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Asset Groups view allows user to create groupings for the company’s assets, and use different settings of depreciation and account journal entry to manage the asset groups.

Below actions are available under “Asset Groups”:

Samooha icon2  Create new asset group, update, delete, close

Asset Group

 

Field Name
Description
Mandatory Information
Asset Group Code Custom code for the asset group

Y

Asset Group Name Name of the asset group

Y

Depr. Method Select the depreciation method

Y

Description Description

N

Lifespan in Months The length of time for asset’s depreciation lifespan (number of months)

Y

Parent Asset Group  Parent group of the asset group

N

Grouping Asset  Tick checkbox if it’s a (parent) grouping type

N

Asset Account  Account for the asset

Y

Accumulated Depr. Account  Account for asset’s accumulated depreciation

Y

Depr. Expense Account  Account for asset’s depreciation expense

Y

Disposal Account  Account for asset’s disposal

Y

Gain on Sale of Assets  Account for gain on sale of asset

Y

Loss on Sale of Assets  Account for loss on sale of asset

Y

 

Create New Asset Group

1. Click “Create New” button at the bottom right side of screen

Asset Group - create

2. Fill up asset group’s information on right side of screen

3. Tick on “Grouping Asset” box if it is a parent group

Asset Group - grouping

4. Optional: Choose a (parent) asset group from “Parent Asset Group” drop-down list to assign the asset group under the selected (parent) group

Asset Group - sub grouping

5. Click “Save” button at the bottom right side of screen when done

 

Update Asset Group Details

1. Click on asset group to be updated, it will bring up the selected asset group details on the right side of the screen

2. Click “Save” button at the bottom right side of the screen when done with the updates

 

Delete Asset Group

1. Click on asset group to be deleted, it will bring up the selected asset group on the right side of the screen

2. Click on “Delete” button at the bottom right side of screen

3. Click on “Yes” button on the pop-up window to confirm asset group deletion

Asset Group - delete

 

Close Asset Group

1. Click on asset group to be closed, it will bring up the selected asset group on the right side of the screen

2. Click on “Close Asset Group” button at the bottom right side of screen

3. Click on “Yes” button on the pop-up window to confirm asset group closing

Asset Group - close