Asset classes The default asset classes are Hardware, Software License, and Consumable. These general classes can be used to manage a variety of assets. If the general classes are not appropriate for a specific group of assets, consider creating a new asset class. For example, a fleet of cars could be tracked in a custom asset class named Vehicle. Before creating new asset classes, analyze business needs to see if the general classes can be used. A large number of asset classes can be difficult to maintain. Built-in functionality allows you to use asset classes for financial tracking, in a model bundle, and as a pre-allocated asset. Create an asset classCreating a new asset class requires defining a new table and creating a corresponding application and module, then adding the new asset class to new or existing model categories. The default asset classes are Hardware, Software License, and Consumable. These general classes can be used to manage a variety of assets. Add depreciation to an assetDepreciation is the reduction in value of an asset over time.Create license assetsYou can manage your organization's software license assets.Set asset states and substatesAsset states and corresponding substates can be used to accurately track assets at a detailed level.