Asset Management is the management and control of an organization’s assets throughout their life cycle. AFIS provides for the management and control of both Fixed Assets and memo asset records.
A Fixed Asset is equipment or property that is not consumed and has a useful life of more than one year. Examples of Fixed Assets include: land, buildings, equipment, bridges, laptops, vehicles, and other such long-standing improvements. An asset is classified as a Fixed Asset, for accounting purposes, if it is designated as one of the following:
- Intended for internal use, not for resale
- Has a useful life extending beyond the current fiscal year
- Has a monetary value in excess of a specified threshold
The following resources listed below will assist with processing and navigation for Asset Management: