Manage asset ownership
Asset ownership tracks whether an asset is owned by your organization or by a customer. Ownership changes are recorded by date and appear in the asset's audit log, providing a complete history of ownership transfers throughout the asset's lifecycle.
Understanding asset ownership
Every asset has an owner at any point in time:
Manufacturer ownership - Your organization owns the asset (common for leased or rented equipment in hardware-as-a-service models)
Customer ownership - A customer owns the asset (common for assets that have been sold outright)
Current owner
Hardfin automatically determines the current owner of an asset by looking at all ownership change records and selecting the owner from the most recent ownership change date. This ensures the current owner always reflects the latest ownership status based on the historical record.
Record an ownership change
To record a new ownership transfer for an asset:
Navigate to the asset details page for the asset
Click the pencil icon next to the current owner in the asset details section
A dialog will appear to record the ownership change
Select the new owner (manufacturer or customer)
Enter the ownership change date
If selling to a customer, optionally enter the sale price
Click "Save" to record the ownership change
The ownership change will be recorded in the asset's audit log and the current owner will be updated based on the ownership history.
Ownership change rules
When recording ownership changes, the following rules apply:
One change per day
Only one ownership change can be recorded per asset per day. If you need to record multiple ownership changes, they must occur on different dates.
If you attempt to record an ownership change on a date that already has an ownership change, you will see an error message. You can either:
Choose a different date for the new ownership change
Edit the existing ownership change record for that date
Delete the existing ownership change and create a new one
No future dates
Ownership dates cannot be in the future. If you attempt to enter a future date, you will see an error message asking you to adjust the date to today or earlier.
Historical changes
You can add or modify historical ownership records at any time. When you make changes to ownership history, the system automatically recalculates the current owner based on the most recent ownership change date.
For example:
If you add a historical ownership change that is more recent than the current ownership record, the current owner will be updated
If you modify an existing ownership change date, the current owner may be recalculated
If you delete the most recent ownership change, the system will use the next most recent change to determine the current owner
Common scenarios
Selling an asset to a customer
When you sell an asset to a customer:
Navigate to the asset details page
Click the pencil icon next to "Manufacturer" (the current owner)
Select the customer who is purchasing the asset
Enter the sale date
Enter the sale price (optional but recommended for accounting purposes)
Click "Save"
The asset's current owner will be updated to the customer, and the sale will be recorded in the audit log.
Repurchasing an asset from a customer
When you repurchase an asset from a customer (for example, at end of lease or for refurbishment):
Navigate to the asset details page
Click the pencil icon next to the customer name (the current owner)
Select "Manufacturer" as the new owner
Enter the repurchase date
Enter the repurchase price if applicable
Click "Save"
The asset's current owner will be updated to manufacturer, and the repurchase will be recorded in the audit log with the date displayed.
Correcting ownership records
If you need to correct an ownership record:
Navigate to the asset details page
View the ownership history in the audit log
Locate the ownership change you need to correct
Click to edit the ownership change record
Update the date, owner, or sale price as needed
Click "Save"
The system will recalculate the current owner based on the updated ownership history.
Deleting ownership records
If you need to remove an incorrect ownership record:
Navigate to the asset details page
View the ownership history in the audit log
Locate the ownership change you need to delete
Click to delete the ownership change record
Confirm the deletion
If you delete the most recent ownership change, the system will automatically recalculate the current owner based on the remaining ownership history. If you delete all ownership changes, the asset will default to manufacturer ownership with no date displayed.
Ownership and accounting
Ownership changes have important implications for organization accounting and financial reporting:
Asset classification. Assets owned by the manufacturer are classified as inventory or fixed assets, while assets owned by customers are classified as sold
Revenue recognition. Sale dates determine when revenue and costs are recognized for accounting purposes
Depreciation. Manufacturer-owned assets may be subject to depreciation, while customer-owned assets are not
Gain/loss calculations. When assets are sold or repurchased, the ownership change date and sale price are used to calculate gains or losses
For more information about cost basis and depreciation for assets, see manage asset accounting details.
Ownership history and audit log
All ownership changes are recorded in the asset's audit log with complete details:
Date of ownership change
Previous owner
New owner
Sale price (if applicable)
User who recorded the change
Timestamp of when the change was recorded
The audit log provides a complete, immutable history of all ownership transfers for compliance and reporting purposes.
Last updated