Some fixed assets consist of several components and each of these pieces may need to be tracked separately.
The components may also be of different class type and thus depreciate using dissimilar recovery lives. Even though these assets are accounted for on their own terms, they still have a need to be linked together.
In these scenarios, a parent and child relationship will establish a bond between two or more asset records. A parent record can have multiple children assets, but a child record can only have one parent. For example, a large machine can contain several sub-components.
The Bassets eDepreciation Asset Maintenance Form features a group by function on the Browse tab that can easily display all associated child records with each parent as shown below:
These parent and child relationships determine if one or more assets are dependent on a parent asset and in turn create a structured hierarchy. This enhances the ability to manage these connected assets and accurately reflect any changes in fixed asset reporting.
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More information about Bassets eDepreciation software can be found at Bassets.net. While there you can set up a demonstration, download a free evaluation copy and get a personalized pricing estimate.