Stock Terminology: Assets Terminology

Asset Fields

• Asset Part
  • This signifies the part the asset is for. e.g. A Honda engine is a part, and its serial number is the asset.
  • Each asset must have part(s).
• Asset Name
  • This is the asset's name.
  • A free text field, allowing users to name their assets.
  • When assets are created, they get 'Part's name' as their name by default and it can be updated as needed.
• Serial number
  • Serial number is a unique identifier for an asset. The combination of asset serial number and part is unique in Flowlens. This means that for each part, serial numbers are unique.
  • Allassets must have serial numbers.
• Life cycle Status
  • An asset can have the following lifecycle statuses:
    • Pending assets: When an asset is created from a PO/GRN it becomes a 'pending asset'. This is actioned as such because the serial number of all the individual assets may not be known/recorded at the point of GRN. Once GRN is complete and approved, the assets must be 'converted' to proper assets, and the serial numbers recorded. This will update the status of the asset from Pending to Completed. Click here to learn about Bulk Conversion of Pending Asset Serial Numbers.
    • Configuration : When an asset is created from the Asset Register page via '+ New Asset' action, they get the status of configuration. This state implies that even though asset is created, it is not received in business and in stock and hence it is just in configuration for now. When the asset is received in (via the Actions menu on asset's page), its status will be updated to Completed.
    • Pre-production : When an asset is created as an output asset of a Job card, it gets the status of 'Pre-Production'. This implies that asset is currently planned to be manufactured via a JC that is not started yet.
    • In Production : When an asset is created as an output asset of a Job card, and the JC is currently in progress, all the output asset(s) statuses are updated to In production.
    • Completed : This status signifies that asset is Complete, i.e no work is being done on it.
    • Workshop : This status is used for assets we are going through refurbishment/rework process. When a Job card is created to rework an asset, it gets the status as Workshop.
• Supplier
  • This is a company search that you can use to pick the supplier that you bought the asset from.
  • If assets are manufactured by you, then this field can be left blank.
  • If an asset is created by PO, i.e. when a part is GRN and it is asset-able, then the supplier is auto-populated from the PO's supplier.
  • This can be edited/updated at any point on the asset's page.
  • It is not a compulsory field.
• Cost price
  • This is the cost price of the asset.
  • If an asset is created from an approved GRN, the cost price will be defaulted to the price from the PO.
  • If an asset is created from completing a job card, then the cost price will default to the job cards cost price (i.e. material + labour costs)
  • These prices can be edited at any point by the user.
  • It is not a compulsory field.
• Book Value
  • This is the sell price of the asset.
  • It can edited at any point by the user.
  • It is not a compulsory field.
• Notes
  • A free text area which can be used to record any other information about the asset.
• Image
  • This field can be used to upload the asset's image.
  • It is not a compulsory field.
• Production completion date
  • This is the date the asset was manufactured.
  • A production completion date is creating by completing the job card, this date is defaulted to the job card's completion date.
  • It can be edited at any point by the user as needed.
  • It is not a compulsory field.
• Purchase date
  • This is the date the asset was purchased.
  • If an asset was created from a PO, then the Purchase date is defaulted to the date of the GRN that created the asset.
  • It is not a compulsory field.
  • It can be edited at any point by the user as needed.
• Warranty issued
  • This is a boolean field, which can be set to true if the asset is covered under warranty.
  • When this true, user can enter another field called as 'Warranty Expiry date' which is a date field which can be used to record when the warranty expires/expired.
  • It is not a compulsory field.
  • It can be edited at any point by the user as needed.
• Last Known address
  • This is the last known address of the asset.
  • When asset(s) are dispatched from SO, this field gets updated to SO's delivery address.
  • If an asset is dispatched from the asset page itself, user can enter the address details of where the asset is going to.
  • It is not a compulsory field.
  • It can be edited at any point by the user as needed.
• Sold date
  • This field shows when the asset was sold.
  • When the asset is dispatched via SO, this field is defaulted to the dispatch date.
  • It is not a compulsory field.
  • It can be edited at any point by the user as needed.
• In Business
  • This field is used to manage asset's stock and represents whether or not an asset is currently in your business.
  • This determines whether you own the asset or if it is someone's else's now (i.e either sold to someone or brought in for service).
  • When an asset is bought in from PO/GRN, the field is set to 'True'.
  • When an asset is dispatched, the field is set to 'False'.
  • When an asset is received back in, the field is set to 'True'.
  • When an asset is manufactured out of a job card, the field is set to 'True'.
  • When an asset is received in services, the field is set to 'True'.
  • When an asset is dispatched in services, the field is set to 'False'.
• In stock
  • This field determines whether or not the asset is free/available to be sold.
  • Once an asset is included in a quote, the field is set to 'False' to ensure it can not be included in any other quote. The quote must be 'rejected' to make the asset available again.
  • Similarly, if the asset is still in production, this is set to False.
  • An asset is added in stock when it is bought in from PO/GRN and then converted to a full asset.
  • An asset is added in stock when a JC is completed.

  The combination of 'In Business' and 'In Stock' fields determine asset's state in Flowlens.

Asset Actions

• Receive Asset
  • This action only appears when the asset's 'In Business' and 'In Stock' flags are both set to 'False'.
  • Receiving the asset brings it 'In business'.
  • When an asset is received, there is also an option to 'Add it to Stock' which will add the asset In Stock too.
  • When receiving an asset, one must specify the part location asset is received into.
  • Receiving an asset creates asset movement record too.
• Dispatch Asset
  • Dispatching an asset removes it from business and also from stock.
  • This action only appears when the asset's 'In Business' Flag is set to true.
  • Dispatching an asset creates an asset movement record.
• Edit Asset
  • Edit asset option allows user to edit information about the asset.
  • This action is always available on asset view.
  • The following fields can be updated using this action:
    • Name
    • Serial Number
    • Supplier
    • Cost Price
    • Book Value
    • Production completion date
    • Purchase date
    • Warranty Issues
    • Warranty expiry date
    • Last Known Address
    • Sold date
    • Notes
    • An asset image.
• Change owner
  • Changing owner allows user to change the asset's owner.
  • This can be used to keep asset's record updated.
• Update Asset location
  • This action can be used to update the asset's part location, if it has been moved from part location to another.