Asset Classes

Overview:

An Asset Class lets you group similar types of Assets. To an Asset Class, you can assign default accounts, attributes, rental rate discounts, and rental charging specifications, which default to all Assets assigned to the Asset Class.

Optionally, Penta users can utilize Parent/Child Asset Class functionality when setting up new classes, this gives the user the ability to default information from a Parent Class to a Child Class. When you use the Asset Class Information window to create an Asset Class, you should define “parent” Asset Classes first. Then when you set up “child” (or subordinate) Asset Classes, PENTA uses the parent’s information as the default values and you only have to override/enter the items that differ for the child. This can save you a great deal of data entry time.

PENTA uses Asset Class information to perform a variety of additional functions. You assign every asset to an Asset Class. After assigning an Asset to an Asset Class, the Asset inherits the settings for the Asset Class; however, you can override the default information on an Asset-by-Asset basis.

Benefits:

• Provides the ability to default a set of pre-defined data into all new Assets
• Provides the ability to group assets based on similar characterizations
• Provides the ability to track and schedule require equipment preventative maintenance

Roles:

• Accounting Manager
• Accounting Clerk
• Fixed Asset Manager
• Controller
• Assistant Controller

Additional Content

• In the TEP App, the ability to include an asset in an Activity Log is determined by that Asset's Asset Class and whether or not it has been marked as available for inclusion in the Work Package Manager Configuration screen.

Location:

• Fixed Asset Management> Setup> Classes

Video: