Asset.Guru Glossary

Let's keep things simple and get on the same page with the familiar (and unfamiliar) terms used in Asset.Guru.  

These will help whether initially getting started or when doing some asset analysis down the track!

Term
Definition
Depreciating Assets Assets with a monetary current value and a Depreciation Type assigned.
Non-Depreciating Assets Assets with a value (i.e. Purchase price) and with the Depreciation Type of 'None'.
These are typically capital assets such as land that do not depreciate yet are present in financial reports (i.e. Depreciation Reports).  
Instant Write Off These are assets that experience full depreciation at purchase date (i.e. the cost is shown in Purchase Price, Opening Balance and Depreciation)
Track Only No monetary value in Asset.Guru (i.e. $0 Purchase price and Current Value).  These can also be referred to as an Expensed Asset.  
Expensed Asset Another term for an asset with no monetary value that behaves the same as a 'Track Only' asset.   
Depreciation Term
Also known as the Straight line/Prime Cost method. Enter the number of years that the asset will depreciate over. EG 2 = 2 year Depreciation Term

Note: when using the Bulk Asset Upload template, enter only either:
1. Term (Straight line/Prime Cost) OR
2. Rate
(Declining Balance/Reducing Balance method of depreciation)
Depreciation Rate The percentage the asset will depreciate by each year using the Declining Balance/Reducing Balance/Diminishing Balance Method

As noted above: when using the Bulk Asset Upload template, enter only either:
1. Term (Straight line/Prime Cost) OR
2. Rate
(Declining Balance/Reducing Balance method of depreciation)
Asset Type These are assigned to assets and provide Depreciation Types (Straight Line, Reducing Balance,...) with default Deprecation Terms or Depreciation Rates for both Accounting and Tax depreciation. 
Before activating an asset to the Asset Register, it must have an Asset Type selected.  (The default terms/rates can be modified on the asset record from the default settings before activating an asset.)

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