Understanding Asset Classes

What are Asset Classes?

Asset Classes are sub-categories of Asset Types. They help organize assets for detailed reporting and allow you to set shared characteristics like Characteristic Life and Depreciation, streamlining the process of adding new assets.

Why Asset Classes Matter

Asset Classes play a crucial role in maintaining a well-organized system and efficient operations. Here’s how they can help:

  • Grouping similar assets like pumps, HVAC systems, or vehicles makes it easier to locate and manage them efficiently.

  • Assigning specific maintenance schedules and checklists to each class improves efficiency and reduces administrative work.

  • Analyzing trends and costs by asset class provides better insights for informed decision-making and optimized performance.

  • Tracking maintenance expenses across categories helps identify high-cost assets for potential upgrades or replacement.

  • Saving time by allowing maintenance teams to quickly locate and manage specific groups of assets, reducing delays during inspections or repairs.

 

How to Create an Asset Class

To configure Asset Classes, follow these steps:

    1. Click the Gear icon in the menu bar.

    2. Select Configuration Mode to access the system’s setup tools.

    3. On the Configuration Mode screen, click the Assets & Work Management card to find configuration options for asset-related settings.

    4. Select Asset Classes.

    5. In the Asset Classes Finder screen, click Create.

    6. When the New Asset Class screen opens, complete all necessary fields. Fields marked with a red asterisk (*) are required.

Field Description
Asset Class * Enter a unique identifier for the Asset Class. It is recommended to use a few capital letters (e.g., "EQT" for Equipment). Avoid special characters and spaces.
Description * Provide a descriptive name for the Asset Class.
Asset Type * Select the Asset Type to which this Asset Class belongs.
Characteristic Life Enter the expected number of years that assets in this class will be useful.
Depreciation Life Specify the number of years over which the asset will be fully depreciated using the straight-line method.
Email Enter an email for the Asset Class.
Critical Asset Provide a critical asset associated with the new class.

Click Save to finalize your new asset class. After saving, a confirmation message will appear at the top of the screen.