An asset is typically an object, a right, or an item owned by an enterprise.
I buy an asset. Like a machine to produce electric cars. I use the machine. At the end I sale the machine. What is this process calling and what are the names for each step?
Lifecycle of an asset.
Acquisition
Usage
Retirement
When I buy the asset, I want to enter the data of the asset. These are data that doesnt change often. After entering this data, I want to fix the date, when the asset will be used and can be depreciated.
Asset arrives
During this step, you first create an asset master record and then capitalize the asset.
There are three steps in the lifecycle of an asset. In the first step we need two dates. Which are they?
The accounting lifetime of the asset starts from the capitalization date. It ends with the deactivation date.
The asset has no use for us anymore or we found someone who buys it for a good price. What is this called?
The asset lifecycle ends with retirement. Asset retirement is the removal of an asset or part of an asset from the asset portfolio.
Which app for creating new asset master record?
Manage Fixed Assets app
My asset needs an asset class. The asset class decides how the data is filed in the master record. Then it gives information how you can decide it from other assets in other asset classes. At the end it decides which account the asset should use. Like for depreciation.
Structuring
Numbering
Account determination
1.Structuring
In which evaluations shoud be the asset displayed?
An asset class is being used to ensure that the fixed asset is displayed correctly in evaluations such as the asset history sheet, asset list, and balance sheet. The main purpose of the asset class is Structuring.
1.Numbering
Depending on the asset class, each asset receives a unique number to identify it within the system
1.Account Determination
The values of each assets needs to transfer to the balance sheet.
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