Available in: Salesforce Classic and Lightning Experience Available in: Professional, Enterprise, Performance, Unlimited, and Developer Editions Field Description Asset Division Division to which the asset belongs. This value is automatically inherited from the related account if any. Otherwise the value is inherited from the related contact. Available only in organizations that use divisions to segment their data. Asset Name Identifying name for the asset. If you select a product from the product lookup, this name is automatically populated with the product name. Account Account associated with the asset. Each asset must be associated with an account or contact. Contact Contact associated with the asset. Each asset must be associated with an account or contact. If you choose both an account and contact, they do not need to be related to each other. Contacts that are not associated with an account cannot be linked to assets. Competitor Asset Checkbox to indicate if the asset represents a competitor’s product. Use assets to track what customers have your competitor’s products using this checkbox. Description Text that distinguishes this asset from others. Install Date Date the customer installed the asset. Owner Individual user to which the asset is assigned. By default, the asset owner is the user who created the asset record. Parent Asset The asset’s parent asset. Price Amount the customer paid for the asset. Product The product on which the asset is based. Purchase Date Date the customer bought the asset. Quantity The number of assets purchased. Root Asset Read Only. The top-level asset in an asset hierarchy. Depending on where an asset lies in the hierarchy, its root might be the same as its parent. Serial Number The model number on the asset. Status State of the asset. Usage End Date The date the asset expires or the last date it is under warranty. Use this field to store whatever date is appropriate for your business.