Separating tools from assets

We plan to log any non-consumable tools as assets and separate them using categories. Another way we’ll differentiate them is by utilizing one of our existing systems- the asset code, which helps identify a particular asset. For example, one of our air compressors would be [AC1-1]. By making a small adjustment such as adding a “t.” prefix, eg. [t.AC1-1], we could easily identify a tool by their name (or barcode field). Consumable tools such as grinder wheels or razor blades might be better logged under Parts Inventory.

I have tools listed under assets and assign them a unique location. 

James, our teams have had locations put tools under parts inventory as well as assets, I would recommend going the asset route, it is a much better solution for tooling in my opinion especially if you are using the costing metrics for parts inventory along with an ERP implementation, you will inflate your inventory value.

Thanks for the info here; I am going to see if I can implement any of these, but I would like to see a Tool Module, as well as a “Tools needed/used” in work orders, similar to parts. 

We have moved to using tags for all assets. Government contractors and manufacturers now have to track all assets this way. We are tagging them and using the tag number as QR codes. This way we are able to log them as assets but separate them into which type of asset they are. We can also give them a proper location so we can keep track of any missing or borrowed  tools or assets.