Asset life cycle and replacement

Every asset can carry its life cycle: when it entered service, how long it should last, what replacing it would cost today and the condition it is in. FreeMaint turns that into the year it should be replaced and the life it has left. These fields are free on every plan.

The fields

• “In service since”: when it was put in service; leave it blank and the purchase date is used.
• “Expected life (years)”: how long this kind of equipment lasts (a roof 25, a water heater 12).
• “Replacement cost”: what replacing it would cost today, seen only by people allowed to see asset values.
• “Planned replacement year”: set it when you already know the year; it replaces the calculation.
• “Condition”: 5 Excellent, 4 Good, 3 Fair, 2 Poor, 1 Critical, with the day it was assessed.

How the replacement year is worked out

Replacement year = the planned replacement year when it is set, otherwise the year it entered service (or was purchased) plus its expected life. The remaining life is that year minus the current year; once it is behind you, the asset shows “Past its expected life”. Nothing is guessed: without the data, no year is shown.

Where to fill them in

• On the web: Assets, open an asset, Edit, card “Life cycle & replacement”.
• On the mobile app: edit the asset where you stand to set its condition; the day of the assessment is recorded for you.
• In bulk with an import: the asset template has a column for each of these fields.
• To hide the card from the form: Company Settings › Asset form › Optional fields.

Where you see them

• On the asset page, card “Life cycle & replacement”: condition, replacement year, remaining life and replacement cost.
• In the asset PDF and the asset Excel sheet.
• On the mobile asset screen: condition, replacement year and remaining life, never the cost.
• In the asset activity log, each change with its old and new value.