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Asset register

Masters and asset categories

Last updated Oct 29, 2026

What masters are

Masters are the reference lists the register depends on. Set them up before you add or import assets.

  • Companies: legal details (name, GSTIN, PAN).
  • Branches and locations: each branch or plant with its state and GSTIN, and the places where assets sit.
  • Departments and cost centres: who owns and pays for the asset; used in reports and GL mapping.
  • Categories: depreciation lives, methods and income-tax blocks.
  • Vendors: suppliers with GSTIN and PAN, used in purchases, warranty and AMC.
  • Employees: custodians, the people assets are assigned to.

Where to find them

  • Web edition: the Masters menu has Company Management, Branches & Locations, Categories, Departments, Cost Centres, Vendors, Employees, Custom Metadata and All Masters (which also lists manufacturers and models).
  • Desktop edition: everything is under the Masters menu, including Companies, Branches, Locations and Places, Asset Categories and Classes, Manufacturers and Asset Models, and Currencies & Exchange Rates.

Set up a category

Each category carries the defaults for its assets:

  1. Companies Act book: the useful life from Schedule II Part C, the method (SLM or WDV, as your policy decides) and the residual value. The default residual is 5% of cost.
  2. Income-tax book: the block of assets and its WDV rate under section 32.

The Schedule II lives and income-tax block rates ship as reference data, and a new asset takes its life, method and rate from its category. You can override them on one asset, but a different life or a residual above 5% needs a written justification, which is kept for disclosure.

The reference lives and rates were prepared from the published tables and have not yet been reviewed by a Chartered Accountant. Have your auditor confirm your category lives and rates before the first depreciation run.

Tips

  • With many masters, fill the Masters template and import it. See Import your asset register from Excel.
  • On the web, link each employee to their user login so that My Workspace shows them the assets they hold.
  • Add a location for every room you want to count in. Verification compares the register location with the place an asset is found.

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