Asset Classes

Asset Classes are part of the Fixed Assets module.

Asset Classes serve as templates that are used in the creation of assets. Additionally, Assets can be sorted or organized by asset class. Asset classes can be created manually, or imported through the Setup Assistant. Assigning an Asset Class is required during the creation of an Asset.

While an Asset Class is required to be assigned to an Asset, once selected, the settings and values can be updated as needed.

Asset Classes Buttons and Fields

	Button/Field	Description
General
1	Name	The name of the asset class as it will be displayed in R365.
2	Depreciation Method	The method in which the asset will be depreciated. Options include: Straight Line None Learn more about depreciation method definitions and examples.
3	Convention	Sets the depreciation start date for the asset. Additionally, determines the amount of depreciation to record on the first and last months of depreciation. Options include: Full Period - Depreciation starts the first day of the period that the asset is placed in service. Mid Period Half - Depreciation start occurs any day in a period where the asset is placed in service (between days 1 and 30) and receives a half depreciation for that period. Regular depreciation occurs the following period. The final period also receives a half period of depreciation. Mid Period Full- Depreciation start depends on which day the asset is places in service. For days 1-15: The asset receives a full period of depreciation. For days 16-30: The asset receives no depreciation for the period and will start depreciation the following period. Next Period - Depreciation start is the first day of the period following the period that the asset was placed in service. Learn more about convention definitions.
4	Effective Life	The estimated effective life in years and partial years (months). Values must be entered as whole numbers.
Accounts
5	Asset	The account where the current value of the asset will be recorded and updated.
6	Accumulated Depreciation	The account where the accumulated depreciation will be recorded and updated.
7	Depreciation Expense	The account where the depreciation expense will be recorded and updated.
8	Gain/Loss on Sale	The account where the gain/loss on sales will be recorded and updated.
9	Potential Asset Trigger	The account the potential asset list will pull from for any new potential assets in this asset class.

Create an Asset Class

Asset Classes can be created in one of two ways: Setup Assistant or Fixed Assets sub-menu.

Via Setup Assistant

Asset Classes can be created manually, one by one, or several at once through the use of a template.

Single - Manual
- Click the 'Add Asset Class' and complete each field to create a single Asset Class.

Multiple - Template
- Click 'Export Template' to download the Asset Class Template.
- Complete the template in Excel and then save the Template. Make note of where the file is saved as you will need to browse there to select and import it.
  GL Accounts, Locations, Depreciation Method, and Conventions must be entered exactly as they appear in R365. If the spelling does not match, the import will fail
- Next, click 'Import' to select and import your Asset Classes.

Via Fixed Assets Sub-Menu

Hover over 'Account' in the top ribbon and then the 'Fixed Assets' sub-menu. Click on 'New Class' to open the Asset Class form and create a new Asset Class.

Assign an Asset Class

Once you have created your Asset Classes, they will be available to be selected on the Asset record. The Asset Class field is a required field on the Asset record. Select the Asset Class in the Asset Class selector.

Asset Class List

All existing Asset Classes will be listed in the 'Asset Classes' list in the 'Fixed Assets' subsection of the Accounting module.