I was in conversation with a customer the other day and he was confused about the definition of a Fixed Asset. His view of this was very “accounting centric”. Any asset that has been capitalized is a Fixed Asset. While true for accountants this is a very narrow definition from a corporate or practical perspective.
Fixed Asset Tracker users take a much broader view of “what is a fixed asset?”. Any asset that needs to be tracked is a common definition for our customers. Lets look at a simple example; the cell phone. From an accounting perspective cell phones are normally expensed and not capitalized. From a tracking perspective cell phones belong in Fixed Asset Tracker. They have warranty, service contracts, insurance coverage and other important dates. They are assigned to an individual that is responsible for the unit. They can be re-assigned to another individual. They can get lost or stolen. This is an asset that needs to be tracked.
While from a purely accounting sense this asset would not even be entered into your Fixed Asset Accounting software, this type of asset should be entered into Fixed Asset Tracker. Depreciation schedules are optional in Fixed Asset Tracker, so enter assets like this without assigning a deprecation schedule and take advantage of the tracking features.
Expand your definition of Fixed Assets to include any valuable asset that needs to be tracked.