Asset Type Definition – An overview  

Introduction

In order to provide a basic structure for the purpose of meaningful asset management, it is essential that common attributes of assets be grouped and defined separately. Asset Type Definition component serves this purpose. A few of the common attributes relating to assets are defined as Asset Class under which they can be accounted for and can be reported under Asset Group. This component deals with the definition of such asset classes and asset groups.

Feature Highlights 

• Defining asset classifications based on the accounts required for posting entries.

• Specification of inventory cycle for assets belonging to a class.

• Facility to specify whether the assets belonging to a class are depreciable or not.

• Provision to define common asset classes across multiple companies

• Support to define asset groups for MIS purposes.

• Provision for defining asset Groups in hierarchy i.e. parent – child groups.

List of Activities