asset classification listing feature shows a list of all registered asset classifications with the system.

• Users can view the following information on the asset classification listing page:
  • Name 
  • Classification Code
  • Asset no starts from 
  • Added date 
  • Updated date

Clickable actions: 

The user can perform the following actions in this section : 

• Add new: “Add New” refers to the action of creating a new asset classification or entry within the asset management system.

• Delete Selected Row: “Delete selected row” refers to the action of deleting a particular selected row from the asset classification listing.

• Search: “Search” refers to the process of looking for a specific asset classification in the asset item listing. The system then conducts a search through the data it has access to and shows results that meet the search parameters.

• Show all listing: “Show all listing” or “refresh” typically refers to functionality that allows users to update and display the most current information or records within an asset classification module or view.

• Clear cache: “Clear cache” in the asset classification module refers to the action of removing or deleting temporarily stored data or information from the system’s cache memory.

• Hide / Show Columns: “ Hide/show column” is a feature that allows users to customize the view of the data by hiding or showing specific columns.

• Export: “Export” refers to the functionality that allows users to export data from the asset management to another format.

• Advance Search: The “Advance Search” feature refers to a functionality that allows users to swiftly search and locate specific assets within asset classification based on search criteria.

Recording and update : 

Add new asset : 

• Name: The unique title or identifier given to the asset. It distinguishes the asset from others in the system.

• Classification Code: A code assigned to categorize the asset based on predefined criteria.

• Asset Account: The specific chart of the account associated with the asset which is linked to the Finals system.

• Depreciation Expense Account: The specific chart of accounts to which depreciation expenses are recorded.

• Depreciation Method: The approach used to calculate the depreciation of the asset over its useful life (e.g., straight-line).

• Accumulated Depreciation Account: This is the chart of accounts where the total accumulated depreciation for the asset is recorded.

• Averaging Method: A method to calculate depreciation based on averaging (e.g., full month or actual days).

• Depreciation Rate (Yearly): The rate at which the asset’s value depreciates annually.

• Asset No. Start From: The starting number for asset identification or numbering.

• Expected Life (Years): The estimated number of years over which the asset is expected to be useful.

User can perform the following actions : 

• Submit: “Submit” typically refers to the action of submitting the information entry for the new asset classification. This action initiates the recording of the asset classification details into the system.

• Discard: The “Discard” function usually refers to the decision to cancel or discard the process of adding a new asset classification.