Products

Products

Products are the items or commodities purchased by your organization and categorized under different product types. For instance, the workstation Latitude D600 could be a product under the Product Type Workstation.
When new products are acquired, their details can be tracked in the application throughout their life cycle. Adding products to the system helps you efficiently manage inventory, monitor expenditures, calculate depreciation, and maintain accurate records.

Add Products 

  1. Go to Admin > Customization > Asset Management > Products, and click .
  2. On the New Product slider, configure the following details:
    1. Select the product type under which this product should be categorized.
    2. Provide details such as the Name, Manufacturer, Description, Part No, and Cost of the product.
    3. Add relevant images of the product (if required).  
  3. Click Save to save the details and return to the product list view, or Save and Add New to open a new form to add another product.
 
 

Edit/Delete Products 

  1. To edit or delete products, go to the product list view under Admin > Customization > Asset Management > Product.
  2. Click against the product you want to edit or delete and select the respective option.
  3. You can also delete multiple products at once by selecting them using the checkboxes in the list view and clicking .
Info
You cannot delete a product that is used in a purchase order or purchase request. 
 

Configuring Depreciation  for Products

If a product type is an asset or component, you can configure depreciation for it from the product list view:
  1. Select the product using the checkbox, and click Configure Depreciation on the toolbar.
  2. Select the Depreciation Method from the drop-down. Learn more about depreciation methods.
  3. Specify Useful Life and Salvage Value of the product.
    1. Useful Life: The period during which an asset is expected to be available for use.
    2. Salvage Value: The estimated selling value of any asset after it has reached the end of service life or its value has depreciated, i.e., the total net worth of any asset after it has exhausted its useful life span.
    3. Click Save.
 
   

Methods of Calculating Depreciation 

Asset Explorer allows four methods to calculate the depreciation of a product:
  1. Declining Balance
  2. Double Declining Balance
  3. Straight Line
  4. Sum of the Years Digit
The configured depreciation details can be viewed in the Financials > Depreciation Details tab on the assets details page. The depreciation is calculated only if the Purchase Cost and Acquisition Date are specified for the asset.
 

Associate Vendor with Product   

  1. Go to Admin > Customization > Asset Management > Product.
  2. Click the product name to expand the section.
  3. On the toolbar, click Associate Vendor.
  4. On the pop-up, select the vendor from the drop-down.
  5. Enter the price of the product and any tax rate.
  6. Enter the warranty period of the product in years and months.
  7. Select the maintenance vendor of the product from the respective drop-down.
  8. Add comments, if any.
  9. Click Save to save the details or Save and Add New to save and open a new form to associate another vendor.
 
 
To edit or delete vendor associations, click against the vendor in the vendor associations list view and select the respective option.
You can also bulk delete vendor associations by selecting them using the checkboxes and clicking on the toolbar.

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