Transaction Types

Asset transaction status refers to the current condition or state of an asset within its lifecycle. Understanding and tracking the transaction status of assets is crucial for accurate asset management, accounting, and operational efficiency. Below are some common asset transaction statuses:

Disposed

The asset has been permanently removed from the company's inventory. This could be due to the asset being sold, donated, scrapped, or otherwise legally transferred out of the organization's possession.

The asset is no longer available for use, and it should be removed from the balance sheet. Disposal records must include details like date of disposal, method, and any proceeds from the disposal.

Lost

The asset cannot be located after a thorough search and is presumed lost.

The asset should be written off from the inventory records. It may require an internal investigation to determine the cause of the loss. Financial adjustments and internal controls may need to be reviewed.

Broken

The asset is damaged and is no longer functional. It might be repairable or might need to be disposed of depending on the extent of the damage.

If repairable, the asset may incur additional maintenance costs. If not repairable, it may need to be disposed of. Financial records should reflect any repair costs or write-off losses.

In Use

The asset is currently being utilized for its intended purpose.

Implications: Regular maintenance and usage records should be kept. This status indicates active deployment and utility in the organization's operations.

In Maintenance

The asset is undergoing repairs or regular maintenance and is temporarily unavailable for use.

Implications: Maintenance costs should be tracked, and the asset's downtime should be minimized to reduce operational impact. This status helps in scheduling and planning maintenance activities.

Reserved

The asset is reserved for a specific future use or project and is not currently available for general use.

Ensures that the asset is available when needed for the designated purpose. Proper documentation and scheduling are required to manage reserved assets efficiently.

Available

The asset is available for use and is not currently reserved or in maintenance.

Indicates the asset is ready for deployment and can be assigned or used as needed. Ensures optimal utilization of resources.

Under Maintenance

The asset is being inspected to assess its condition, functionality, or compliance with standards.
Inspection results may lead to status updates such as in maintenance, broken, or available. Ensures assets meet operational and safety standards.