Managing your Assets’ Lifespans Through Transactions

Tracking Assets’ Lifespans through 6 main transactions using ASAP Systems’ Barcode-based Asset Tracking System:

• Data entry

When the customer is using the platform to track assets, the starting point is to add the new item into the system. Adding a new asset into the system will include all information: the name, the type, the module type, the location, the vendor of this asset, and of course the barcode number. After this asset is added into the system, either manually or by exporting an Excel sheet, several transactions can be performed.

•  Check-in/Check-out

Let’s consider that our particular asset is a laptop that is being used by a student at a university. The librarian controls this asset. Hence, when the student borrows this asset, the librarian records this as a ‘check-out’ transaction. The check-out transaction includes the date, time, and name of the person who’s using this laptop. When this item is checked out, it is removed from the inventory. Therefore, it’s not available to be used by another person. When the student is done using the laptop, he/she returns it back to the librarian and it is registered as a ‘check-in’ transaction.

• Reservation

In another situation, when a professor tells the librarian that he/she would like to use this laptop for a presentation, the librarian would record this transaction as a ‘reservation’. Everything will be recorded in history and in the item itself.

• Move

If this laptop is removed from the library of Building 1 to the library of Building 2 on the same campus, this transaction is recorded as a ‘move’ transaction. All these transactions happen within the specific ecosystem within ASAP Systems’ Asset Tracking system.

• Maintenance

Almost all assets need maintenance. Users can directly schedule the maintenance and set the depreciation controller for the life of the asset inside the ecosystem so that over time, depreciation will be calculated automatically.  For example, a generator is scheduled for maintenance every six months, the oil is changed every three months, and so on. As time passes, you can schedule maintenance and record performed maintenance. The system will also send alerts to notify users that particular maintenance should be performed. When the maintenance is performed, it is recorded back again in the ‘performed maintenance’ section.

• End of life: Dispose or Full Depreciation

If there is a policy wherein the warranty is over and a laptop needs to be disposed of, the ‘dispose of’ transaction is performed and recorded for this item. This particular asset is removed from the system. All transactions across the lifecycle of the asset are recorded in the History and the Report section. Note that History cannot be manipulated or edited. Finally, the end of a lifespan of an asset is when it is fully depreciated or disposed of.