A little Fixed Asset thought this week.
When numbering Fixed Assets each asset gets a suffix with numbers 1-99 possible. You can also create master assets to associate assets. I asked about this quite a bit so I thought that I would my general guidance.
- Use Asset Master numbers to associated items purchased together that might later be separated.
For example: You buy a compute plus a monitor and the cost is over the threshold to be an asset. Since an asset and a monitor can be separated down the road you might choose to make each piece an asset. This is a perfect place to use Master Asset numbers to associate assets but allow them to be separated later on.
This also prevents issues in bulk buy scenarios where the asset ID’s might exceed 99 assets.
- Use Asset Suffixes for parts of a larger asset purchased separately that generally aren’t separable later.
For example: Asset is purchased and given suffix 1. Months later the freight costs for that asset arrive. One option is to set it up with the same asset number and give it suffix 2. Since you’ll never separate the freight from the asset in the future this keeps them together. It’s also highly unlikely that these scenarios will exceed 99 assets.