Managing Assets

Managing and maintaining assets throughout their life cycle includes the following phases:

  • Entering new assets.

  • Modifying properties of existing assets.

  • Entering additions and betterments to existing assets.

  • Recording the disposal of assets.

These functions are only maintenance functions. None of them have a direct effect on financial data. It is assumed that the purchase of the asset as well as additions and betterments are handled by the Purchase Order and Accounts Payable modules, and that the disposal is handled though Accounts Receivable or General Ledger journal entry.