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    Ekansh Jain
    How to Check the Cost of an Asset
    Topic posted May 14, 2019 by Ekansh JainBronze Medal: 1,250+ Points, tagged Asset Master Data Management, Maintenance Analytics, Preventive Maintenance, Public Sector, Safety Management, Tip, White Paper 
    51 Views, 1 Comment
    Title:
    How to Check the Cost of an Asset
    Summary:
    How to Check the Cost of an Asset
    Content:

    Hi,

    We are looking for a solution to check the cost of an asset. Currently, my client is not maintaining the part/item details in the system and just have asset defined.

    Therefore, they are maintaining the cost of the asset in their current system.

    Now, while doing the research I found that an asset is associated with the item or parts list (basically group of items). I know that item cost can be checked from Cost Accounting,

    1. however, I am not sure how we can search the cost of an asset in Cost accounting.
    2. Also, could you please confirm if I can find the cost of an asset in Oracle maintenance module. 
    3. Our client has confirmed that they are going to use actual costing method so the cost of the item would be the same as the purchase order

    I am trying to suggest the solution but since currently our client is not maintaining the items and just using a paper-based PO for buying the material that's why they also did not find the use of having items. I have requested for the list of parts but as such, they don't have any data. 

    Do you think I should create their assets as items in PIM and also create the same items as an asset and load the cost as well using inventory transactions? Is this going to solve the purpose? But in that case, once Oracle purchasing would be implemented then it would be difficult to purchase the parts of an asset since there is no parts/items defined into the system.

    Thanks

    Ekansh

     

    Comment

     

    • Jennifer Allen

      Hi Ekansh-

      Hmmm...when you say 'the cost of the asset' - do you mean how much it cost to purchase or its current/net book value or how much it has cost to maintain?  My assumption is you want to be able to support a repair or replace methodology by analyzing maintenance costs?

      A couple comments:

      - Maintenance Cloud does not currently integrate with Fixed Assets - it is on our roadmap. 

      - We track the cost of maintenance at the WO level (you can filter on Asset) but as part of our Cost Roll-up by Asset project that is on our roadmap - we will track the maintenance cost on the Asset UI (and roll it up through the hierarchy).

      - Keep in mind, Asset Item is not equivalent to Asset Group from our Oracle eAM product but should be defined based on make/model/year to help 'group' similar assets.

      Jennifer