An asset is typically an object, a right, or an item owned by an enterprise.
1.Lifecycle of a Fixed Asset
Acquisition
Usage
Retirement
1.Acquisition
Asset arrives
During this step, you first create an asset master record and then capitalize the asset.
1.Usage
The accounting lifetime of the asset starts from the capitalization date. It ends with the deactivation date.
1.Retirement
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
1.Asset classes
Structuring
Numbering
Account determination
1.Structuring
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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