Is it an asset or a part?

Tip: To determine whether an item should classified as an asset, a component, or a subsystem, refer to Is it an equipment unit, an asset, or a subsystem?

Deciding whether to classify an item as an asset or a part (or both) depends on your organization’s needs and its plans for valuing and tracking the item.

Items that Should be Assets (or Components)

Items that must be on a preventive maintenance schedule or undergo inspections
Example: Need to track the inspections of a serialized firearm and show accountability for those inspections
High-value items for which service or work orders must be tracked
Example: Need to schedule regular service and work orders for an overhead hoist at a shop location
Items for which depreciation is tracked
Example: Need to track depreciation of above- and in-ground vehicle lifts at a shop location

Assets and components can have a department, but parts cannot. Inventory reports can filter based on department, but parts will not be included. Inspection reports also can filter based on department.

To assign a department ID to notify about preventive maintenance (PM), use the Data -> Equipment Units > Asset Primary Information screen. Using departments on this screen will affect the Allocation and Assignment Portal when you use the Inspections Due features.

Items that Should be Parts

Note: If an item can be managed as inventory and you do not need to track maintenance, it can be a part.
Items that use the same part number and will be purchased often or potentially be replaced frequently. The items may have different serial numbers, however.
Example: A box of 12 flashlights has part number FL1234, but each flashlight has a separate serial number. Total cost: $270. Another 12 flashlights, part number FL1234, will be purchased next year. The price, however, may change. This type of tracking can be done with parts.
Note: Items with serial numbers can be managed as serialized parts, assets, or components. If tracking maintenance on the item is important, consider using assets or components. Otherwise, use serialized parts.
Items that are low in cost or low in value and are disposable.
Example: Shop items (rubber gloves, paper towels) or uniforms (shirts, pants) to be issued directly to a location or person.