Fixed Assets lets you track and depreciate your company’s assets automatically. Because it supports an unlimited number of books and depreciation calculations, you can use the appropriate formula for a given item. Fixed Assets tracks original, adjusted and current asset value as well as acquired date and service date.
With direct links to Accounts Payable, Fixed Assets can automatically turn your purchases into fixed assets. Original purchase information is available through a click to drill back to both the original voucher and purchase order.
- Online Asset History: Online asset history provides information about account distributions, books, period and yearly depreciation, transfers, disposals and component additions.
- Multiple Component Assets: An unlimited number of assets and components per asset can be entered. Depreciation is calculated on the whole asset; as components are added, the book depreciation can be restated.
- Component Additions: Components can be added any time during the life of the asset or can be separately extracted to create another asset, which can then be transferred between divisions within a company.
- Depreciation Methods: Formula deprecation methods for user defined declining balance, remaining value over remaining life, straight line, and sum of years digits is supported. User defined table based depreciation is also supported.
- Pre-Defined Account Numbers: General ledger default account numbers are set up for each asset and used whenever a journal entry is created: asset, accumulated depreciation, depreciation expense and gain/loss proceeds.
- Asset Transfers: The system supports asset transfers to different departments or divisions within a company.
- Component Transfers: Components can be extracted from an asset to create a unique asset, which then can be transferred between departments or divisions within a company.
- Asset Disposals: A group of assets, a single asset, a component or single unit of a component can be disposed.
- Accounts Payable Integration: Assets can be automatically created from vouchers, which have been flagged as a fixed asset
- General Ledger Integration Internal asset book depreciation automatically creates depreciation journal entries for the general ledger. Disposal processing automatically creates gain/loss journal entries.