Asset Lifecycle
Look here for all information about assets in one place. Created after purchasing or receiving an asset, the asset lifecycle includes every answer you might need — status of an asset, custodian, location, warranty and insurance, depreciation and depreciation schedule, asset transfer, scraping, selling and movements, and more. It’s transparent and crystal clear — like all things should be.
Purchasing Assets
Procuring assets is done via purchase receipts (goods received notes) or purchase invoices. The system directly creates a record for the asset, based on the information stored in the item master. Depreciation methods, schedule, insurance details and more can be updated with a few clicks. It’s asset procurement simplified with one-time configuration.
Asset Inventory
ERPNext features integrated inventory so you can easily manage all information about an asset. Batched or serialized items? Take your pick. Scan barcodes with your device camera for blazing fast search, faster outputs, and data-driven decisions based on assets’ availability, locations, and more. When an asset is purchased, the system auto-creates the asset record based on the information stored in the item master.
Selling Assets
With a few clicks, you can sell assets that you no longer need. There is no overhead of maintaining accounting books, since the system will auto-create those journal entries, keeping the process quick and seamless.
Scrapping Assets
When you no longer need an asset, you can scrap it with just one click. The accounting entries are handled by our asset management software so the process always stays smooth.
Asset Value Adjustment
If the value of an asset increases or drops off suddenly, it can be recorded using the Asset Value Adjustment feature. The system will create journal entries (based on the re-adjustment values that were entered) and recalculate depreciation amounts.
Asset Reporting
Identify bottlenecks, monitor performance, and improve service delivery with reporting features. Out-of-the-box standard reports and easy-to-build custom reports empower you with data-driven analysis for better decisions.