What is an asset category?
Asset categories make it possible to group assets in reports, the asset register, and the reconciliation overview. You choose which accounts should be included in a category, and what it should be named.
Examples of categories:
Vehicles
Equipment
Machinery
Buildings
💡 Tip: The values you set in a category can be overridden for each individual asset in the Register. This makes it possible to adapt values for specific cases.
Step by step: Create asset category
1. Go to the reconciliation overview
Go to Assets under Reconciliation in the menu on the left.
Select the Reconciliation overview tab.
2. Click “Add category”
Click the Add category button.
A new window opens with fields to define the category.
3. Select predefined category (optional)
At the top of the window there is a dropdown menu with predefined categories (e.g. Office equipment, Commercial buildings).
If you select a predefined category, some fields will be filled in automatically.
You can change all fields manually before saving.
💡 You can also create a category from scratch by skipping the predefined category field and filling in the remaining fields manually.
4. Fill in mandatory fields
Whether you start from a predefined category or manually, the following must be completed:
Name – The name of the category, e.g. Machinery
Purchase value account – The account the assets should be posted to (required)
Accumulated depreciation account – Account where depreciation is collected (optional)
Accumulated adjustment account – Adjustment account (optional)
Linear number of depreciations – Number of periods the asset should be depreciated over
Balance depreciation percentage – Percentage depreciation per period if balance depreciation is used
Rules for the account fields
All account fields must be filled in manually if you do not use a predefined category.
A category must always have an asset account.
In some cases, depreciation account and/or adjustment account must also be filled in – depending on how the company records the assets.
All accounts must be unique – an account cannot be used in more than one field.
An account cannot be used in more than one category.
5. Save the category
When all fields are completed correctly, click Save.
The category will then be available in both the Reconciliation overview and Register, and linked to the selected accounts.
💡 Note: You must adapt the view in the reconciliation overview so that relevant data is displayed. Read more about this in the section below.
How to use categories
When you have created one or more categories, the assets will automatically be grouped by these in the reconciliation overview. This provides better control and insight into the figures, but for the overview to show correct and relevant data, you must mark certain columns as hidden.
Which columns should be hidden depends on which account types are set up in each category. For example, if you have only set up an asset account, you must hide columns related to general ledger and discrepancies for acquisition cost, depreciation, and adjustments. Otherwise these columns will show empty or misleading values.
The table below shows which columns should be displayed and hidden for the different combinations of account types.
Column | Only assets account | Assets + depreciation account | Assets + adjustment account |
CATEGORY | ✅ | ✅ | ✅ |
PURCHASE VALUE – ANLEGG | ✅ | ✅ | ✅ |
PURCHASE VALUE – GL | ❌ | ✅ | ❌ |
PURCHASE VALUE – DEVIATION | ❌ | ✅ | ❌ |
ACCUMULATED DEPRECIATIONS – ASSETS | ✅ | ✅ | ✅ |
ACCUMULATED DEPRECIATIONS – GL | ❌ | ✅ | ❌ |
ACCUMULATED DEPRECIATIONS – DEVIATION | ❌ | ✅ | ❌ |
ADJUSTMENTS – ASSETS | ❌ | ❌ | ✅ |
ADJUSTMENTS – GL | ❌ | ❌ | ✅ |
ADJUSTMENTS – DEVIATION | ❌ | ❌ | ✅ |
CLOSING BALANCE – ASSETS | ✅ | ✅ | ✅ |
CLOSING BALANCE – GL | ✅ | ✅ | ✅ |
CLOSING BALANCE – DEVIATION | ✅ | ✅ | ✅ |
ACTIONS | ✅ | ✅ | ✅ |