Fixed Assets

The Fixed Assets features of PRO$IT, are actually embedded in the Accounting & Banking module. The general ledger gives you the following features:

• Property & Equipment Profiles
  • Complete Audit Trail
  • Track non-depreciating, depreciating, and intangible assets
  • Multiple statuses allow you to classify your assets appropriately. Statuses include: Active - not fully depreciated, Active - fully depreciated, Active - not depreciated (land), Disposed, Inactive, not fully depreciated, Inactive, fully depreciated, Retired, and Senior active - fully depreciated
  • The system will link costs, accumulative depreciation and depreciation expenses to account codes
  • You are able to link assets to higher order asset (part of another asset)
  • You can link assets to an alias asset number
  • Asset attributes include: Class, Group, Type, Set, Custodian Name, Location, Utility Code, Date in Service, and Warranty Expiry Date
  • Disposal gains/losses and proceeds amounts are linked to a disposal code and account
  • Determine asset replacement cost (may use replacement cost index %), insured value, and estimated lie
• Depreciation
  • Depreciation for an asset can be any present of next period
  • Each asset can have its own depreciation method defined for it (diminishing balance/no depreciation/straight line/double declining balance/sum-of-the-years digits/etc.) based on cost or net of salvage value.
  • Depreciation for any asset is designed to perfectly fit any of your required specifications
  • Post journal entries for depreciation for a selected group of assets (or all assets) with fiscal year and period range
  • Depreciation journal entries may be reversed
  • Create the annual depreciation schedule for a selected range of assets or all assets
• Retirement, Disposal & Transfers
  • Retire assets when fully depreciated
  • Capital asset disposal takes the value of the asset and moves it to the disposal account
  • Transfer assets from one department to another. The remaining balance of the asset is switched
  • Adjustments can be made without losing the audit trail or history