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Glossary

Creating and Configuring Asset Classes

Overview

An asset class is a group of assets that have similar characteristics and are subject to the same accounting treatment. This classification helps to make the structuring and management of lease components more efficient. Different asset classes can have different effects on financial indicators. For instance, buildings may have a longer depreciation period than vehicles.

To provide a basis for accounting for leases, asset classes are created and edited in the workspace of the same name.

Until at least one asset class exists, a warning icon appears next to Asset classes in the Settings menu. The icon disappears once you create your first asset class.

A warning icon appears next to Asset classes until at least one asset class exists.
Warning icons in the 'Settings' menu

The ‘Asset Classes’ Workspace

The Asset classes workspace displays all the asset classes that have already been created:

Displays the 'Asset classes' workspace
The 'Asset classes' workspace

Creating an Asset Class

Click Add new asset class to create a new asset class.

The New asset class dialog is displayed:

Displays the configuration fields of the 'New asset class' dialog.
The 'New asset class' dialog

Configuring an Asset Class

When configuring an asset class, the following options are available:

Fields marked with a * are mandatory fields.

OptionDescription
NameAsset class name
Asset class typeType that is going to be assigned to the asset class

Note:
• The most common asset class types preconfigured in Lease Accounting are available for selection.
• You can select the required type in the drop-down list or search for it using the Search box.
Minimum depreciation periodMinimum depreciation period that will apply to the asset class, in months
Maximum depreciation periodMaximum depreciation period that will apply to the asset class, in months

Last updated on Aug 16, 2023

Table of Contents
Creating and Configuring Asset ClassesOverviewThe ‘Asset Classes’ WorkspaceCreating an Asset ClassConfiguring an Asset Class
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