Start by adding equipment to projects.
If users don't have the ability to View, Edit project AND company equipment, equipment will need to be assigned to a project before it can be selected for association against a timecard.
In mobile or web, when adding or editing a time entry, use the equipment field to select which tool or machine is being associated with the timecard.
From mobile, tap into a project and use the (+) Add shortcut to Add>Time>Equipment Time.
