This functionality is used to define a Parent Class (Main Heading) under which fixed assets will be categorized, it is also used to define a Basic Depreciation Rate for all underlying assets.
In order to add a new fixed assets class, the following steps are required:
- Click on Fixed Assets Classes tab, under the Maintenance section in the Fixed Assets Module.
- Enter the Parent Class
- Enter the Fixed Asset Class
- Enter the relevant description
- Select the Basic Depreciation rate applicable.
The final step is by clicking on the Add New button