Asset Management on My Docs

Asset Groups

Tue, 13 Oct 2020 15:21:01 +0200

Concepts & Definitions

Asset groups classify fixed assets into categories for consistent accounting treatment and maintenance scheduling. Every asset in the Asset Register must belong to a group. The group determines which GL accounts are used for asset value, accumulated amortisation, amortisation expense, and disposal — configured separately in Asset Group Accounts.

Asset Group Account

Tue, 13 Oct 2020 15:21:01 +0200

Concepts & Definitions

Asset Group Accounts map each asset group to the general ledger accounts used to record asset values, depreciation charges, and disposal entries. Correct account mapping is essential for automated journal posting: without it, depreciation and disposal actions on the Asset Register will have no GL impact.

Asset Register

Tue, 13 Oct 2020 15:21:01 +0200

Concepts & Definitions

The Asset Register is the central record of every fixed asset owned by the organisation. Each record tracks an asset from acquisition through its useful life to disposal, capturing the acquisition cost, depreciation method, accumulated amortisation, net book value, location, and responsible staff member. The register drives the depreciation schedule and provides the source data for fixed asset notes in the financial statements.

Maintenance Schedule

Tue, 13 Oct 2020 15:21:01 +0200

Concepts & Definitions

Maintenance schedules define recurring preventive maintenance plans for specific assets. Rather than creating individual maintenance jobs manually, a schedule generates them automatically at the configured frequency — whether monthly, quarterly, annually, or based on the asset’s operating hours or mileage. The system uses the schedule to trigger reminders and to create maintenance job records when a maintenance interval falls due.

Operating Logs

Tue, 13 Oct 2020 15:21:01 +0200

Concepts & Definitions

Operating logs record the usage history of an asset — tracking when it was in operation, for how long, and any meter readings captured during each operating period. This data feeds into usage-based maintenance schedules (where maintenance is triggered by hours run, kilometres driven, or cycles completed) and provides an audit trail for asset utilisation analysis.

Maintenance Jobs

Tue, 13 Oct 2020 15:21:01 +0200

Concepts & Definitions

Maintenance jobs record individual service activities performed on registered assets. Each job captures what work was done, when, by which vendor, and whether the work was scheduled, corrective (triggered by a fault), or an enhancement that improves the asset’s value. Jobs that enhance the asset can be flagged to trigger revaluation, capitalising the cost rather than expensing it.