FIXED ASSETS MODULE
The Web-Based Fixed Assets module facilitates simple and automated asset entry, movement, maintenance, valuation, deprecation and retirement while maintaining strong internal controls to demonstrate policy, contractual or regulatory compliance.
FIXED ASSET BENEFITS
- Manage assets more effectively for tax planning, resource management and internal control
- Track assets more easily using standard and user-defined fields, asset categories or asset profile information
- Implement preventative maintenance and lifetime accumulated costs to improve asset utilization
- Manage physical asset information to retain tight control over assets throughout their life cycle
- Simplify asset entry, adjustment, transfer and retirement processes with automated functionality and intuitive data entry pages
- Gain complete asset life cycle audit trail visibility as the fixed asset module is integrated with the Purchase Order and Order Entry modules
- Improve capital expenditure planning, budgeting, acquisition and reporting
- Simplify insurance, licensing and regulation management by centrally managing all assets with their related information
FIXED ASSET MANAGEMENT
The Fixed Asset register maintains a detailed record of the company’s fixed assets. Asset management includes asset categorization by asset type, asset class and asset account. Additional demographic detail includes location, valuation, custodian, serial number, G/ L account postings, depreciation settings, purchasing history, sales history and optional memo fields and user-defined fields. The web based Fixed Assets system provides control and improves fiscal management of business assets with convenient, flexible ways to calculate, track, and depreciate assets.
DEPRECIATION PROCESSING
Flexible deprecation calculations provide an accurate financial picture by matching the cost of assets over the assets useful life. Partial Year Method calculations indicate how you want to record depreciation for assets that have only been in service for part of a year and affect the amount of depreciation for the asset in the first and last accounting periods. Partial year alternatives include Full Year, Half Year, Full Month, Half Month and Actual Days. User defined asset types and posting cycles (monthly, quarterly or annually) also provide flexibility by defining the intervals in which depreciation should be posted to the web based general ledger.
KNOWLEDGE-BASE FOR ASSET POLICY SUPPORT
The Knowledge-Base and Content Management System (CMS) permit organizations to document their asset policies and link those policies to the actual fixed asset screens and operations so that the policies are available on-demand and consistently followed. Documenting company procedures ensures those policies are accurately, fully and consistency achieved. Typical company Fixed Asset related policies include the capitalization (vs. expense) policy, depreciation policy, preventative maintenance policy, insurance coverage policy and retirement policy.
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