About asset classifications—Fixed Assets Management

Use asset classifications to ensure consistent treatment of similar assets from an accounting point of view. Asset classifications also allow for ease of reporting on different asset categories. Some governments require certain classifications.

The terms Asset classification and Classification are used interchangeably in this documentation.

Creating asset classifications

Asset classifications contain information about default General Ledger accounts and depreciation rules. Admins set them up during implementation.

Common asset classifications include:

  • Computer Equipment

  • Furniture and Fixtures

  • Buildings

  • Leasehold Improvements

  • Vehicles

  • Machinery

Learn how to create an asset classification.

About classification depreciation rules

Depreciation rules on asset classifications provide a standard for how assets in the classification are treated.When you assign an asset to a classification, the classification's depreciation rules are copied over to the asset. This saves time during asset creation so you do not have to set up rules individually for each asset. However, you do not need to use the default classification rules. You can modify the depreciation rules on individual assets as needed. Changes made to an asset’s rules only apply to that asset and do not affect the classification or other assets in that classification.

Editing asset classifications

You can edit a classification to change its name, status, General Ledger accounts, and depreciation rules. The Classification ID is not editable.When you edit a classification, your changes do not affect assets that already use the classification. Only future assignments will use the new information.

Learn how to edit an asset classification.

Deleting asset classifications

Deleting a classification permanently removes it from Sage Intacct.

If a classification is in use by one or more assets, you cannot delete it. However, if the assets tied to the classification are not in service yet, you can edit those assets to remove the classification. Then you can delete the classification.

If you are no longer using a classification, consider setting its status to inactive instead of deleting it. Setting the status to inactive hides the classification from lists, but keeps the information in Sage Intacct.

Learn how to delete an asset classification.