Assets Tutorials: Creating and Editing Assets

The Equipment and Vehicles asset types provide additional fields such as serial numbers. If you do not need these fields, use the Other type instead.

💡These tutorials explain how to create, edit and delete assets, create an asset from a transaction, add attributes and set up depreciation.

How to Create an Asset

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Use this type for any asset that you record for depreciation or use in production.

  1. Navigate to Assets (e.g. Main Menu > Setup > Assets).
  2. Click New (button) > Other.
    • Note: The new asset gets the first status in the asset status list. If no asset statuses are set up, the message “Invalid Setting Status. See Menu button > Settings > Edit Statuses.” appears and no asset is created (for any asset type, and when you copy an asset). Add the statuses in the Asset Settings window first.
  3. Complete the entries as follows:
    1. Description = Enter 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 three dots (…) and select the groups to add to the asset.
  4. Add attributes as needed (see How to Add an Attribute).
  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

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Use this type of asset 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. To edit the Description and Code, check the Override box and make your changes.
    • Note: The description and code are filled in automatically. If you do not check the Override box, you can still edit them, but changes to the attributes might overwrite your edits.
  1. Entity = If you use multiple entities, select an entity from the dropdown list (e.g. to link a machine to a cost centre).
  2. Contact = (Optional) Select a contact from the dropdown list (e.g. if a photocopier is leased to a customer, link the machine to that customer).
  3. Add any other attributes you need (see How to Add an Attribute).
  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

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Use this type of asset 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 the vehicle’s identification number.
    2. Engine No. = Enter the vehicle’s engine number.
    3. Registration No. (Licence Plate) = Enter the vehicle’s registration number.
    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 vehicle’s colour or select one from the lookup list.
  4. Click Save (button).
  5. To edit the Description and Code, check the Override box and make your changes.
    • Note: The description and code are filled in automatically. If you do not check the Override box, you can still edit them, 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, link it to a cost centre).
  2. Contact = (Optional) Select a contact from the dropdown list (e.g. if you service customers’ vehicles, link the vehicle to the customer’s account).
  3. Add any other attributes you need (see How to Add an Attribute).
  4. Click Meter (tab):
    1. Type = Select Odometer from the dropdown list.
    2. Date = Select the applicable date on the calendar.
    3. Reading = Enter the odometer reading.
  5. Status = Set the status to Active or any custom status in the active group.
  6. Click Save (button) if it is not greyed out.

How to Create an Asset From a Transaction

Note
  • Create an Asset creates an Equipment asset from an item on a transaction (for example, a machine that you sell, lease or service).
  • The asset gets:
    • The entry’s description, code and note (the item’s description and code if the entry’s are blank).
    • The transaction’s contact and entity.
    • The attribute sets of the item and of the transaction that have Copy to Asset checked (see Custom Attributes), with their values. If the asset already has a set (for example, Equipment Attributes), only its blank values are filled in.
  • The asset is linked to the transaction, to the entry, and to the transaction’s linked Service Manager job if that job has no asset yet.
  • The notes and attachments of the transaction and of its linked Service Manager job are linked to the asset too, unless they are already linked to another asset. They appear on the asset’s Notes & Attachments tab.
  • Create an Asset appears only on Transaction Types with Enable Assets checked (see Transaction Type Settings). It is unavailable for custom items and on a read-only transaction.
  • Only the attribute sets with Copy to Asset checked are copied. After the upgrade to Ver 2.6.0, no attribute set has Copy to Asset checked: check the sets that must be copied to the asset.
  • A copied attribute set that is set up for one module only (for example, Items) is changed to All modules, so that the asset can use it. The module of a set that is not copied is not changed.
  • If the transaction has no Asset, it is set to the new asset. A transaction that already has an asset keeps it, and the new asset becomes a child of that asset (its parent is the transaction’s asset). Before Ver 2.6.0, the new asset replaced the transaction’s asset.
  • When a transaction with an asset is copied (for example, a Sales Order to a Purchase Order), the copy keeps the asset, even when the asset is not linked to the selected customer or supplier.
  1. Open the transaction.
  2. Right-click the item and select Create an Asset.
  3. Click Yes (button) to confirm the message “Create an Asset and link it to the transaction?” (or “Create an Asset and link it to” followed by the transaction’s asset, if the transaction has one).
    • Note: If the item is already linked to an asset, no asset is created and the message “This item is already linked to an Asset. Open the Asset?” appears. Click Yes (button) to open that asset.
  4. In the popup that opens with the new asset, click Edit (button).
    • Note: To open the asset in the Assets module instead, click Menu (button) > Open in Assets Module.
  5. Complete the remaining details (for example, the Serial No.).
  6. Click Save (button).

How to Open the Asset Linked to a Transaction Item

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You can also open the transaction’s asset from the transaction: click Menu (button) > Open Linked Asset, or click Links (button) and select the asset, which is listed at the bottom.

  1. Open the transaction.
  2. Right-click the item and select Open Linked Asset.
    • Note: The option appears only for an item that is linked to an asset. The asset opens in a modal form (a popup with fewer options than the full screen). To open it in the Assets module, click Menu (button) > Open in Assets Module.

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. Check the boxes of the entries you want to update.
    • Note: The checkboxes appear only after you click Batch Update.
  5. Select one of these options from the dropdown list on the left:
    • Contact = Select a contact from the adjacent dropdown list. Click Update (button).
    • Entity = Select an entity from the adjacent dropdown list. Click Update (button).
    • Groups = Select a group from the adjacent dropdown list. Click Add (button) to add the group, or Remove (button) to remove it.
    • Status = Select a status from the adjacent dropdown list. Click Update (button).
  6. Confirm the action.
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A parent asset is the asset that another asset belongs to (for example, the machine that a part belongs to). The assets below it are its child assets (see Asset Edit Views, Relationships tab).

  1. Navigate to Assets (e.g. Main Menu > Setup > Assets).
  2. Double-click the asset that belongs to another asset.
  3. Click Edit (button).
  4. Click Relationships (tab).
  5. Parent = Select the asset it belongs to from the dropdown list.
    • Note: The asset itself and its child assets are not listed, so an asset cannot be linked below itself. Press Delete to clear the parent.
  6. Click Save (button).

How to Add Child Assets

  1. Navigate to Assets (e.g. Main Menu > Setup > Assets).
  2. Double-click the parent asset.
  3. Click Edit (button).
  4. Click Relationships (tab).
  5. Click Child Items (button) next to Add.
    • Note: Unsaved changes to the asset are saved first.
  6. In the Link Existing Asset window, select one or more assets.
  7. Click Select (button).
    • Note: The assets are added to the tree as direct child assets.
  1. Open the parent asset.
  2. Click Edit (button).
  3. Click Relationships (tab).
  4. Right-click the child asset and select Unlink.
    • Note: Unlink is available only for direct child assets. To unlink an asset lower in the tree, open its own parent asset.
  5. Click Yes (button) to confirm.
    • Note: The child asset is kept, without a parent.

How to Add an Attribute

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  • Custom attributes are listed under Custom. You create them with Menu (button) > Edit Attributes.
  • 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 an Attribute

  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 on the popup.

How to Complete the Financial Attributes

  1. Add the Financial Attributes set (see How to Add an Attribute).
  2. Complete the details as follows:
    1. Supplier = Select the supplier the asset was purchased from.
    2. Purchase Date = Select the date on which the asset was purchased.
    3. Purchase Price = Enter the VAT-exclusive purchase price of the asset if you claimed the VAT back. Otherwise, enter the VAT-inclusive purchase price.
  3. Click Save (button).

How to Set Up an Asset for Depreciation

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  1. Edit an asset.
  2. Add the Depreciation attribute set (see How to Add an Attribute).
  3. Complete the details as follows:
    1. Status = Leave the status as Pending or select Active.
    2. Starting Date = Select the date from which the asset is depreciated.
    3. Starting Value = Enter the asset’s value at the starting date (e.g. its purchase price).
    4. Residual Value = Enter the value of the asset at the end of its useful life.
    5. Months = Enter the number of months over which the asset is depreciated.
  4. Monthly Cost: Calculated automatically as (Starting Value − Residual Value) ÷ Months.
  5. Click Save (button).

To post the depreciation each month, see How to Record Monthly Depreciation.

How to Delete an Asset

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You can also delete an asset from its 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.
  3. Confirm the deletion on the popup.
    • Note: If the asset is used elsewhere, the confirmation popup shows where. If the asset has child assets, the message “This Asset has Child Assets. Clear the link and delete?” appears; click Yes (button) to delete the asset and keep the child assets without a parent. The deleted asset is moved to the Recycle Bin.

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