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Assets Tutorials: Creating and Editing Assets

The Assets module can be used in a variety of ways. Businesses that service assets (e.g. motor vehicles, or computer equipment) can enter their customer’s assets and link these assets to the customer accounts and service tickets. Businesses that use assets to produce income (e.g. printers) can link these assets for production features to determine the profitability of the asset.

The asset types named equipment and vehicles provide additional fields like serial numbers. If those fields are not needed, the type ‘other’ can be used, even for equipment and vehicles.

Assets is part of the setup menu but can be added to any menu group. 

These tutorials explain how to create and edit assets.

How to Create an Asset

This type of asset can be used for any asset that is recorded for depreciation purposes, or used in production.

  1. Navigate to Assets (e.g. Main Menu > Setup > Assets).
  2. Click New (button) > Other.
  3. Complete the entries as follows:
    1. Description = Type a description for the asset.
    2. Press Enter to repeat the description in the Code field.
    3. Entity = Select an entity from the dropdown list.
    4. Contact = Select a contact from the dropdown list (optional).
    5. Groups = Click the ellipses and select the groups to add to the asset.
  4. Add any other attributes if required (see below).
  5. Status = Set the status to Active or similar.
  6. Click Save (button) if it is not greyed out.

How to Create an Equipment Asset 

This type of asset should be used if assets are leased to customers or your organisation services customers’ assets and you need to keep full records of these assets.

  1. Navigate to Assets (e.g. Main Menu > Setup > Assets).
  2. Click New (button) > Equipment.
  3. Start by completing the attributes:
    1. Serial No. = Enter a serial or identification number for the machine.
    2. Make = Enter the make of the machine or select one from the lookup list.
    3. Model = Enter the model of the machine or select one from the lookup list.
    4. Year of Manufacture = Enter the year of manufacture.
    5. Colour = Enter the machine’s colour or select one from the lookup list.
  4. Click Save (button).
  5. The Description and Code fields are automatically completed. To edit them, check the Override checkbox and make any changes. 
    • Note: You can edit the description and code without checking override, but changes to the attributes might overwrite your edits.
  1. Entity = (Optional) Select an entity from the dropdown list (e.g. a machine can be linked to a specific cost centre). 
  2. Contact = (Optional) Select a contact from the dropdown list (e.g. if a photocopier is leased to a customer, the machine can be linked to the specific customer).
  3. Add any other attributes if required (see below).
  4. Status = Set the status to Active or similar.
  5. Click Save (button) if it is not greyed out.

How to Create a Vehicle Asset 

This type of asset should be used if vehicles are leased to customers or your organisation services customers’ vehicles and you need to keep full records of these vehicles.

  1. Navigate to Assets (e.g. Main Menu > Setup > Assets).
  2. Click New (button) > Vehicles.
  3. Start by completing the attributes:
    1. VIN (Vehicle Identification Number) = Enter a serial or identification number for the machine.
    2. Engine No. = Enter the make of the machine or select one from the lookup list.
    3. Registration No. (License Plate) = Enter the model of the machine or select one from the lookup list.
    4. Make = Enter the make of the vehicle or select one from the lookup list.
    5. Model = Enter the model of the vehicle or select one from the lookup list. 
    6. Year of Manufacture = Enter the year of manufacture.
    7. Body Type = Enter the body type or select one from the lookup list (e.g. Sedan, SUV).
    8. Colour = Enter the machine’s colour or select one from the lookup list.
  4. Click Save (button).
  5. The Description and Code fields are automatically completed. To edit them, check the Override checkbox and make any changes. 
    • Note: You can edit the description and code without checking override, but changes to the attributes might overwrite your edits.
  1. Entity = (Optional) Select an entity from the dropdown list (e.g. if a vehicle is used in production, it can be linked to a cost centre).
  2. Contact = (Optional) Select a contact from the dropdown list (e.g. if you service customer’s vehicles, the vehicle can be linked to the customer’s account).
  3. Add any other attributes if required (see below).
  4. Click Odometer (tab)
    1. Type = Select Odometer from the dropdown list.
    2. Date = Select the applicable date on the calendar.
    3. Reading = Type the odometer reading.
  5. Status = Set the status to Active or similar.
  6. Click Save (button) if it is not greyed out.

How to Edit an Asset 

  1. Navigate to Assets (e.g. Main Menu > Setup > Assets).
  2. From any of the list views, double-click the asset you want to edit.
  3. Click Edit (button).
  4. Make any changes as needed.
  5. Click Save (button).

How to Edit Multiple Assets 

  1. Navigate to a list of Assets (e.g. Main Menu > Setup > Assets).
  2. Click Menu (button) > Default if you are not on the Default view.
  3. Click Actions (button) > Batch Update.
  4. Select all the entries you want to update by checking the checkboxes. The checkboxes are only displaye after Batch Update is clicked.
  5. Select one of these options from the dropdown list on the left next to Update:
    1. Contact: Select a contact from the adjacent dropdown list. Click Update (button).
    2. Entity: Select an entity from the adjacent dropdown list. Click Update (button). 
    3. Groups: Select a group from the adjacent dropdown list. Click Add (button) to add the group or click Remove (button) to remove the group.
    4. Status: Select a status from the adjacent dropdown list. Click Update (button).
  6. Confirm the action.

How to Add Attributes

  • Custom attributes are listed under Custom. These attributes can be created from the Menu (button).
  • System created attributes are listed under System.
  1. Edit an Asset.
  2. Click Attributes (button) next to Add/Remove.
  3. Hold your mouse over Add and click one of the available attributes.
  4. Complete the details in the Value column on the right.
  5. Click Save (button).

How to Remove Attributes

  1. Edit an Asset.
  2. Click Attributes (button) next to Add/Remove.
  3. Hold your mouse over Remove and click the applicable attribute.
  4. Confirm the deletion.

How to Complete the Financial Attributes 

  1. Add the Financial Attributes set. (See How to Add Attributes above.)
  2. Complete the details as follows:
    1. Supplier = Select the supplier the asset was purchase from.
    2. Purchase Price = Type the VAT exclusive purchase price of the asset if you claimed the VAT back. Else type the VAT inclusive purchase price.
    3. Current Value = Type the asset’s current value which could be the current market value or the current value for accounting purposes.
    4. Salvage Value = Type the value that the asset will be worth when it is no longer fit for purpose.
    5. Depreciation Method = Select a depreciation method from the dropdown list:
      1. Reducing Balance: Depreciation is calculated on the accounting value of the asset. It takes longer to write off the asset. The value of the asset stays in your accounting records for longer.
      2. Straight Line: Depreciation is calculated on the cost of the asset. The accounting value of the asset becomes zero sooner. 
    6. Useful Life (Years) = Type how many years the asset is expected to last.
    7. Monthly Cost = Type the value of the monthly cost. Initially this could be an estimate, or the finance costs. As transactions are captured, you can draw this data from your accounting records and update the value.

How to Delete an Asset 

Assets can also be deleted from Edit View. Click Actions (button) > Delete Asset.

  1. Navigate to Assets (e.g. Main Menu > Setup > Assets).
  2. Right click the asset you want to delete and select Delete from the context menu.
  3. Confirm that you want to delete the asset. If the asset has been used, the confirmation popup displays information about that.
  4. The asset is moved to the Recycle Bin.

Learn More

  1. Assets Edit Views: Explains the interface for adding assets such as equipment and vehicles.
  2. Assets List Views: Explains the interface and different displays for viewing lists of assets.
  3. Asset Groups: These tutorials explain how to create and edit groups to classify assets.

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