Assets

An asset is added to an asset type item. IntelliTrack has two places where you can add an asset: at the Manage Items page and at the Assets Data page. This section explains working with assets from the Manage Items page.

IntelliTrack considers an asset to be an item that you purchase to use. It has a usable life span, usually for a long period of time. For example, asset items may include:

• Electronic devices
• Equipment
• Furniture
• Tools
• Vehicles

An asset type item has the Asset attribute, which allows you to add an asset to it. When you add an asset to an asset-type item, the qualities of the item are also added to the asset. Each asset has a unique asset number and may be tracked individually; and, depending on the activated features, depreciation may also be calculated for an asset. When an asset is added to the application and placed in a location, the asset number becomes part of your asset inventory. The asset quantity is always considered to be 1.

Depreciation Class

When you purchase an asset, it contains a value. But, for many assets, such as a vehicle, computer, or piece of specialized equipment, the asset’s value decreases over time. In this case, an adjustment needs to be made to account for the asset’s decrease in value over time. To account for this decrease in value, you may use a proven formula to calculate it; this is called the asset’s depreciation. IntelliTrack employs the depreciation formula to an asset via the depreciation class associated with the asset-type item. This class specifies the depreciation method and usable life of the asset, which is used to calculate the depreciation for any asset linked to this item. We recommend that when you set up the depreciation classes for your organization you group them into categories and set up asset classes based upon them. Computers, furniture, machinery, software, and vehicles are examples of depreciation classes.

Important: When you add a depreciation class and set up its definition, you are defining the parameters that Fixed Assets will use to calculate depreciation for any asset linked to this class.

Each depreciation class is assigned a depreciation method and a usable life. For example, a user may have 2 classes of computer equipment; the user may manually specify the depreciation information (manual depreciation method) for Computer Class A, but rely on Fixed Assets to calculate straight line depreciation for Computer Class B (straight line depreciation method) with a predefined economic life and period.

Asset classes are defined at the Depreciation Classes page (see "Depreciation Classes").

Assets Feature

IntelliTrack contains an Assets featureAccess to this feature activates the Asset check box in the Details tab of Add Item form and Edit Item form, it also activates the Asset icon at the Manage Items page, the Assets form at the Manage Items page, and the Assets > Asset Data option, which opens the Assets Data page. Furthermore, the asset lookups (Account and Condition) are activated at the Manage Lookups page. Edit access to this feature entails adding an asset-type item, adding an asset to an asset-type item, and adding an asset lookup (Account lookup and Condition lookup)., which gives the user the ability to add an asset; see " System Features" for more information.

Adding an Asset Type Item

To add an asset type item, the role of the logged-in user must include edit access to the Assets feature and edit access to the Items feature; see "Asset Type Item" for more information.