diff --git a/erpnext/assets/doctype/asset/asset.json b/erpnext/assets/doctype/asset/asset.json
index d6b9c461cb24..540a4f5549f3 100644
--- a/erpnext/assets/doctype/asset/asset.json
+++ b/erpnext/assets/doctype/asset/asset.json
@@ -481,6 +481,7 @@
    "read_only": 1
   },
   {
+   "default": "1",
    "fieldname": "asset_quantity",
    "fieldtype": "Int",
    "label": "Asset Quantity",
@@ -571,7 +572,7 @@
    "link_fieldname": "target_asset"
   }
  ],
- "modified": "2023-11-15 17:40:17.315203",
+ "modified": "2023-11-20 20:57:37.010467",
  "modified_by": "Administrator",
  "module": "Assets",
  "name": "Asset",
diff --git a/erpnext/assets/doctype/asset/asset.py b/erpnext/assets/doctype/asset/asset.py
index 3c570d1af0fe..7b7953b6ce6b 100644
--- a/erpnext/assets/doctype/asset/asset.py
+++ b/erpnext/assets/doctype/asset/asset.py
@@ -46,12 +46,28 @@ def validate(self):
 		self.validate_item()
 		self.validate_cost_center()
 		self.set_missing_values()
+		self.validate_gross_and_purchase_amount()
+		self.validate_expected_value_after_useful_life()
 		self.validate_finance_books()
+
 		if not self.split_from:
 			self.prepare_depreciation_data()
-			update_draft_asset_depr_schedules(self)
-		self.validate_gross_and_purchase_amount()
-		self.validate_expected_value_after_useful_life()
+
+			if self.calculate_depreciation:
+				update_draft_asset_depr_schedules(self)
+
+				if frappe.db.exists("Asset", self.name):
+					asset_depr_schedules_names = make_draft_asset_depr_schedules_if_not_present(self)
+
+					if asset_depr_schedules_names:
+						asset_depr_schedules_links = get_comma_separated_links(
+							asset_depr_schedules_names, "Asset Depreciation Schedule"
+						)
+						frappe.msgprint(
+							_(
+								"Asset Depreciation Schedules created:<br>{0}<br><br>Please check, edit if needed, and submit the Asset."
+							).format(asset_depr_schedules_links)
+						)
 
 		self.status = self.get_status()
 
@@ -61,17 +77,7 @@ def on_submit(self):
 		if not self.booked_fixed_asset and self.validate_make_gl_entry():
 			self.make_gl_entries()
 		if self.calculate_depreciation and not self.split_from:
-			asset_depr_schedules_names = make_draft_asset_depr_schedules_if_not_present(self)
 			convert_draft_asset_depr_schedules_into_active(self)
-			if asset_depr_schedules_names:
-				asset_depr_schedules_links = get_comma_separated_links(
-					asset_depr_schedules_names, "Asset Depreciation Schedule"
-				)
-				frappe.msgprint(
-					_(
-						"Asset Depreciation Schedules created:<br>{0}<br><br>Please check, edit if needed, and submit the Asset."
-					).format(asset_depr_schedules_links)
-				)
 		self.set_status()
 		add_asset_activity(self.name, _("Asset submitted"))
 
@@ -823,6 +829,7 @@ def get_item_details(item_code, asset_category, gross_purchase_amount):
 				"expected_value_after_useful_life": flt(gross_purchase_amount)
 				* flt(d.salvage_value_percentage / 100),
 				"depreciation_start_date": d.depreciation_start_date or nowdate(),
+				"rate_of_depreciation": d.rate_of_depreciation,
 			}
 		)
 
diff --git a/erpnext/controllers/buying_controller.py b/erpnext/controllers/buying_controller.py
index a470b47a456d..68ad97d7ba45 100644
--- a/erpnext/controllers/buying_controller.py
+++ b/erpnext/controllers/buying_controller.py
@@ -758,7 +758,7 @@ def make_asset(self, row, is_grouped_asset=False):
 				"calculate_depreciation": 0,
 				"purchase_receipt_amount": purchase_amount,
 				"gross_purchase_amount": purchase_amount,
-				"asset_quantity": row.qty if is_grouped_asset else 0,
+				"asset_quantity": row.qty if is_grouped_asset else 1,
 				"purchase_receipt": self.name if self.doctype == "Purchase Receipt" else None,
 				"purchase_invoice": self.name if self.doctype == "Purchase Invoice" else None,
 			}
diff --git a/erpnext/patches.txt b/erpnext/patches.txt
index 6c10dd9bbb42..0badab56ea31 100644
--- a/erpnext/patches.txt
+++ b/erpnext/patches.txt
@@ -351,5 +351,6 @@ erpnext.patches.v15_0.rename_daily_depreciation_to_depreciation_amount_based_on_
 erpnext.patches.v15_0.rename_depreciation_amount_based_on_num_days_in_month_to_daily_prorata_based
 erpnext.patches.v15_0.set_reserved_stock_in_bin
 erpnext.patches.v14_0.create_accounting_dimensions_in_supplier_quotation
+erpnext.patches.v14_0.update_zero_asset_quantity_field
 # below migration patch should always run last
 erpnext.patches.v14_0.migrate_gl_to_payment_ledger
diff --git a/erpnext/patches/v14_0/update_zero_asset_quantity_field.py b/erpnext/patches/v14_0/update_zero_asset_quantity_field.py
new file mode 100644
index 000000000000..0480f9b7aade
--- /dev/null
+++ b/erpnext/patches/v14_0/update_zero_asset_quantity_field.py
@@ -0,0 +1,6 @@
+import frappe
+
+
+def execute():
+	asset = frappe.qb.DocType("Asset")
+	frappe.qb.update(asset).set(asset.asset_quantity, 1).where(asset.asset_quantity == 0).run()