---
sourceDocument: Australia Asset Management
sourceDocumentLink: https://servicenow-prod.fluidtopics.net/r/it-asset-management

 Release :

    - australia

ft:locale :

    - en-US

ft:publication_title :

    - Australia Asset Management

ft:clusterId :

    - itam

bundleId :

    - itam

workflow :

    - Technology


---

# Create fixed assets

# Create fixed assets {#ariaid-title1}

* Release version: Australia
* 
* Updated March 12, 2026
* 
* ![](https://www.servicenow.com/docs/portal-asset/ico-clock) 2 minutes to read

Fixed assets are containers that can hold multiple assets. Fixed assets are commonly
tracked at the corporate level by a finance or accounting department, but may contain IT assets
such as hardware and software.

The Fixed Asset option in the Cost application shows the IT assets
related to a fixed asset record. This link can help IT stay coordinated with the corporate
asset system. Users with the financial_mgmt_admin and financial_mgmt_user roles can create
fixed assets. After creating a fixed asset and adding assets, the residual value can be
automatically calculated.  
To create a fixed asset:

1. Navigate to CostFixed Assets.
2. Click New.
3. Enter a name for the fixed asset.
4. Click Submit.
{#c_CreatingFixedAssets__ol_wll_14h_3p}  
To add assets to a fixed asset:

1. Navigate to CostFixed Assets.
2. Click a fixed asset.
3. In the Covered assets related list, click Edit.
4. In the Collection list, double-click an asset to add it to the Covers Assets List.
5. Click Save.
{#c_CreatingFixedAssets__ol_h2q_f4h_3p}  
To sum the residual values of all assets in a fixed asset:

1. Navigate to CostFixed Assets.
2. Click a fixed asset.
3. Click Sum Residual Value.

   The ServiceNow platform calculates
   theResidual Value, Total cost, and
   Total depreciation based on information in the
   Financial and Depreciation sections on
   the individual asset records.
{#c_CreatingFixedAssets__ol_omb_44h_3p}
**Related concepts**   

* [Work with Asset and CI](https://servicenow-prod.fluidtopics.net/npvkHWPCBdgmaVi3ffLr7g "Asset and configuration item (CI) management refers to creating assets, setting appropriate states and substates, synchronizing assets and CIs, managing consumables, and retiring assets.")
* [Manage various assets through asset classes](https://servicenow-prod.fluidtopics.net/YeJXo9_JlGzxlSbYfgv6Yg "The default asset classes are Hardware, Software License, Consumable, Bundle, Software Entitlement, and Facility. These general classes can be used to manage various assets.")
* [Consumables life cycle](https://servicenow-prod.fluidtopics.net/zz6fiMglzekLSSudKrad9g "Consumables are assets that are not tracked individually, but as a group of the same model.")
* [Stockrooms](https://servicenow-prod.fluidtopics.net/M5aRQ2ilMruCW3qfeV30Jg "Stockrooms are places to which assets are assigned.")
* [Manage pre-allocated assets](https://servicenow-prod.fluidtopics.net/bK0F2~ZJxVYVU7NaP5OA3A "Manage pre-allocated assets, which are the assets that the vendor still owns, but has agreed to store in a customer stockroom for just-in-time procurement.")
* [Manage transfer order](https://servicenow-prod.fluidtopics.net/zAoPVfFVSpx7LpGOtvBebw "Manage the asset movement from one stockroom to the other using transfer order.")  
**Related reference**   

* [Use Organization Management](https://servicenow-prod.fluidtopics.net/airOLdh68QQSTIzq0XUx2A#org-mgmt "The Organization Management application provides an easy way to perform such asset management tasks as updating users and adding vendors.")

## Use depreciation with fixed assets {#ariaid-title2}

You can calculate depreciation for a fixed asset using a choice of depreciation
schedules. Calculating depreciation for a fixed asset can help IT coordinate with the
corporate fixed asset system to report correct valuation and book value.

### Before you begin

Role required: financial_mgmt_admin or financial_mgmt

### About this task

When creating a new depreciation schedule, select the Declining Balance or Straight Line depreciation Category. The two categories depreciate an asset by the same overall amount during the asset life cycle, but do so on different schedules.

* Declining Balance: depreciates an asset by a greater amount in earlier accounting periods than in later periods.
* Straight Line: depreciates an asset by an equal amount each accounting period.
{#t_UsingDepreciationWithFixedAssets__ul_xrm_fph_3p}

The following example shows depreciated value on a $10,000.00 asset over five years
using the two different methods.  
{#t_UsingDepreciationWithFixedAssets__table_kv3_jph_3p__entry__3}

| Year | Declining balance | Straight line |
|-|-|-|
| 1 | $5000.00 | $8000.00 |
| 2 | $2500.00 | $6000.00 |
| 3 | $1250.00 | $4000.00 |
| 4 | $625.00 | $2000.00 |
| 5 | $0 | $0 |
[Table 1. Using depreciation with fixed assets]

{#t_UsingDepreciationWithFixedAssets__table_kv3_jph_3p}

### Procedure

1. To view a depreciation schedule, navigate to Financial ManagementDepreciation and click the Category.
2. To create a new depreciation schedule, click New.
3. Enter a Name.
4. Select a Category.
5. Add a Script to calculate depreciation value.
6. Click Submit.  
   The depreciation schedule is now available in the Depreciation field on the asset record.

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