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Company Assets

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Fixed Assets (adding and editing company assets)

How to Add, Edit, and Manage Your Company’s Fixed Assets

The Company Asset feature tracks company assets.  Assets can many times represent a significant portion of a company’s net worth.  Assets include vehicles, office equipment, and tools, etcetera. These are not customer owned and not to be confused with customer equipment.

Use the Asset Manager to record these assets, assign an asset to an employee or a truck, transfer an asset from one employee to another, and more.  Total Office Manger® can even be used to calculate the depreciation over the useful life cycle of the asset, then record the asset’s ultimate disposal.

Form Access

  • First open the Asset Manager List from the main menu by clicking Company | Asset Manager.  See the related topic, “Asset Manager List” for more information.

  • In the Asset Manager List, right click anywhere in the list and choose New Asset from the pop-up menu.  The Add Asset form will appear.

Field and Button Definitions

Common Fields and Buttons

The following fields and buttons always appear, regardless of which tab is being viewed.

  • Asset # – Total Office Manager will automatically propose a unique serialized identification number for the asset.  The proposed Asset # can be over-ridden by the user if necessary.
  • Asset Name – Enter the name of the asset.
  • OK – Saves and closes the form.
  • Cancel – Exits the form without saving.
  • Notes – Opens the Notepad for the individual asset.  See the related topic, “Notes” for more information.
  • Image – Opens the image window for the specific asset.  See the related topic, “Images” for more information.
  • Next – Saves the form and opens a new blank form.
  • Log – Opens the log for the particular asset.  See the related topic, “Contact Log” for more information.
  • Dispose – This button disposes of an asset but does delete it.
  • Document Links – The use of Document Links can be invaluable when managing assets.  Manufacturers usually provide electronic versions of their user manuals online for downloading.  Download these manuals and other asset-related documents (like a scan of the sales receipt from when it was purchased) to a central location, then use that asset’s Documents Links to manage the information.

Asset Tab

  • Serial/Vin – Use this area to enter a number of the asset or in the case of vehicles the VIN number for this asset.
  • Location – Use this area to enter a where this asset is located. (Example: equipment locker 4)
  • Manufacturer – The manufacturer of the asset. The company that made it.
  • Assign Asset to Employee – Use this area to enter the name of the employee this asset is assigned.
  • Department – Use this area to enter the department the asset is assigned. (Example: Service Department)
  • Assign Asset to Vehicle – Pick which vehicle to assign the asset to.  This field will not appear if the Asset Type is a vehicle itself.  In other words, you cannot assign a vehicle to a vehicle.
  • Asset Type – Select the asset type from the drop down list.  This is the IRS designated type for the asset so it cannot be edited.
  • New/Used – Use this area to enter if the asset was purchased new or used.
  • Disposal Date – Shows the date the asset was disposed.
  • Sale Price – Shows the amount the asset was sold for (if any) when the asset is disposed.
  • Status – The Status of the record . It may be ‘Disposed’, In-Service etc.
  • Remaining Time In-Service – Shows the amount of remaining life of an asset.
  • Time in Service – The amount of time the asset has been in-service.

Depreciation Tab

  • Cost – The original cost of an asset.
  • Useful Life – The useful life of an asset in years.
  • Salvage Value – The value of an asset after the useful life has expired.
  • Business Use – The percentage of business use for an asset. (Example: A company vehicle may have a business use of 80% and a personal use of 20%)
  • Method – The preferred method of depreciation.
  • Convention – The depreciation convention, Full-Year, Days, Half-Month etc.
  • Basis – The basis of depreciation. This field is used when you don’t want the depreciation calculated on the original cost of an asset. (Example: You could enter the original cost + <any betterments> and calculate the depreciation on this value)
  • Depreciation Table – This table shows the calculated depreciation of an asset for the life cycle of an asset, using several methods of depreciation. These methods of depreciation include: Straight Line, Sum of Years Digits, Declining Balance, Double Declining Balance, Section 179, MACRS.
  • Calculate – This button calculates the depreciation for an asset using the deprecation information provided by the user for the asset.
  • Clear – This button clears the Deprecation table.
  • First Month of Fiscal Year – This displays the first month in the fiscal year for the company (usually January).

Additional Info Tab

  • User Defined Fields – Any custom UDF’s for assets will appear in the Additional Info Tab.  For more information, see the related topic, “User Defined Fields”.

Tips

  • Use the “Assign Asset to Employee” field to assign assets such as tools, test equipment, cell phones etc. to employees.  This is a handy way to keep track of which employee has what asset.
  • Use the “Assign Asset to Vehicle” field to assign assets such as equipment that your company provides with each vehicle.
  • Be sure to enter all asset tracking information, including an image of the asset, in case the asset is lost or stolen.

Related Content

Asset Manager LIst

How to Open and Use the Asset Manager List

The Asset Manager List is used to manage the various assets owned by the company.  Often, assets can represent a significant portion of a company’s net worth.  Use the Asset Manager to record these assets, assign an asset to an employee, transfer an asset from one employee to another, and more.

Form Access

  • From the main menu, click Company | Asset Manager.

Asset Manager File Path
Asset Manager File Path

Usage

Perhaps the easiest way of using the commands available in this list is through its right click menu.  The right click menu is identical to the title menu.

Asset Manager Pop-Up Menu
Asset Manager Pop-Up Menu
  • To create a new asset, right click anywhere in the list and choose New Asset from the pop-up menu.  Complete the Add Asset form as directed in the related topic, “Asset – Adding Assets”.
  • To edit an asset, right-click on it and choose Edit Asset from the pop-up menu.
  • To delete an asset, right-click on it and choose Delete Asset from the pop-up menu.
  • To transfer an asset, right-click on it and choose Transfer Asset from the pop-up menu.
  • To access the Document Links for an asset, right-click on an asset and choose Document Links from the pop-up menu.
  • To export whatever information is currently displayed in the list, right-click anywhere in the list and choose Export List from the pop-up menu.
  • To modify which columns are displayed in the list, right-click anywhere in the list and choose Form Preferences | Show Columns from the pop-up menu.

Tips

  • The use of Document Links can be invaluable when managing assets.  Manufacturers usually provide electronic versions of their user manuals online for downloading.  Download these manuals and other asset-related documents (like a scan of the sales receipt from when it was purchased) to a central location, then use that asset’s Documents Links to manage the information.
  • You can delete or transfer multiple records. To highlight multiple records, press and hold your CTRL key and click each record. You may also select a range of records by highlighting the first record in that range, press and hold your left Shift Key, and click the last record in that range.
  • Sticky labels can easily be printed for your assets.  See the related topic, “Asset Labels Report” for more info.
  • It is generally recommend not to delete assets.  Consider using the Dispose option instead.

Content Related to the Asset Manager List

Assets List Report

Contact Log (Asset) Report

Assets List Report

Introduction

The Assets List Report shows the various assets owned by the company.  It can be filtered, sorted, and printed using a variety of useful options.

Form Access

  • From the main menu, click Reports | Company | Assets | Assets List, or use the Report Navigator.

Asset List Report File Path
Assets List Report File Path

Report Options

Assets List Report Options
Assets List Report Options

Date Filter Area

The following date filtering is available in this report.

  • Date Range – Choose from a pre-defined range of time-frames from the “Date Range” drop-down list, or enter a custom range using the “From” and “To” fields.

Filter Area

The following general filters are available in this report.

  • Employee – When using the Asset Manager, assets can be assigned to an employee.  To filter assets on this report by assignment to a particular employee, select the employee from this drop-down list.
  • Asset – When using the Asset Manager, assets can be classified from a variety of asset types.  To filter assets on this report by a particular asset type, select the asset type from this drop-down list.
  • Customer:Job – When using the Asset Manager, assets can be classified by Customer:job.  To filter assets on this report by a particular customer, select the Customer:job from this drop-down list.
  • Manufacturer – When using the Asset Manager, the manufacturer of an asset can be identified.  To filter assets on this report by a particular manufacturer, select the manufacturer from this drop-down list.

Sorting Options

The following sorting options are available from the Sort Options drop-down list.

  • Sort by Name, then by Serial Number
  • Sort by Serial Number, then by Manufacturer
  • Sort by Asset Number, Name, then by Serial Number.

Additional Report Options

The following additional options are available for this report.

  • Detailed – Includes the Disposal Date, Salvage Value, Method, Basis, Cost, Business Use %, Convention, IRS Depr. Type, and Useful Life as entered in each asset’s record.
  • Include Depreciation Schedule – Includes a full depreciation schedule based on information in the asset’s record.  The depreciation schedule displays the following methods: Year, Straight Line, Sum of Years, Declining Balance, Double Declining Balance, 179, and MARCS.
  • Include User-Defined Fields – Displays any User Defined Fields (UDF’s) setup for assets.
  • Include Related Transactions – Displays transactions related to the asset.  For example, when entering a bill for copy machine toner, if the target asset (copy machine) in which the toner will be used is selected on the bill, then this transaction will appear on the report.

Choosing which asset to associate with a bill.  Here, the “Asset” field is used to associate the purchase of a toner cartridge with the copy machine it fits (see green arrow).

Other Controls

  • Cancel – The Cancel button closes the window.
  • Preview – The Preview button will show an on-screen display of the report, from which a hard-copy can be printed.  The preview screen is also capable exporting the report in a PDF format for email use.  A text search function in the preview screen can be used to locate a particular string of text.
  • Close Window on Preview – Ticking this checkbox will have the options window automatically close when the Preview button is clicked.

Example

Below is an example report (which may have been cropped and shrunk to conserve space). 

Assets List PDF
Assets List Report PDF

Related Topics

Asset Labels Report

Asset Manager

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