1. Using Project Costing
  2. Considerations for Asset Assignment to Projects or Tasks

Considerations for Asset Assignment to Projects or Tasks

While assigning assets to projects or tasks, you must keep in mind the following considerations.

  • Project assets can be assigned at the project level, but costs must be collected at the task level. For example, if you create only one asset, or a couple of extremely similar assets, such as two identical buildings, you would typically define them at the project level. While you may list your assets at the project level, you must capture costs at the task level, which would offer you insight into the amount of money you spent building, say, a specific floor.
  • Project assets can be assigned at the task level. For example, a hospital building may have numerous assets created, and when you have numerous assets, the project task structure will enable you to capture project costs that are specific to each asset, which you can then assign to them.
  • Multiple project assets can be assigned at the same level (project or task). For example, you can build four identical tennis courts in a tennis club, and all four assets would be assigned to the same Build Tennis Courts task.
  • Project assets can be assigned to multiple tasks within the project. For example, the construction of a restaurant kitchen may have tasks for storage and cabinetry as well as for flooring and cooking essentials like stoves, ovens, and the cold storage. The kitchen asset would be assigned to each of these tasks.

  • When assigning project assets at the task level, you can either assign assets to the top or bottom level tasks, but you can’t do both. Project assets also can’t be assigned to a middle level task. See At what task level can I assign project assets?

  • You can also collect and allocate common costs to project assets.

    Common costs are costs that can’t easily be assigned to any one project asset. Generic costs, such as permit charges and architectural fees, are good examples of these. If you create tasks to capture such costs, you can’t assign project assets to them. While grouping common costs to create asset lines, you must use the Common Costs cost grouping level type in the Edit Task Details screen.