Asset Lifecycle

How the lifecycle works

Track each asset from purchase through to disposal. Set the cost, useful life and purchase date to auto-build a depreciation schedule, and record disposals to close the asset out — giving you a full lifecycle history and accurate book values for the accounts.

Adding an asset

1. Go to Inventory → Assets and click Add Asset.
2. Enter the name and pick the type — laptop, desktop, server, printer, network, mobile, monitor or other.
3. Assign it to a company and, if relevant, a person.
4. Enter the purchase date, cost and useful life in years.
5. Save. The depreciation schedule is generated from those three values.

Reading the schedule

Open an asset to see its depreciation schedule and current book value. Book value is what should agree to your fixed asset register in the accounts.

Status through life

• Active — in use.
• In storage — held but not deployed.
• Disposed — written off or sold.

Disposing of an asset

Record the disposal with its date and any proceeds. The asset closes out at its remaining book value, and any gain or loss on disposal is visible against the record. Do not delete disposed assets — the history is the point.

Tip: Get the useful life right at creation. Changing it later rebuilds the schedule, and a rebuilt schedule will not agree to depreciation you have already posted.