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By: Sree

Asset Management Models in Odoo 14 Accounting

Functional Odoo 14 Accounting

Asset management is the process of managing or organizing the assets of a company by proper tracking, maintenance management and disposing or selling off of the asset. The task of the asset management team is to manage the operations in a cost effective way.
Asset management will include the management of machines which in turn includes maintenance and handling of equipment failure.
A company may have to handle different types of assets including current assets, non-current assets and fixed assets.
Let us see how to manage assets using Odoo 14 accounting.
For this we can go to the Accounting module and check the Accounting Menu. Below this menu we can find a segment named Management. Here we want to find different options including Assets.
We can click open Assets to create and manage assets of the company.
There are different ways to create assets.
1. Create assets directly from Assets
2. Create assets using vendor bills
Here we create vendor bills and then confirm it. Then generate assets automatically. 
But before creating assets we should configure asset models
 
Configure Asset Models
This can be done using the configuration menu.
Here we can go to the Management Segment and click Asset Models.
We can use Asset models to manage asset entries.
That means we can set the depreciation of asset value for a particular period of time. We can either use an asset model for a single asset or use the model to manage multiple assets.
 
 
Create and Manage Asset models
We can create asset models.
We have to select the model 
Then depreciation method has also to be selected. We can find three depreciation methods here. They are,
1. Straight Line - Depreciation is calculated in a linear way here. That means we calculate the total depreciation value and it is divided with the number of years. So the depreciation amount will be equal every year.
We can find a column to add duration.
2. Declining
We can set digressive factor also when selecting this option
Then we have to multiply the total depreciation amount with the declining factor. This process has to be repeated.
Here we can find the declining factor and duration
3. Declining and then straight line
 Here we get a combination of straight line and declining.
In this case the depreciation value for the first year will be calculated based on the Declining method and the amount for next year will be decided by comparing the values we get while using a straight line and declining method.
Prorata Temporis
This field helps us to decide from which date the depreciation has to be calculated. It could be either from the date of creation of the asset or purchase date or from the beginning of the financial year. On enabling it the date will be taken as the purchase date or date of asset creation. As we want to calculate depreciation amount from the new fiscal year we are not enabling it.
 
Accounting
Now let us check the accounting section
We can add the following fields here.
Company name
Fixed Asset Account:  Account used for the purchasing of the assets can be documented using this account.
Depreciation Account: Depreciation account is used to record the depreciation of value
Expense Account: This can help us to enter the periodic expense entries
Journal: We can add the journal here
 
Now we can save this asset model.
We can use it to create assets.
 
Make Changes in Fixed Asset Account
We can also make changes in fixed asset account from Chart of Accounts
Use SET UP and EDIT
In this form we can find Asset Options

This will help us to automate assets.
We have three options here. They are No, Create in Draft
Create and Validate
We have to choose the Create and Validate Option here.
We get to more fields.
Manage Items- enabling this we will be able to manage multiple assets based on the quantity mentioned in the bill line.
Asset Model Then we can select the asset model from here.
Save it and we have completed the creation of the fixed asset account.

Vendor bill
Our next task is to create a vendor bill for the product.
Here we can choose the product as a computer and then select the previously created Computer Account which is a fixed account.
We can add the quantity and the account will remain the same for all the products.
We have added the quantity and price as well.
As the next step we can confirm the bill.
After confirming we get Asset icon on the top
One asset can be found there.
Clicking open it we get
Here we can find the asset name, first depreciation date, book value, depreciable value, currency, status etc.
Click open the asset
Asset Value
WE can find the asset values including the original value and the acquisition date in this form.
It is when asset are valued for calculating tax
Depreciation Method
This is the method and duration and the date of commencement of depreciation.
Current Value
We can find currency, not depreciable value, depreciable value, book value etc.
We can change the depreciable value by changing the bill to draft using SET to DRAFT.
Then we can set a not depreciable value as 5000. The depreciable value then changes to $20000
Then we can check the depreciation status after every year. This appears automatically on the depreciation board.
Under related purchase we can find the purchase details of the product
Confirm it to post the entries automatically.
The entry will be posted automatically on the date of depreciation.
Modify Depreciation
We can also modify depreciation by clicking the tab.
WE can add modification reasons and add new values and click modify.
How to sell assets or Dispose asset?
This can be used to sell or dispose of the asset.
We can set customer invoice and add loss account
Create assets from Assets
Odoo Accounting > Assets > Create
Here, we can add products and other values from here.
From Purchase
Accounting > Journal > Purchase
We first have to select a bill.
Then we will get an option to select action
Here, we can create assets.
 
Watch Video:

These are the different ways to create assets and manage depreciation values.
Glance through this website or or mail at odoo@cybrosys.com or dial +918606827707 for more. 


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