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What it does:

  • Creates and stores individual asset records (Asset Code, Description, Purchase Date, Cost, Location, Depreciation Method, etc.)
  • Tracks each asset’s status (Active, In Maintenance, Disposed) and history (transfers, maintenance events, depreciation run)
  • Links asset data to financial ledgers for accurate fixed‐asset accounting and audit trails
  • Generates asset registry reports for physical inventory, insurance, and compliance
Prerequisties
  • A Fixed Asset Account exists under Accounts > Chart of Accounts (e.g., “1600 - Machinery & Equipment”).
  • Cost centers or departments (e.g., “Production,” “Maintenance”) are set up under Accounts > Cost Center List.
  • Under Assets > Asset Category List, high-level categories exist (e.g., “Vehicles,” “Computers,” “Furniture”).
  • Depreciation methods (Straight Line, Reducing Balance) and useful life parameters are configured per category.

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Steps to Maintain the Asset Registry

Step 1: Configure Asset Categories
  1. Navigate to Assets > Asset Category List.
  2. Click New to create a category (if none exist).
    • Asset Category Name: e.g., “Office Computers.”
    • Parent Asset Category: leave blank for top-level or choose an existing parent (e.g., “Electronics”).
    • Depreciation Method: choose Straight Line or Reducing Balance.
    • Useful Life (Months): enter the asset’s expected lifecycle (e.g., “36” for 3 years).
    • Salvage Value (%): percentage of original cost remaining at end of life (e.g., “10%”).
  3. Click Save.
  4. Repeat for each asset category your company uses (e.g., “Office Furniture,” “Vehicles,” “Laboratory Equipment”).
Step 2: Create New Asset Records
  1. Navigate to Assets > Asset List.
  2. Click New to open a blank Asset form.
  3. Populate Header Fields:
    • Asset Code: unique identifier (e.g., “ASSET-PC-001”).
    • Asset Name: descriptive name (e.g., “Dell Optiplex 5070 Desktop”).
    • Asset Category: select from the dropdown (e.g., “Office Computers”).
    • Asset Group (Optional): if you maintain sub-groups (e.g., “Workstations”).
    • Purchase Date: date the asset was acquired (e.g., “2023-08-15”).
    • Company: select your legal entity (e.g., “Charisma Global Industrial Co.”).
  4. Enter Financial Details:
    • Asset Cost: total purchase price (e.g., “₦350,000”).
    • Accumulated Depreciation: usually “0” at creation; system will accrue over time.
    • Salvage Value: auto-calculated based on category’s percentage or override if different.
    • Book Value: auto-calculated as (Asset Cost − Accumulated Depreciation).
  5. Specify Location & Custodian:
    • Location: select from existing locations (e.g., “HQ – Third Floor”).
    • Custodian / User: assign the employee responsible (e.g., “John Doe”).
    • Department / Cost Center: select cost center to track departmental asset usage.
  6. Attach Supporting Documents (Optional):
    • Click Attachments > Upload to add purchase invoices, warranty certificates, or insurance papers.
  7. Click Save. The asset’s initial status is set to “Active.”
Step 3: Record Asset Movements and Transfers
  1. To transfer an asset (e.g., from one department to another), open the desired asset record from Asset List.
  2. Click Actions > Transfer Asset.
  3. In the Asset Transfer form:
    • Asset: pre-populated.
    • Transfer Date: date of the move.
    • From Location / Cost Center: auto-populated with current values.
    • To Location / Cost Center: select the new destination (e.g., “Remote Site Warehouse”).
    • Custodian: update if a new user is responsible.
    • Reason for Transfer: enter a brief explanation (e.g., “Assigned to new project”).
  4. Click Save, then Submit.
    • The asset’s Location and Cost Center fields update accordingly.
    • A counter entry in the Asset’s Movement Log is created for audit.
Use Filter > Add Filter > Location= [Old Location] to list all assets needing relocation before a site move.
Step 4: Log Maintenance and Service Events
  1. Open the asset record you need to schedule or log maintenance for.
  2. Click Questions > Maintenance Log (or Actions > Log Maintenance) to open the Maintenance Journal.
  3. Click New to create a service entry:
    • Maintenance Date: when the service occurred.
    • Service Provider: vendor or internal team (e.g., “IT Support Team”).
    • Description of Work: e.g., “Replaced power supply unit,” “Annual calibration.”
    • Cost Incurred: e.g., “₦15,000.”
    • Expected Next Service Date (Optional): schedule the next check.
  4. Click Save, then Submit.
    • The asset’s Status changes to “In Maintenance” if defined (optional toggling).
    • Maintenance details appear in the asset’s Maintenance Log tab.
  5. To mark maintenance complete, open the maintenance entry and click Close Maintenance once service is done.
    • The asset’s Status automatically reverts to “Active.”
Step 5: Run Depreciation and Update Book Values
  1. Navigate to Assets > Depreciation > Run Depreciation.
  2. In the Run Depreciation dialog, set:
    • Company: select your entity.
    • Depreciation Date: e.g., “2025-06-30” (end of quarter).
    • Asset Category (Optional): limit depreciation run to one category.
  3. Click Run. CGIC calculates depreciation for each qualifying asset:
    • Depreciation Expense: based on the category’s method and useful life.
    • Accumulated Depreciation: updates automatically.
    • Book Value: reduces by the depreciation expense.
  4. Review the Depreciation Ledger Entries generated:
    • Debit: Depreciation Expense account.
    • Credit: Accumulated Depreciation account.
  5. Click Close once completed.
Step 6: Dispose or Write-Off an Asset
  1. Open the asset you want to retire.
  2. Verify its Accumulated Depreciation and Book Value under the Financials tab.
  3. Click Actions > Dispose Asset.
  4. In the Asset Disposal form:
    • Disposal Date: date of sale, scrapping, or donation.
    • Disposal Method: choose from Sale, Scrap, Donate.
    • Sale Proceeds (if sold): enter amount received (e.g., “₦50,000”).
    • Disposal Cost (if any, e.g., removal fees).
    • Gain/Loss on Disposal: auto-calculated as (Sale Proceeds − (Book Value + Disposal Cost)).
    • Comments: note the reason (e.g., “Obsolete model,” “Damaged beyond repair”).
  5. Click Save, then Submit.
    • Asset Status changes to “Disposed.”
    • Final depreciation and gain/loss entries post automatically in the general ledger.