Asset Financials

The Financial tab in our asset record allows us to effectively track and manage the financial aspects of an asset throughout its entire lifecycle. The current financial information we maintain includes the following:

• Purchase Cost: The initial cost of acquiring the asset.
• Replacement Cost: The estimated cost to replace the asset once its financial lifespan concludes.
• Warranty Expiry Date: The date when the asset’s warranty is set to expire.
• Purchase Date: The date the asset was acquired, marking the start of its financial lifecycle.
• Disposal Value: The projected value of the asset at the end of its financial lifespan, when it is disposed of.
• Current Value: Based on the entered financial data, we automatically calculate the asset's current value using the straight-line depreciation method.

This financial data is also used to generate asset replacement forecasts, helping us plan for future replacements. These forecasts show which assets are due for replacement in specific years and the estimated costs we need to budget for those replacements.