Assets can be grouped into different categories with the aim of helping their depreciation management and analysis.
Asset category window allows to create and configure every asset category your organization may need.
As shown in the image above, the creation of a asset category requires to enter below listed information for each category:
- Name or short name which helps to easily find a category
- Depreciate indicates if the assets of this group will be depreciated.
- Depreciation Type method used to depreciate the asset.
- Calculate Type indicates how the depreciation will be calculated (Time or Percentage)
- Annual Depreciation Annual percentage used to depreciate this asset.
- Amortize it refers to the periods chosen between depreciation entries (monthly, yearly).
- Usable Life - Months Years of the usable life of the asset
- Usable Life - Years Months of the usable life of the asset
Depreciation configuration will be inherited from the asset category when creating a new asset.
Each asset category allows to configure a different set of accounts to use to post asset depreciation.
Full list of Asset Group window fields and their descriptions is available in the Asset Group Screen Reference.