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    • 15 Oct 2024
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    Contents

    Overview

    • Updated on 15 Oct 2024
    • 5 Minutes to read
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    • PDF
    Article summary

    The asset management process for fixed asset approvals is intended to guarantee that the procurement, use, and disposal of fixed assets are managed effectively and in accordance with organizational rules.

    Let's explore the following use case!

    Use Case

    User Persona: ITAM Analyst

    Solution

    NovaTech is a consulting firm that provides asset management services to various clients across multiple industries. Fixed assets get allocated, deallocated, reallocated, in repair and deactivated on a continous basis. NovaTech must manage the fixed asset management process efficiently for optimum resource utilization and managing costs effectively.

    Ira can utilise the approval process to ensure that proper compliances are in place for the fixed asset status change. The assets go through a proper channel of approvals to ensure that there is improved compliance with the asset registry, loss prevention, real time tacking, maintenance management and preventing thefts.


    Approve Fixed Assets 

    To approve Allocated Fixed Asset(s), perform the following steps:

    1. Navigate to Asset Management > Approval > FI-Asset Approval. The FI - Asset Approvals list page is displayed with all the configured software.

      Figure: FI - Asset Approvals List page

    2. Click and open the Transaction ID to view the approval request to allocate the fixed asset. See Field Description for more information on field values. 

      Figure: Allocate Approval

    3. Click Approve to allocate the asset. On the Workflow approval pop-up window, select Approve or Reject from the status drop-down.

    Figure: Approval pop-up window

    This will be sent to the Store Manager and IT Manager for approval.

    Figure: Workflow Timeline

    4. Click the View Workflow Diagram icon  to view the workflow pop-up.

    5. After receiving approval from the Store Manager and IT Manager, the Fixed Asset will be officially allocated, and its status will be updated to Allocated. You can view this record on the Fixed Asset List page.

    Figure: FI - Allocated

    Allocate Fixed Asset Approvals

    1. Navigate to Asset Management > Manage Asset > Fixed. The Fixed Asset list page is displayed with all the configured assets. Open an Instore Asset.

    1. Select Allocated from the drop-down menu as shown above. The following fields will be enabled. Enter the required information and Save. For information on the fields, refer to the table below.

    Field

    Description

    Allocated To

    Enter the details of the allocation. For example, Customer, Location, Project, and User.  

    Asset Owner

    Specify the owner from the drop-down menu.

    Reporting Manager

    Choose the reporting manager from the dropdown.

    3. Click Approve to allocate the asset. On the Workflow approval pop-up window, select Approve or Reject from the status drop-down.

    Figure: Approval pop-up window

    This will be sent to the Store Manager and IT Manager for approval.

    Figure: Workflow Timeline

    Figure: Store Manager Approval

    Figure: IT Manager Approval

    4. Click the View Workflow Diagram icon  to view the workflow pop-up.

    Figure: Workflow

    5. After receiving approval from the Store Manager and IT Manager, the Fixed Asset will be officially allocated, and its status will be updated to Allocated. You can view this record on the Fixed Asset List page.

    Figure: FI - Allocated

    Deallocate Fixed Asset Approval

    1. Navigate to Asset Management > Manage Asset > Fixed. The Fixed Asset list page is displayed with all the configured assets.

    1. Open an Asset in Allocated status. The following page is displayed. Click the more options menu and click Deallocate.

    Figure: Fixed Asset details page

    1. The following window is displayed. Specify the required information and click Save.

    Figure: Deallocate

    For more information refer to the table below.

    Field

    Description

    Return Type

    Specify the return type from the drop-down menu. For example, Off Boarding, Faulty Asset, Good Condition, Timely Return, and Inspection and Verification.

    Asset Condition

    Choose the condition of the asset. For example, Faulty, Good, and Scrap.

    Drop Location

    Select the drop location from the tree diagram.

    Scheduled Return Date

    Choose a scheduled return date.

    Would you like to deactivate the asset

    Specify if the asset can be deactivated.

    Remarks

    Enter remarks if any.

    Attachments

    Choose any attachments if any.

    Navigate to Asset Management > Approvals > FI - Asset Approvals. The FI Asset Approval list page is displayed.

    1. Open the record for approval and the Fixed Asset details page is displayed. Click Approve and the following page is displayed.

      Figure: Workflow Approval

    2. The following message is displayed on Approval.

      Figure: Validation message

    3. The following are the details of the workflow.

    Figure: Store Manager Approval

    Figure: Allocated User Manager Approval.

    1. Once approved the workflow will reflect as below.

    Figure: Workflow Processed

    Reallocate Fixed Asset Approvals

    1. Navigate to Asset Management > Manage Asset > Fixed. The Fixed Asset list page is displayed with all the configured assets. Open an Allocated Fixed Asset.

    1. Click Reallocate from the right side drop-down menu. The following window is displayed.

    1. Enter the required information and Click Save. For more information, refer to the table below.

    Field

    Description

    To

    Specify the entity to which the Fixed Asset needs to be reallocated.

    Asset Owner

    Choose the Asset Owner from the drop-down.

    Customer

    Select the customer for the asset.

    Project

    Specify the project if necessary.

    Floor

    Choose the floor to which the fixed asset needs to be reallocated.

    Cubicle

    Specify the cubicle information for the fixed asset reallocation.

    Reporting Manager

    Choose the reporting manager for approval.

    Alternate Superior

    Specify if any alternate supervisor.

    Allocation Date

    Choose the allocation date for the fixed asset.

    Asset Usage Type

    Select the usage type. For example, Primary, Secondary, None etc.

    Allocation Type

    Choose the allocation type. For example, Permanent, Temporary.

    Return Date

    Choose the return date for the asset.

    Asset Purpose

    Select the purpose for the asset. For example, Client Billable, Standard Entitlement.

    Request Type

    Specify if the request is generated through service request, incident or workorder.

    Request ID

    Enter the request ID.

    1. Go to Asset Management > Approval > FI-Asset Approval. Open the Reallocated asset for approval.

    Figure: FI Asset Approval

    1. Click Approve and the following page is displayed.

    Figure: Approval Workflow

    Figure: Allocated User Reporting Manager Approval

    In Repair Fixed Asset Approvals

    Navigate to Asset Management > Manage Asset > Fixed Asset. The Fixed Asset list page is displayed with all the configured assets. Open an In Store Fixed Asset.

    Figure: In Store

    1. Change the Asset Condition to Faulty choose Send to Repair from the options menu. The following window is displayed

    1. Change the status of the asset to In Repair from the dropdown and the following fields need to be entered.

    Field

    Description

    Vendor

    Specify the Vendor details for Repair.

    Contact Number

    Enter the contact details of the vendor.

    Sent Date

    Choose the date when the asset is sent for repair.

    Expected Return Date

    Select the expected return date.

    Reference ID

    Provide a reference ID for tracking.

    Address

    Specify the address details.

    Remarks

    Provide additional remarks if any.

    Attachments

    Upload attachments if any.

    In Warranty

    Specify the warranty details.

    Sub Status

    Choose a Sub Status from the drop down.

    1. Go to Asset Management > Approval > FI-Asset Approval. Open the Reallocated asset for approval.

      Figure: FI Asset Approval

    2. Click Approve and the following page is displayed.

      Figure: Workflow Approval

      Figure: IT Manager Approval

    3. The Approval Workflow Timeline and Status of the asset is given as shown below.

      Figure: Workflow Timeline and Status

    Deactivate Fixed Asset Approvals

    Navigate to Asset Management > Manage Asset > Fixed. The Fixed Asset list page is displayed with all the configured assets. Open an In Store Fixed Asset.

    Figure: Deactivate Fixed Asset

    1. Click More Options as shown above and select Deactivate. The following window is displayed.

    Figure: Deactivate Asset

    1. Fill in the following fields and click Save. For more information, refer to the table below.

    Field

    Description

    Deactivation Reason

    Specify a reason for deactivation of the asset

    Deactivation Date

    Select a date for deactivation.

    Sale Price

    Enter the Sale price of the asset

    Remarks

    Any additional remarks to be specified.

    Attachments

    Provide any attachments to support.

    Sub Status

    Enter a sub status from the dropdown menu.

    1. Go to Asset Management > Approval > FI-Asset Approval. Open the Deactivated asset for approval.

      Figure: FI Asset Approval

    2. Click Approve and the following page is displayed. Fill the required details and click Submit.

      Figure: Workflow Approval

      Figure: IT Manager Approval

    3. The Approval Workflow Timeline is given as shown and the asset is moved to Inactive status as shown below. .

    Figure: Asset Status

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