Asset
Overview
Asset – Business Overview
The Asset document in Dafater is used to record, manage, and monitor all long-term items that your business owns and uses to operate. These are typically high-value items that provide benefit over time, such as equipment, machinery, vehicles, office furniture, or IT hardware.
Its main purpose is to help businesses maintain clear visibility and control over their physical and intangible assets throughout their entire lifecycle — from acquisition to usage and eventual disposal.
What the Asset document is used for
In day-to-day business operations, the Asset document is used to:
- Record ownership of company assets
- Track where assets are located and who is responsible for them
- Monitor asset value over time
- Support financial reporting and audits
- Ensure proper asset utilization and accountability
- Plan replacements, maintenance, or disposals
By using Asset records, businesses can avoid asset loss, misuse, or inaccurate financial records.
Prerequisites and setup before using Asset
Before creating Asset records, the following should be in place:
- Asset Categories defined to group similar assets (e.g., Vehicles, Office Equipment, IT Devices)
- Company and accounting structure set up in Dafater
- Suppliers or purchase records available, if assets are acquired through purchase
- Departments, locations, or cost centers defined, to assign responsibility and usage
- Users and roles identified for asset ownership and management
Having this foundation ensures that asset information is consistent and meaningful across the business.
Typical workflow and business process fit
A common business workflow involving the Asset document looks like this:
Asset acquisition
The business purchases or receives an asset, such as machinery or equipment.Asset creation
An Asset record is created in Dafater with details such as asset name, category, purchase date, value, location, and responsible department or employee.Asset assignment and usage
The asset is assigned to a department, location, or individual and used in daily operations.Ongoing monitoring
The asset’s condition, value, and usage are tracked over time for internal control and financial reporting.Transfer or update
If the asset is moved, reassigned, or upgraded, the Asset record is updated to reflect the change.Asset retirement or disposal
When the asset is no longer useful, it is marked as sold, scrapped, or retired, ensuring accurate records.
This workflow ensures assets are managed responsibly from start to finish.
Key business scenarios where Asset is essential
The Asset document is especially important in the following situations:
- Financial audits and compliance – Providing clear records of company-owned assets
- Budgeting and planning – Understanding asset value and replacement needs
- Operational accountability – Knowing who is responsible for each asset
- Cost control – Preventing unnecessary purchases by tracking existing assets
- Business growth – Managing increasing numbers of assets across departments or locations
- Insurance and risk management – Maintaining accurate asset registers for coverage and claims
Important considerations for users
When working with the Asset document, users should keep in mind:
- Always enter accurate and complete information at the time of asset creation
- Assign clear responsibility for each asset to avoid disputes or loss
- Regularly review and update asset details to reflect real-world changes
- Ensure assets are categorized correctly for better reporting and analysis
- Treat the Asset register as a living business record, not a one-time entry
In summary
The Asset document in Dafater is a central tool for managing the business’s valuable resources. It supports transparency, financial accuracy, operational efficiency, and long-term planning by ensuring every asset is properly recorded, tracked, and controlled throughout its lifecycle.
Basic Information
- Module: Assets
- Document Type: Document
Fields
| Field Name | Label | Type | Required | Options | Description |
|---|---|---|---|---|---|
| company | Company | Link | ✓ | Company | Company owning or recording the asset in Dafater |
| item_code | Item Code | Link | ✓ | Item | Linked item master representing this asset |
| item_name | Item Name | Read Only | - | Item name fetched automatically from item master | |
| asset_owner | Asset Owner | Select | , Company, Supplier, Customer | Entity that legally owns the asset | |
| assetownercompany | Asset Owner Company | Link | Company | Owning company when asset owner is Company | |
| isexistingasset | Is Existing Asset | Check | - | Indicates asset existed before recording in Dafater | |
| iscompositeasset | Is Composite Asset | Check | - | Marks asset made of multiple component assets | |
| supplier | Supplier | Link | Supplier | Supplier from whom the asset was procured | |
| customer | Customer | Link | Customer | Customer owning asset if held on behalf | |
| image | Image | Attach Image | - | Image for visual identification of the asset | |
| journalentryfor_scrap | Journal Entry for Scrap | Link | Journal Entry | Journal entry created when asset is scrapped | |
| naming_series | Naming Series | Select | ACC-ASS-.YYYY.- | Auto-generated numbering series for asset records | |
| asset_name | Asset Name | Data | ✓ | - | Descriptive name of the asset |
| asset_category | Asset Category | Link | Asset Category | Category defining depreciation and accounting rules | |
| location | Location | Link | ✓ | Location | Physical or logical location of the asset |
| split_from | Split From | Link | Asset | Original asset from which this asset was split | |
| custodian | Custodian | Link | Employee | Employee responsible for custody of the asset | |
| department | Department | Link | Department | Department using or responsible for the asset | |
| disposal_date | Disposal Date | Date | - | Date on which asset was disposed or sold | |
| cost_center | Cost Center | Link | Cost Center | Cost center associated with asset expenses | |
| purchase_receipt | Purchase Receipt | Link | Purchase Receipt | Purchase receipt linked to asset acquisition | |
| purchasereceiptitem | Purchase Receipt Item | Data | - | Specific receipt item linked to the asset | |
| purchase_invoice | Purchase Invoice | Link | Purchase Invoice | Purchase invoice used for asset capitalization | |
| purchaseinvoiceitem | Purchase Invoice Item | Data | Purchase Invoice Item | Specific invoice item linked to the asset | |
| purchase_date | Purchase Date | Date | ✓ | - | Date when the asset was purchased |
| availableforuse_date | Available-for-use Date | Date | - | Date asset became ready for operational use | |
| grosspurchaseamount | Net Purchase Amount | Currency | Company:company:default_currency | Net amount paid to acquire the asset | |
| asset_quantity | Asset Quantity | Int | - | Number of asset units recorded | |
| additionalassetcost | Additional Asset Cost | Currency | Company:company:default_currency | Additional costs added to asset value | |
| totalassetcost | Total Asset Cost | Currency | Company:company:default_currency | Total capitalized cost of the asset | |
| calculate_depreciation | Calculate Depreciation | Check | - | Enable automatic depreciation calculation in Dafater | |
| openingaccumulateddepreciation | Opening Accumulated Depreciation | Currency | Company:company:default_currency | Depreciation already booked before Dafater entry | |
| openingnumberofbookeddepreciations | Opening Number of Booked Depreciations | Int | - | Number of depreciations booked before system entry | |
| isfullydepreciated | Is Fully Depreciated | Check | - | Indicates whether asset is fully depreciated | |
| finance_books | Finance Books | Table | Asset Finance Book | Finance books applicable for asset accounting | |
| depreciation_method | Depreciation Method | Select | , Straight Line, Double Declining Balance, Manual | Method used to calculate asset depreciation | |
| valueafterdepreciation | Value After Depreciation | Currency | Company:company:default_currency | Asset value after accumulated depreciation | |
| totalnumberof_depreciations | Total Number of Depreciations | Int | - | Planned total depreciation installments | |
| frequencyofdepreciation | Frequency of Depreciation (Months) | Int | - | Interval in months between depreciation entries | |
| nextdepreciationdate | Next Depreciation Date | Date | - | Scheduled date for next depreciation posting | |
| depreciationscheduleview | Depreciation Schedule View | HTML | - | Visual schedule of planned depreciation entries | |
| policy_number | Policy number | Data | - | Insurance policy number covering the asset | |
| insurer | Insurer | Data | - | Insurance company providing asset coverage | |
| insured_value | Insured value | Data | - | Value of asset covered under insurance | |
| insurancestartdate | Insurance Start Date | Date | - | Start date of asset insurance coverage | |
| insuranceenddate | Insurance End Date | Date | - | End date of asset insurance coverage | |
| comprehensive_insurance | Comprehensive Insurance | Data | - | Indicates comprehensive insurance coverage details | |
| maintenance_required | Maintenance Required | Check | - | Marks whether asset requires maintenance tracking | |
| status | Status | Select | Draft, Submitted, Partially Depreciated, Fully ... | Current lifecycle status of the asset | |
| bookedfixedasset | Booked Fixed Asset | Check | - | Indicates asset booked into fixed asset accounts | |
| purchase_amount | Purchase Amount | Currency | - | Original purchase amount of the asset | |
| defaultfinancebook | Default Finance Book | Link | Finance Book | Primary finance book for asset accounting | |
| deprentryposting_status | Depreciation Entry Posting Status | Select | , Successful, Failed | Status of last depreciation journal posting | |
| amended_from | Amended From | Link | Asset | Original asset record this was amended from |
Child Tables
Finance Books (Asset Finance Book)
| Field Name | Label | Type | Required | Options | Description |
|---|---|---|---|---|---|
| finance_book | Finance Book | Link | Finance Book | Select Dafater finance book governing asset depreciation accounting. | |
| depreciation_method | Depreciation Method | Select | ✓ | , Straight Line, Double Declining Balance, Writ... | Choose depreciation calculation method applied in Dafater. |
| totalnumberof_depreciations | Total Number of Depreciations | Int | ✓ | - | Planned total depreciation entries over asset useful life. |
| totalnumberofbookeddepreciations | Total Number of Booked Depreciations | Int | - | Number of depreciation entries already posted in Dafater. | |
| dailyproratabased | Depreciate based on daily pro-rata | Check | - | Enable daily pro-rata depreciation for partial usage periods. | |
| shift_based | Depreciate based on shifts | Check | - | Calculate depreciation based on asset operational shifts. | |
| frequencyofdepreciation | Frequency of Depreciation (Months) | Int | ✓ | - | Interval in months between scheduled depreciation postings. |
| depreciationstartdate | Depreciation Posting Date | Date | - | Date when Dafater begins posting depreciation entries. | |
| salvagevaluepercentage | Salvage Value Percentage | Percent | - | Residual value percentage retained after asset useful life. | |
| expectedvalueafterusefullife | Expected Value After Useful Life | Currency | Company:company:default_currency | Estimated asset value remaining at end of useful life. | |
| valueafterdepreciation | Value After Depreciation | Currency | Company:company:default_currency | Current asset value after accumulated depreciation. | |
| rateofdepreciation | Rate of Depreciation (%) | Percent | - | Annual depreciation rate applied to asset value. |
Permissions
| Role | Read | Write | Create | Delete | Submit | Cancel |
|---|---|---|---|---|---|---|
| Accounts User | ✓ | ✓ | ✓ | ✓ | ✓ | ✓ |
| Quality Manager | ✓ | ✓ | ✓ | ✓ | ✓ | ✓ |
Related DocTypes
| DocType | Relationship | Module |
|---|---|---|
| Asset Activity | Linked from | Assets |
| Asset Capitalization | Linked from | Assets |
| Asset Depreciation Schedule | Linked from | Assets |
| Asset Maintenance | Linked from | Assets |
| Asset Repair | Linked from | Assets |
| Asset Shift Allocation | Linked from | Assets |
| Asset Value Adjustment | Linked from | Assets |
| Property Valuation | Linked from | Dafater Property Management |
| Serial No | Linked from | Stock |
| Tenant Receiving Unit Form | Linked from | Dafater Property Management |
| Tenant Unit Deliver Form | Linked from | Dafater Property Management |
| Asset | Links to | Assets |
| Asset Category | Links to | Assets |
| Company | Links to | Setup |
| Cost Center | Links to | Accounts |
| Customer | Links to | Selling |
| Department | Links to | Setup |
| Employee | Links to | Setup |
| Finance Book | Links to | Accounts |
| Item | Links to | Stock |
| Journal Entry | Links to | Accounts |
| Location | Links to | Assets |
| Purchase Invoice | Links to | Accounts |
| Purchase Receipt | Links to | Stock |
| Supplier | Links to | Buying |