Fixed Asset Statuses and Lifecycle

Learn how to manage your assets through each stage in Officaid, from available to assigned to disposed.

Keep tabs on your assets at every stage

A fixed asset doesn't stay in the same state forever. A new laptop sits in storage until it's assigned to an employee. A vehicle goes in for repairs. Old equipment gets retired. Officaid uses statuses to help you track where each asset is in its lifecycle, so you always know what's available, what's in use, and what's no longer active.

This guide explains the four asset statuses, when to use each one, and how to transition assets through their lifecycle.

The Four Asset Statuses

Every fixed asset in Officaid has one of four statuses:

Available

The asset is in your possession and ready to be used or assigned. This is the default status when you add a new asset. Use this for equipment sitting in storage, spare devices, or anything not currently allocated to a specific person or purpose.

Assigned

The asset has been given to a team member. When an asset is assigned, Officaid shows who has it and any condition notes recorded at the time of assignment. This helps you track who is responsible for what equipment.

Maintenance

The asset is temporarily out of service for repairs, servicing, or upgrades. Use this status when equipment is being fixed, sent for warranty repair, or undergoing scheduled maintenance. It signals that the asset exists but isn't currently available for use.

Disposed

The asset is no longer in use. This could mean it was sold, donated, recycled, written off, or thrown away. Disposed assets remain in your records for historical reference but are excluded from your active inventory.

The Asset Lifecycle

Most assets follow a predictable path through these statuses:

Acquisition → Available

When you purchase new equipment, you add it to Officaid with the status set to Available. The asset is recorded in your system, depreciation begins calculating, and it's ready to be deployed.

Available → Assigned

When someone needs the equipment, you assign it to them. The status changes to Assigned, and Officaid records who has the asset. This is done through the Team module in the team member's profile.

Assigned → Available

When an employee returns equipment (perhaps they're leaving the company or no longer need it), the asset goes back to Available status. It's ready to be assigned to someone else.

Any Status → Maintenance

Equipment can go into Maintenance from any status. A laptop being used by an employee might need repairs. A spare monitor in storage might need servicing. Change the status to Maintenance while the asset is out of commission.

Maintenance → Available or Assigned

Once repairs are complete, move the asset back to its previous status. If it was assigned to someone, return it to Assigned. If it was a spare, set it back to Available.

Any Status → Disposed

When an asset reaches the end of its useful life, change the status to Disposed. This is typically the final status. The asset stays in your records for reference but is no longer part of your active inventory.

You don't have to follow this exact path. Statuses can be changed in any order based on your actual situation. An asset could go directly from Available to Disposed if it's damaged beyond repair, for example.

Changing an Asset's Status

To update an asset's status:

1 Navigate to Finance → Fixed Assets
2 Find the asset and click the edit icon (pencil)
3 In the Status dropdown on the right panel, select the new status
4 Click Add or Save to confirm the change

To assign an asset to a team member, you'll need to do this from the Team module through the team member's profile rather than from the Fixed Assets screen. See Assigning Assets to Team Members for details.

Filtering Assets by Status

The Fixed Assets dashboard lets you quickly filter by status using the tabs at the top of the list:

All – Shows every asset regardless of status
Available – Shows only assets ready for use
Assigned – Shows only assets currently with team members
Maintenance – Shows only assets being repaired or serviced
Disposed – Shows only retired assets

Use these filters to quickly answer questions like "What equipment do we have available?" or "Which assets are currently out for repair?"

Best Practices for Status Management

Update statuses promptly. When equipment changes hands or goes for repair, update the status right away. Outdated statuses lead to confusion about what's actually available
Use Maintenance consistently. Even for quick repairs, marking an asset as Maintenance creates a record that it was out of service. This can help explain gaps or issues later
Don't delete, dispose. When an asset is no longer useful, change its status to Disposed rather than deleting it. This preserves your historical records for audits, tax purposes, and financial accuracy
Review statuses periodically. Do a quick check every few months to make sure statuses reflect reality. Assets sometimes get returned without being updated in the system

Changing an asset to Disposed doesn't automatically remove it from your financial records or stop depreciation. Make sure the current book value and depreciation settings are correct before disposing of an asset.

Frequently Asked Questions

Does changing status affect depreciation?

It depends on the status. Depreciation continues to calculate for assets marked as Available, Assigned, or Maintenance. However, depreciation stops when you change an asset's status to Disposed.

Should I dispose of fully depreciated assets?

That's a business decision. A fully depreciated asset (book value at zero) can still be in use and working fine. The status should reflect the asset's actual situation, not its book value. Dispose of an asset when it's actually retired from service, not simply because it has finished depreciating.

What happens to assigned assets when an employee leaves?

You'll need to manually update the asset. Go to the team member's profile in the Team module to unassign the asset, which will change its status back to Available. The asset can then be reassigned to someone else.

What's Next?

Continue learning about fixed asset management:

Assigning Assets to Team Members – Learn how to allocate equipment to your team
Navigating the Fixed Assets Dashboard – Filter, search, and download your asset data
Adding a Fixed Asset – Review how to add new assets to your inventory

fixed assets asset management how-to