Create fixed assets
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- UpdatedAug 1, 2024
- 2 minutes to read
- Xanadu
- Asset Management
Create fixed assets
Fixed assets are containers that can hold multiple assets. Fixed assets are commonly tracked at the corporate level by a finance or accounting department, but may contain IT assets such as hardware and software.
The Fixed Asset option in the Cost application shows the IT assets related to a fixed asset record. This link can help IT stay coordinated with the corporate asset system. Users with the financial_mgmt_admin and financial_mgmt_user roles can create fixed assets. After creating a fixed asset and adding assets, the residual value can be automatically calculated.
- Navigate to .
- Click New.
- Enter a name for the fixed asset.
- Click Submit.
- Navigate to .
- Click a fixed asset.
- In the Covered assets related list, click Edit.
- In the Collection list, double-click an asset to add it to the Covers Assets List.
- Click Save.
- Navigate to .
- Click a fixed asset.
- Click Sum Residual Value.
The ServiceNow platform calculates theResidual Value, Total cost, and Total depreciation based on information in the Financial and Depreciation sections on the individual asset records.
Use depreciation with fixed assets
You can calculate depreciation for a fixed asset using a choice of depreciation schedules. Calculating depreciation for a fixed asset can help IT coordinate with the corporate fixed asset system to report correct valuation and book value.
Before you begin
Role required: financial_mgmt_admin or financial_mgmt
About this task
- Declining Balance: depreciates an asset by a greater amount in earlier accounting periods than in later periods.
- Straight Line: depreciates an asset by an equal amount each accounting period.
The following example shows depreciated value on a $10,000.00 asset over five years using the two different methods.
Procedure