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Asset Management

A fixed asset management application designed by Norming Software International.
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Companies who purchase, lease, build, maintain, depreciate, rent and track movement of physical assets can use Norming’s Asset Management suite. There are 4 components to the suite consisting of Asset Accounting, Asset Maintenance, Asset Leasing and Asset Tracking for creating and maintenance of bar codes.

  • Asset Accounting is a fully integrated Asset Ledger for managing all Acquisitions, Disposals, Depreciation and tracking of Assets by Cost Centre, Location, Group or Category. Acquisitions create an AP Invoice Batch, Disposals create either an AR Invoice Batch or a GL Batch to update the Asset Control accounts. User Defined formulas allow any type of depreciation method to be used. The system also comes with utilities to merge and split assets and change Asset ID’s at any time. Assets can be transferred between Cost Centres, Categories and Locations with a complete audit trail. Adjustments can be made for both Book and Tax values as well as the Depreciation methods, rates and the useful life of an asset.
  • Asset Maintenance can be added to track maintenance expense against any asset in the system. Maintenance invoices entered into Asset Maintenance can create an AP Invoice batch with full drill down capability from AP back to Asset Maintenance
  • Asset Leasing provides the facility to track assets leased under an operating lease with a billing schedule for payments to a Vendor in Accounts Payable or for owned assets that are rented out to AR Customers and billed a rental charge on a periodic basis
  • Asset Tracking provides an interface from the Asset Accounting module to a hand held scanner and the ability to print out bar code labels for assets.

Flexible Asset Numbering & Powerful Transaction Process

  • Asset ID consists up to 72 characters with up to 9 segments, automatic numbering is enabled
  • Unlimited optional fields can be defined and assigned to asset register
  • Convert PO receipt to asset acquisition entry automatically
  • Create G/L transaction and A/P invoice automatically from asset acquisition batch
  • Check batch-driven depreciation prior to posting
  • Change asset value, YTD depreciation, estimated life, depreciation method
  • Transfer asset between cost centers, locations
  • Create AR Invoice automatically from asset disposal transaction
  • Bulk disposal facilitates the disposal processing for a range of assets
  • Split one asset into multiple assets, or merge multiple assets into one

Flexible Asset Numbering & Powerful Transaction Process

  • Calculate depreciation using standard or user-defined formula
  • Depreciation periods switch on/off the asset depreciation
  • Depreciation projection is enabled
  • Depreciation calculation log reports the processing result

Lease Contract & Billing Processing

  • Set up multiple lease rates for assets
  • Maintain asset lease contract and billing schedule
  • Recognize lease revenue against asset lease contract
  • Create AR invoice to bill customer for leased-out assets
  • Create AP invoice to distribute expense for leased-in assets
  • Track asset lease history and billing schedule

Multicurrency Support

  • Acquire assets in any currency that vendors use
  • Calculate unrealized gains /losses for assets as exchange rate fluctuate
  • Adjust asset value in source or functional currency
  • Disposal proceeds in source or functional currency

Maintenance Schedule & Expense Processing

  • Create maintenance order to schedule the asset maintenance
  • Process asset maintenance expense with maintenance order, and Create AP Invoice for maintenance expense automatically

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