An Asset Category classifies different assets of a Company.
The first step towards asset management is creating an Asset Category based on the type of assets. For example, all your desktops and laptops can be part of an Asset Category named "Electronic Equipments".
In Asset Category, you can set default a depreciation method, periodicity and depreciation related accounts, which will apply to all the assets under the category.
Note: You can also set default depreciation-related Accounts and Cost Centers in Company master.
To access the Asset Category list, go to:
Home > Asset > Assets > Asset Category
On enabling this, accounting entry for assets under this category which are not in use are posted in the Capital Work in Progress accounts. This happens when you own the Asset but it isn't being used yet, i.e. 'Available for Use Date' is set at a later date. If you use all your assets immediately, disable this feature. On disabling this, CWIP accounting will be skipped.
You can link a Finance Book if you report depreciation in different ways. You can enter the following fields:
The following account details can be set to record asset values in the ledger: