---
title: "Creating and Configuring Asset Classes"
description: "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."
source_url: https://support.lucanet.cloud/en/documentation/lease-accounting/basic-configuration-lease-accounting/manage-asset-classes
language: en
last_updated: 2023-08-16
---
# 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.

## The ‘Asset Classes’ Workspace

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

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:

The 'New asset class' dialog

## Configuring an Asset Class

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

{% info-box %}
Fields marked with a \* are mandatory fields.
{% /info-box %}

#### Name

Asset class name

#### Asset class type

Type that is going to be assigned to the asset class

{% info-box %}
- 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.
{% /info-box %}

#### Minimum depreciation period

Minimum depreciation period that will apply to the asset class, in months

#### Maximum depreciation period

Maximum depreciation period that will apply to the asset class, in months