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Tracking Assets that one manages but does not own

Hi everyone, 

Does anybody have assets that they manage but do not own? We are trying to figure out where to put them in the system. Since we do not own them, they would not be a fixed asset.  Revenue would be received to manage the asset, which in this case would be a Cell Tower. We are in the wireless communications business. 

All input is welcome!! 

Thanks!  

2 replies

iqraharrison
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@JelenaS do you manage the asset for life? Is it something that you eventually end up owning or you are just managing it? if you are just managing it, could you potentially set up each “asset” as a project and track costs/revenue accordingly? 

Iqra ~ If a member helped you, please *Like* their post. If a member provided an answer to your question, please mark it as *Best Answer*.
J

@iqraharrison - Hi Iqra.  Thank you for your response.  We will never own the asset….just manage it. Currently, there would be a long term management of the asset, over a few decades. We already have it in the system as a project.  I guess we can open a new project that just tracks the management portion of it, or just keep the original project open.  

 

Just to confirm, then this would not be entered into the system as a Fixed asset because we do not own it outright. Please confirm. 

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