How to set up or edit your Asset Types
- Asset Types are the primary way to classify your assets.
- They are used for classification, reporting, searching and if linked to an accounting package, then mapping to your accounts.
- Every asset is required to be assigned to an Asset Type before being activated to the register.
When setting up your Asset Types, you have the option to establish default depreciation methods along with their respective terms/rates.
Keep in mind the default method and term/rate can always be changed on an asset by asset basis. These default settings save time if consistently using the same method and term/rate for an Asset Type.
There are no limits (within reason) to the number of Asset Types you can have.
Common examples of Asset Types are:
- Equipment & Machinery
- Furniture, Fixtures and Fittings
- Leasehold Improvements
- Computer Software
- Computer Equipment
Depending if you've already linked Asset.Guru to an accounting package (QuickBooks Online or Xero) or have selected to link to spreadsheet or haven't linked, the edit options will vary.