Part 03 - Assets

3.1 Find and inspect an asset

Navigation: Assets > asset barcode.

1. Search the asset list and open the barcode link.

2. Check the name, barcode, classification and In Use or Disposed status.

3. Review the summary: acquisition information, carrying value, depreciation basis, residual value and relevant adjustment totals.

4. Expand General Asset Details, Asset Classification Details and Depreciation Details where present.

5. Expand the relevant event sections, including impairment, revaluation, capital addition, disposal and change in estimate details.

6. Open linked events to inspect their dates, values, descriptions and evidence.

7. Review location and condition-assessment information if available.

Result: You can trace the asset's identification and financial history before making a change. The selected system financial year affects the financial context displayed on the page.

3.2 Add a new asset

Navigation: Assets > Add New > Asset.

Before you start: The entity needs classifications. Prepare the approved acquisition value, acquisition date, available-for-use date, identification details and supporting evidence. On an empty register, the Assets screen directs you to the import process; use article 7.2 for initial loading.

1. Enter Barcode, Asset Name and Description.

2. Complete optional identification fields relevant to the asset; see article 3.3.

3. Select the asset's classification through the classification selector.

4. Review the classification's depreciation method, useful life and residual-value defaults.

5. Retain inheritance where appropriate, or enter approved asset-specific estimates; see article 3.4.

6. Enter Purchase Price and Purchase Date.

7. Answer Is this asset ready for use? If yes, provide the Depreciation Initiation Date.

8. Attach the invoice and other recognition or commissioning evidence.

9. Select Save.

10. Reopen the asset and check identification, classification, price, dates and depreciation details.

Common issue: An existing barcode must be resolved by finding the existing record or correcting the proposed barcode. Do not invent a different identifier simply to bypass a duplicate warning.

The acquisition value should reflect the approved capitalised amount. An invoice's total and an asset's recognised cost are not necessarily identical. The distinction between the purchase date and the available-for-use date matters for depreciation. See the GRAP references in Part 14.

3.3 Complete asset identification details

Use fields consistently so users can find the asset and match it to verification records.

Enter only applicable information. Preserve leading zeros in identifiers when preparing import workbooks. A heritage indicator is descriptive information; choose the correct accounting classification separately.

The standard Add/Edit asset forms do not expose a general cost-centre selector in the reviewed interface. Cost centres are available in relevant import templates and WIP forms. Do not use comments as a replacement for a structured assignment if your reporting depends on it.

3.4 Use inherited or asset-specific depreciation estimates

1. Select a classification and review the displayed defaults.

2. Check the inheritance controls for depreciation method, useful life, depreciation rate and residual value, as applicable.

3. To use an approved asset-specific value, change the applicable inheritance option and complete the revealed fields.

4. For Straight-line, provide useful life in the stated unit.

5. For Diminishing Balance, provide a depreciation rate as a percentage.

6. For Units of Production, provide the production-unit estimate requested.

7. For residual value, select Percentage or Residual Amount where offered, and enter the appropriate value.

8. Save and inspect the resulting asset details.

Do not enter 10 when you mean 10 years in a field labelled months or days. Do not enter both a percentage and an amount without checking which residual-value basis is selected.

After recognition, a revised estimate normally belongs in Change in Estimate, rather than overwriting the original acquisition assumptions. An incorrect original entry may require Correction of Error. See articles 5.7 and 5.8.

There is no separate documented front-end screen here for capturing actual periodic production consumption. Confirm your organisation's supported process before adopting units-of-production depreciation operationally.

3.5 Edit an asset

Navigation: Assets > asset > Edit.

1. Open the correct asset and select Edit.

2. Change the available identification or permitted financial fields.

3. Check classification, inheritance selections and readiness-for-use information before saving.

4. If the asset is marked ready for use, ensure its depreciation initiation date is supplied.

5. Add supporting evidence as needed and select Save.

6. Reopen the detail page and confirm the change.

Acquisition-related fields become read-only when the acquisition year is audited. Use the appropriate accounting event or correction workflow instead of trying to alter the historical record directly. An identification correction and a change to a financial estimate are different tasks.

3.6 Delete an incorrectly created asset

Navigation: Assets > asset > Delete, when available.

1. Confirm the asset is an erroneous record, rather than an asset that was sold, scrapped or otherwise disposed of.

2. Review its related events and the deletion warning.

3. Select Delete and confirm only if the record and related events should be removed.

4. Return to the list and verify the outcome.

The confirmation states that the asset and all related events will be deleted and the action cannot be reversed. The asset-detail Delete button is restricted by audited-year and disposal state. Use Disposal of Asset to record the end of an actual asset's life in the register; see article 5.6.

3.7 Export the asset list

1. Open Assets and confirm the entity and system financial year.

2. Select Export where available.

3. Open the downloaded Excel workbook.

4. Check the report date, identifiers, totals and row count.

For the formatted Fixed Asset Register Report, use Reports > Data Reports. The list export and the formal register report are separate outputs; do not assume identical layouts or filtering.

3.8 Review locations and condition assessments

1. Open an asset's detail page.

2. Expand Location Details if present and inspect the available location information and map.

3. Expand Condition Assessment Details if present.

4. Review assessment information, synchronisation date and photographs.

5. Investigate a missing or outdated result using article 11.3.

These sections display available integration data. They do not establish that a financial adjustment has been posted. A condition decline may prompt an accounting review, followed by an impairment or revised estimate where appropriate.