These may be owned, leased or rented. They may be used in your business or outside. It allows you to describe each asset for record keeping and analysis purposes, including cost, physical attributes, location, usage, responsible department/personnel, and current status.
Warranties associated with each asset can be tracked and managed. The warranty can cover the whole asset or can be related to specific aspects of the asset. This warranty information can then be automatically recalled when maintenance activities are performed on the asset. This allows you to manage your warranty claims both for recovering your cost as well as tracking reliability and performance.
Meters associated with each asset are an important tool for tracking usage and relative cost. Each asset may have one or many meters with each being used to track specific usage, such as distance, hours or throughtput. Meters can be changed with the prior usage being associated with the new meter. The meters are also the basis for usage based preventive maintenance scheduling.
Usage Charge-Out of equipment is often important, particularly where Activity Based Costing is required. Each asset can have both an internal and external charge out rate based on usage with the appropriate accounting. For internal usage, the equipment generates phantom revenue whereas the department, job or project is charged for using the equipment.
Fixed Periodic Charges can be associated with each asset and can generate the appropriate accounting entries. This includes the charge out of assets on a fixed periodic basis, the allocation of expenses to each asset, and depreciation expense.