Fixed Assets Overview

A comprehensive Assets Management Software Package that runs on a wide range of computers. The Flexibility of the Assets Management System makes it ideal for organizations of all sizes and types.

Control is provided for recording and maintaining asset financial details and depreciation calculations. Depreciation is calculated at time of movements (disposals and transfers). Costing of assets is comprehensive and includes costing of an individual asset, or costing at a higher level such as a group of assets. The user through a transaction table controls accounting entries.

Multiple Companies, Locations & Areas

More than one company can be set up on the system. Within each company, any number of locations may be defined. Within each location any number of areas can be defined.

Multiple Financial Types & Periods

For each company, unlimited financial types such as book and tax may be defined.

User Defined Transactions

Transactions can be customized for individual installations of Fixed Assets: This is achieved by turning on or off individual transaction types, changing posting accounts, and setting the interface to the Ledger.

Identifier

Flexible asset numbering schemes can be enforced. Groups, Sub Groups and Tax Groups Assets can be broken down into Groups (such as cars), Sub Groups (such as sedans). Assets can be flagged as components. The system ignores those assets for depreciation, asset values, and postings.

Flexible Costing

There are two methods for costing: Individual asset costing with any number of accounts for each asset. For example - depreciation or "asset at cost" may be split over more than one account on a percentage basis. Transactions costing - accounts can be set up on a company, location, area, or asset type basis.

Multiple Level Structures

Assets can be linked in a structure containing a top-level asset with up to 20 levels. Each asset level can have up to 99 individual assets. A structure can consist of non posting level and components only assets.

Owned Flag

Assets can be flagged as not being owned and causing depreciation, asset values and postings to be ignored.

Insurance Details

Basic details such as insurance company, insured value, expiry date, last revalued date, and premium can be recorded for each asset.

Warranty & Service Details

Basic warranty details such as warrantor, conditions, expiry, and service requirements, can be entered and reported.

User Features

Up to 9999 user defined features may be associated with an asset. This may cover asset characteristics such as model, year of make, date of manufacture, and size.

Notes

Unlimited notes may be entered against assets, insurance, warranty, and diary.

Stock Take Details

Assets may belong to different stock take cycles. Stock take details are entered into the system, any variances calculated and then signed off by the appropriate persons.

Statistics

Statistics (or conditions) may be recorded for individual assets. These can be used for reporting as well as the basis for depreciation.

Depreciation Methods

• Prime cost or straight line
• Diminishing value or reducing balance
• Usage
• Manual - user enters value
• Expected Life
• Negative
• Condition code
• Rest of life
• Operating
• Sum of year's digits
• Write off remainder

Partial Period Treatment

Where assets are transferred, bought or sold during a period depreciation is calculated for varying lengths of time, determine by user parameters.

Depreciation Codes & Schedules

Any number of user-defined codes may be set up and linked to; individual assets, asset groups, sub groups, or tax groups, for each financial type. Different rates and methods may be set up for ranges of dates. Either the depreciation rate applicable at the time of running the depreciation, or at the time of asset purchase, may be used.

Private Usage

Private Usage in percent is taken into account when depreciating.

Depreciation Run

Depreciation can be run on an update or trial basis any number of times during a period for a financial type. For a trial run, future depreciation cut off dates may be entered.

Movements

Asset movements can be broken down into the following:

• Transfers within the company between locations and areas.
• Transfers to another company.
• Additions.
• Take on from an ASCII file.
• Disposals and re-instatements.
• Reclassification of asset groups and sub groups.
• Revaluation.
• Adjustment.
• Asset count.
• Split of one asset into many.
• Partial transfers and disposals of group assets.
• Combination of many assets into one.
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Disposals

Disposal types comprise sold, scrapped, written off, surplus, stolen, excess, donated and traded in. Proceeds and costs of disposal may be entered. The profit or loss is then calculated by the system immediately.

Capital Gains

Capital gains amount can also be calculated at the time of disposal (or after the time of disposal), according to Taxation Laws.

Movements History

A movement's file is updated when journals are posted. This allows reporting and inquiries on movements by location, area, asset group, sub group, tax group, period and transaction type. Asset movements may be posted to the ledger on an individual asset or asset structure.

Security

Each asset has a responsibility code which is cross-referenced to the logon user/authority code. If the sensitivity indicator on the asset is on, only users with the responsibility code associated with that asset may access the asset details in any manner.

Audit ability

All movements of financial details for posting level assets that are owned are reflected in transactions.

Asset Details

An asset's details may be changed any number of times until it is posted. Following that, only information fields (non financial) on posting level assets may be changed.

Inquiries & Reports

Comprehensive inquiry and reporting are included in the system.

Complete Asset Management

Take control over the management of your Assets.

• Asset Control. Control over assets under your organization's possession. Know at all times what assets you own, what the value of those assets are and when assets are disposed of.
• Asset Accounting. Calculate and allocate depreciation, gain on disposal, and loss on disposal. All movements of assets are correctly accounted for."
• Acquisition & Replacement. Manage acquisition and replacement of assets. Know the written down values of the assets to enable timely disposal and replacement of assets.

Manage Asset Value

• Accurate Asset Recording & Valuation
• Use Appropriate Depreciation Method
• Forecast Depreciation Scenarios
• Determine Asset Real Value