Fixed Assets module handles all transactions related to fixed assets, for lease as well as for own use. It also provides for information like asset enhancement/ upgradation, physical verification, insurance and asset tracking.
Transactions in the Fixed Assets module are:
Recording Purchase/ Sale of Fixed Assets
The asset details include Asset Category, Quantity, Rate, Supplier Details, Taxes / Charges and Cost Center.
Recording Payments Made
Payment Type – Advance/ Intermediate/ Final
Payment Mode - Cash/ Cheque
Amount
Transaction Date
Purchase Date
Capitalization of Assets
Capitalization and payment processes can run in parallel, i.e. the payments need not be complete for an asset to be capitalized. System also supports part-capitalization of an asset.
Depreciation Accounting
Depreciation entries are passed in the company books and tax books periodically based on the pre-specified depreciation rate, depreciation frequency and the year of depreciation.
Additions to Assets
Any additional amount spent on an existing asset is recorded here. One can capitalize this amount.
Physical Verification of Assets
Details of physical verification of assets are recorded here such as verification date and person responsible for verification.
Asset Insurance
Background
Details pertaining to insurance, insurer, dates and premia are recorded in this transaction.
Master information maintained in this module:
Cost Centres
Definition of cost centers for the purpose of allocating expenses for each cost center.
Cost Centres
Definition of cost centers for the purpose of allocating expenses for each cost center.
Branches
Various branches of the company.
Accouting Year Definitions
System facilitates maintaining multiple accounting years simultaneously. One can maintain any number of concurrent accounting years, with start and end dates.
Suppliers
List of suppliers for an equipment.
Asset Categories
Assets can be categorized as leased assets, plant and machinery, furniture and so on. User defined categories enable subsequent modifications to these categories.
Asset Classification
Attributes of an asset such as physical characteristics like size, weight and technical specifications are recorded here.
Asset Tax Code
Asset tax codes are taxes that are applicable to any capital goods.
Asset Master
Asset Master includes assets information such as asset code, asset category, description, depreciation rates, classification and tax codes applicable for each asset.
Depreciation Rate Master
Depreciation rates applicable for each asset category are maintained in this master.
Reports
1. Fixed Asset Register
This report lists all assets for a specified asset category with details like method of depreciation, cost, location, supplier, sale quantity, physical verification date, depreciation - current and cumulative and capitalized value.
2. Status-wise Asset Details
Details of assets based on the status specified. The status of an Asset could be:
Non-capitalized Asset
Sold Asset
Discarded Asset
Transactions in the Fixed Assets module are:
Recording Purchase/ Sale of Fixed Assets
The asset details include Asset Category, Quantity, Rate, Supplier Details, Taxes / Charges and Cost Center.
Recording Payments Made
Payment Type – Advance/ Intermediate/ Final Payment Mode - Cash/ Cheque Amount Transaction Date Purchase Date
Capitalization of Assets
Capitalization and payment processes can run in parallel, i.e. the payments need not be complete for an asset to be capitalized. System also supports part-capitalization of an asset.
Depreciation Accounting
Depreciation entries are passed in the company books and tax books periodically based on the pre-specified depreciation rate, depreciation frequency and the year of depreciation.
Additions to Assets
Any additional amount spent on an existing asset is recorded here. One can capitalize this amount.
Physical Verification of Assets
Details of physical verification of assets are recorded here such as verification date and person responsible for verification.
Asset Insurance
Background
Details pertaining to insurance, insurer, dates and premia are recorded in this transaction.
Master information maintained in this module:
Cost Centres
Definition of cost centers for the purpose of allocating expenses for each cost center.
Cost Centres
Definition of cost centers for the purpose of allocating expenses for each cost center.
Branches
Various branches of the company.
Accouting Year Definitions
System facilitates maintaining multiple accounting years simultaneously. One can maintain any number of concurrent accounting years, with start and end dates.
Suppliers
List of suppliers for an equipment.
Asset Categories
Assets can be categorized as leased assets, plant and machinery, furniture and so on. User defined categories enable subsequent modifications to these categories.
Asset Classification
Attributes of an asset such as physical characteristics like size, weight and technical specifications are recorded here.
Asset Tax Code
Asset tax codes are taxes that are applicable to any capital goods.
Asset Master
Asset Master includes assets information such as asset code, asset category, description, depreciation rates, classification and tax codes applicable for each asset.
Depreciation Rate Master
Depreciation rates applicable for each asset category are maintained in this master.
Reports
1. Fixed Asset Register
This report lists all assets for a specified asset category with details like method of depreciation, cost, location, supplier, sale quantity, physical verification date, depreciation - current and cumulative and capitalized value.
2. Status-wise Asset Details
Details of assets based on the status specified. The status of an Asset could be:
Non-capitalized Asset Sold Asset Discarded Asset