Asset Lifecycle — Acquire, Maintain, Depreciate, Dispose

Who / when: a Biomedical Engineer (or facilities manager) running the equipment through its working life, and the Finance Officer who owns its value on the books. This workflow crosses the Assets & Maintenance and Finance modules — and in Veona they share one asset record, so the analyzer on the bench and the line on the balance sheet are the same thing.

Terms used here: a fixed asset is a long-lived item the facility owns; capitalisation is recording its purchase on the balance sheet (rather than expensing it); depreciation spreads its cost over its useful life; net book value (NBV) is gross value minus accumulated depreciation; preventive maintenance (PM) is scheduled servicing; calibration verifies an instrument reads correctly against a traceable standard; an AMC is an annual maintenance contract; disposal retires the asset and books the gain or loss. Dr / Cr are the two ledger sides.

1. Biomedical Engineer — open Assets → Asset Register and Register Asset (name, category, acquisition value, salvage, useful life, depreciation method, and how it was funded — Cash, Bank, Accounts Payable, or None). Veona capitalises it: Dr Fixed-Asset / Cr Cash | Bank | Accounts Payable. The item is now on the balance sheet.
2. Biomedical Engineer — for an integrated instrument, use Assets → Asset Register → Capitalize From Device instead, and pick the Veona Connect device — the device is linked to its book value so the fleet console can drill straight to it. (Capital equipment received through Procure to Pay bridges here automatically: Dr Fixed-Asset / Cr Stock-in-Hand.)
3. Biomedical Engineer — set up servicing on Assets → Maintenance → PM Schedules (a calendar or usage-hours interval with reminder lead days and an assignee). Veona reminds the team before each service falls due.
4. Biomedical Engineer — when a service or repair happens, raise a Work Order on Assets → Maintenance → Work Orders, log the visit (labour + parts), and Complete it. The ledger posts the cost: Dr Repairs & Maintenance / Cr Cash. Completing it also rolls the PM schedule forward and closes any open downtime episode.
5. Biomedical Engineer — record metrology on Assets → Calibration (result, standard/method, certificate number, next-due, fee). A non-zero fee posts Dr Repairs & Maintenance / Cr Cash; the next-due date drives reminders.
6. Biomedical Engineer / Finance Officer — log cover on Assets → Contracts & AMC (type, SLA hours, value). The commitment posts Dr Prepaid Maintenance / Cr Accounts Payable | Cash.
7. Finance Officer — each month, depreciation runs (a setting-gated job, or Run Depreciation on the register): Dr Depreciation Expense / Cr Accumulated Depreciation, lowering the net book value until it reaches salvage. The same register is viewable read-only under Finance & Ledger → Fixed Assets.
8. Finance Officer — at end of life, Dispose the asset (proceeds + note). Veona reverses the accumulated depreciation, removes the asset at gross, takes in any cash proceeds, and books the gain or loss = proceeds − net book value.

What happens next: the asset’s whole story — acquisition, every service and calibration, monthly depreciation, and final disposal — is one auditable trail, and every money step is in the one general ledger. Downtime episodes (Assets → Downtime) track availability alongside, with no ledger effect. See Assets & Maintenance and One Set of Books.

Note

There is no separate “financial asset” and “operational asset” — it is one record. Repairs and calibration credit Cash directly; the AMC books a prepaid asset. Account names must be mapped under Finance & Ledger → Finance Settings, or the postings are skipped (disposal is the exception — it requires the accounts to be mapped).