So when we try to perform a NON-IT Asset Import, we receive an error. (Seen Below)

We just updated to 11205, and testing it again on 11207. Same issue on both versions. These are the same steps/settings I've used for the last 3 years.

Now, if I change "Asset Type" to Component instead of Asset. All the drop downs will show up like they are supposed to. My question is, what is the difference here between Asset and Component. And why now does Asset not work the way it has always worked?