There is no provision in the ERP to capture the life of the asset. Based on the experience the concerned person decides that the asset can be used for a certain number of years and uses the below method to arrive at the depreciation rate.
Depreciation = (Asset Value – Salvage Value)/ No. of Years of Asset Life Cycle.
Asset ID: This is a system-generated unique identifier assigned automatically when an asset is created in the ERP.
Asset Serial Number: This is a unique code or number provided by the manufacturer of the asset to identify it physically.
In short, Asset ID is internal (ERP-specific), while Serial Number is external (manufacturer-specific).
No, the system will not allow you to update or save data without completing all mandatory fields.
These fields are essential as they directly impact key processes like fixed asset reports and depreciation calculations
If a Depreciation Method with the same percentage already exists, the system will not allow saving it again, as it ensures data uniqueness and avoids duplication.
To save successfully: