Software asset register definition

An asset always has a quantity of one unless one or more of these points are true. It is a consumable. Quantity is unrestricted because consumables are tracked in groups. It is pre-allocated. Quantity is unrestricted when Model category and Model are defined and Substate is set to Pre-allocated. General Not all fields are available for each type of asset. Asset tag Alphanumeric information assigned by your organization to help track the asset.

State Current state of the asset, such as On order or In use. Assigned to Person using or primarily responsible for this item. This field is visible when the asset state is In Use. Managed by Person who maintains the asset. This can be different from the person in the Owned by field. Owned by Person who has financial ownership of the asset.

This can be different from the person in the Managed by field. Parent Parent asset of the asset. For example, a monitor or peripheral can have a workstation as their parent asset. When a parent link is defined, the fields related to assignment and state of the child assets is set to read-only and are populated based on the parent assignment and state fields. For more information, see Creating Bundled Models.

Class Asset group, for example, base, hardware, license, or consumable. Comments Information about the asset that would be helpful for others to know. Serial number Serial number of this asset. Substate Current substate of the asset. The available substate settings depend on the state selected.

Location Current physical location of the asset. Department Department to which the asset belongs. Company Company or organization to which this asset belongs. Assigned Date on which the asset was assigned to a user. Installed Date on which the asset was installed. Financial The Financial section is only available for hardware, software entitlement, and facility assets. Request line Requested item to which the asset is linked.

Invoice number Invoice under which the asset was billed. Cost Price at which the asset was purchased. Vendor Vendor from which the asset was purchased. For assets automatically created from purchase orders in Procurement, the default value of the Vendor field is the vendor specified on the purchase order. Opened Date on which the requested item record was opened.

The system automatically populates the field when a request line is specified. GL account General ledger account number with which the asset is associated.

Cost center Group financially responsible for the asset. Acquisition method How the asset was acquired. Base system choices are Purchase , Lease , Rental , and Loan. For assets automatically created from purchase orders in Procurement, the default value is Purchase Expenditure type The type of expenditure. Capex : Capital expenditure is a one-time expenditure, where the value is realized over the years.

For example, a photocopier. Opex : Operational expenditure is an on-going expenditure. For example, toners for the photocopier. Disposal Disposal order number A unique number assigned to the asset disposal order. You can retire an asset at any time. You can delete an asset at any time. Note: If an asset is a part of an asset bundle, the asset cannot be deleted. Note: If you upgraded from a prior release and customized the AssetAndCISynchronizer script include before the upgrade, you must overwrite the customization and then recreate the custom mappings.

By default, only custom mappings display. The list of mappings uses the filter condition of [Out of the box] [is] [False]. We also reference original research from other reputable publishers where appropriate. You can learn more about the standards we follow in producing accurate, unbiased content in our editorial policy. Compare Accounts. The offers that appear in this table are from partnerships from which Investopedia receives compensation. This compensation may impact how and where listings appear.

Investopedia does not include all offers available in the marketplace. Related Articles. Financial Statements Fixed Asset vs. Current Asset: What's the Difference? Accounting Are depreciation and amortization included in gross profit? Partner Links.

Related Terms Fixed Asset Definition A fixed asset is a long-term tangible asset that a firm owns and uses to produce income and is not expected to be used or sold within a year. Net Tangible Assets Definition Net tangible assets are calculated as the total assets of a company, minus any intangible assets, all liabilities and the par value of preferred stock. What Is a Capitalized Cost?

A capitalized cost is an expense that is added to the cost basis of a fixed asset on a company's balance sheet. What Is Capitalization in Accounting? Our asset management system empowers you to track your digital assets without the hassle of browsing through several digital locations.

Description of the asset: A brief account of the asset to quickly identify what it is. The digital asset register gathers this location information for the auditor to confirm if the asset still exists in its declared location. Asset owned or copyrighted: Digital assets may be original or copyrighted material. Assets should be labeled accordingly to avoid any legal issues when using copyrighted material. Asset user: The person or group of people with access to the digital asset, whether for viewing or editing.

Preservation risk: This detail identifies what the digital asset potentially faces in terms of risks. Digital assets are exposed to technological, organizational, and cultural risks. Organizational hazards include potential losses. Meanwhile, cultural risks include obsolescence due to technology changes, which affect the life of the asset. Type of digital asset: Whether the digital asset is audio, visual, or graphic in nature. The company decides how to put a number value on its digital assets.

The depreciation method used: The technique used to identify asset value as time goes by. When managing your assets, recording their depreciation is a strategy for calculating and determining their decreased value over time. As you will notice in the next sections, calculating depreciation rates involves complicated formulae.

To an extent, accounting services, such as Xero and NetSuite , help businesses in this manner. If you use such services, you can easily integrate them into Asset. Guru to utilize our automated depreciation calculators and reporting options for an enhanced asset tracking experience.

Depreciation values vary depending on the asset type. Tax authorities often impose such methods on assets. We, at Asset. This type of depreciation method is the most straightforward and commonly used approach in the US. The life of the asset is simply the period that it is economically valuable for a business. This method assigns an equal expense value to each unit or service that an asset produces.

This method is an accelerated depreciation method that incorporates the straight-line depreciation method in calculating the depreciation rate. This method is less accelerated than the double-declining balance method. Still, it results in a more accelerated write-off than the straight-line method. Still, the physical audit reaffirms the credibility of your asset register.

Guru offers barcode services to help you perform asset audits much easier. With custom tags attached to your assets, simply scanning an item can confirm its presence. In managing your assets, cloud-computing software, such as NetSuite and SAP, may present more modern alternatives to basic spreadsheets. Still, keeping an asset register accurate may be difficult without an asset management software, like Asset.

If you use any of these services, you can easily leverage Asset. Dynamic information includes asset value, asset data, asset status, and asset types. Recording such data in an extensive asset list can be challenging when using spreadsheets, which are not necessarily designed to keep track of ever-changing information. With the cloud-based software of Asset. Guru , multiple groups in a company can update asset information and financial information whenever necessary. Plus, they can do so without having to open the single asset register spreadsheet file.

With all the necessary information attached to your every asset, you have to keep your asset register updated. Communicating is a key activity for any human being. This is also the One of the main rules of good communication is to adjust your speech You have successfully subscribed! You'll receive the next newsletter in a week or two.

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