Fixed Asset Accounting
The suite is imbued with every aspect of fixed asset accounting including procurement, budgets, forecast reporting, document management, capital project control and lessee asset accounting.
All modules are seamlessly integrated with others suites and have been created with exceptional depth in features and functionalities
Keeping track of unit acquisition and refurbishment is made simple by the system’s work order functionality. It helps users to closely monitor the entire acquisition process, allowing costs to be stored accurately and exported directly into the financial ledgers. This improves profitability, saves time entering new assets into duplicate systems and reduces associated administration costs. The entire purchase cycle is recorded at every stage, from unit creation to production in the factory to availability in the depot. Units bought for repair, refurbishment or immediate resale can also be tracked through the system, easing the administration time involved.
Fixed Asset Register
Fixed Asset Register keeps track in detail of each fixed asset, ensuring control of organizational assets. It also keeps track of the correct value of assets, which allows for computation of depreciation and for tax and insurance purposes. The system generates accurate, complete, and customized reports that suite the needs of management. Fixed Asset Register also keeps track of fixed assets that are not under simple, direct control of the company. This means owned and leased assets, assets under construction, and imported assets.
The system effortlessly calculates depreciation whether for individual assets or a number of grouped assets. Depreciation module is enabled with varied and internationally recognized depreciation methods without requiring users to add their own formula; some methods include Straight Line, Double Straight Line, Reducing Balance, Variable Rate, Adjusted Declining, Digressive, Adjustments, Residual, and Non Depreciating. All depreciation methods and asset lives can be defaulted for each book based on any defined category. Users can also forecast depreciation as far into the future as desired and can recalculate the current period's depreciation to reflect updates in the asset register.
Tax and other regulatory compliance
The system offers tax options to enable the extraction of depreciation and amortization calculations in accordance with country specific tax return requirements. The system provides finance and accounting teams with direction on how to properly depreciate fixed assets in order to comply with tax authority. Reports can be produced for each accounting book set up within the system to show the status of assets during any accounting period (current, past or forecast).