Grouped Asset Considerations

To Group or Not to Group?     Laptops_Crate.jpg

At first, it may appear to be easier to create a single asset record for a group of received assets. For example, if you receive 20 laptops, they will all start out with the same depreciation schedule. It may seem easier to create a single asset record for all 20 laptops (after all, there is a quantity field available).  Each of those laptops will have its own unique serial number BUT ... Consider this:  

 

Only one serial number can be associated with each asset record. Even if you are not tracking serial numbers (and you should track assets by serial numbers whenever possible), each asset can only have one custodian and one physical location assigned to it.  So in the example of the 20 laptops, if you group all 20 laptops in a single asset record, all 20 laptops will be assigned to the same custodian at the same location.  This is normally not desirable for tracking fixed assets.  

 

                                                                                             Many-to-One_Arrows.jpg

Your goal is to keep track of each asset. Only then can you ensure that its location and current custodian are known. Of course we don't want to make more work for the financial team, so consider taking advantage of grouping assets by using the assignment of a Master Asset ID along with Asset Class assignments to handle managing the financial tracking of groups of assets put into service at the same time. This approach streamlines the financial control while providing tracking of individual assets.

Have more questions? Submit a request

Comments