Assets & Depreciation

Asset Type Master

The Asset Type Master creates or edits an asset classification. Asset types define default GL accounts and a depreciation method that are automatically inherited by any asset assigned to this type. If Is License? is checked, assets of this type will have the License tab enabled and the Warranty tab disabled. For a complete walkthrough, see the Quasar Guide — Assets and Depreciation. Access from Assets › Asset Types › New/Edit.

Fields

Is License?

When checked, assets of this type are treated as software licenses. On the Asset Master, the License tab is enabled and the Warranty tab is disabled.

Number

Unique type number (up to 5 characters).

Name

Type name (up to 30 characters). Example: Furniture, Vehicles, Software Licenses.

Description

Extended description (up to 50 characters).

Depreciation

Depreciation method (lookup). Links to a Depreciation record that defines the calculation type and useful life.

Asset Acct

Default GL account for the asset's book value. Inherited by new assets of this type.

Accumulation Acct

Default GL account for accumulated depreciation (contra-asset). Inherited by new assets of this type.

Expense Account

Default GL account for depreciation expense. Inherited by new assets of this type.

Inactive

Toggle to deactivate the asset type. Inactive types do not appear in dropdowns or lists.

Account Inheritance

When an asset type is selected on the Asset Master, the three GL accounts (Asset, Accumulation, Expense) and the depreciation method are automatically populated only if the asset's corresponding field is currently blank. Existing values are not overwritten.

Related Screens

Asset Type List

Depreciation Master

Asset Master