| Asset Number |
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- The option may be set to assign numbers to assets sequentially or numbers may be assigned by the user. |
| Asset Description |
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- A brief description to identify the asset. |
| Purchase Date/Service Date |
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- Purchase date and service date may be different. The service date is used for depreciation calculations. |
| Purchase Price |
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- Original cost of the asset |
| Department/Section |
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- Location of the asset. Section is a sub-location under department. |
| Asset Type |
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- Group or designation such as Furniture or Computers |
| Manufacturer/Serial Number/Model Number |
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- Optional asset details. |
| Notes |
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- Optional asset information in a free form manner. |
| Five User Defined Fields |
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- Optional fields to record data specific to a company such as invoice numbers, vendor names, and purchase order numbers. The titles are defined at the company level via the Company Add/Edit screen. |
| Depreciation Method |
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- The method of depreciation to be used to calculate depreciation expense for the asset. |
| Life |
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- Useful life of the asset. |
| Salvage Value |
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- Optional data that may be expressed as either an amount or a percentage of the purchase price of the asset. |
| Disposal |
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- The disposal of an asset is recorded using the disposal date and sales price. Gain/Loss on disposal may be shown on custom reports. |
| Prior Accumulated Depreciation |
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- Prior accumulated depreciation amounts, even if the amount is not correct, may be entered for an asset and depreciation will be correctly calculated for the remaining life of the asset. |
