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.