Fixed Assets Module

Fixed Assets Module

Effectively allocate asset value

General Description

The Fixed Assets Module is used to track all corporate assets at one place, following complete asset lifecycle, from the moment the asset is purchased up to the point of eliminating the asset from the asset directory, whether it’s sold, donated or written off.

The module has capability of keeping records of vast number of assets, registered in the module for evidence and activated when needed. For managing the economic value of the asset, the module supports diverse depreciation models such as linear depreciation, declining balance, custom depreciation with option for complete adaptation of the depreciation plan based on Client preferences or for small inventory the total asset value can be depreciated at once.

Within the module diverse depreciation books can be managed in parallel, presenting depreciation value based on specific accounting rules and set up using unlimited depreciation books including Tax Book for internal evidence, books for official financial tracking for auditing purposes according to Accounting IFRC, tracking depreciation book per Government rules and generation of Client-specific depreciation books where values are automatically posted on the chosen depreciation books.

The module is integrated with the General Ledger Module for automated postings of values from the generated depreciation plan and tracking only on the selected depreciation books, starting from the asset activation. Transactions can be adjusted to include additional information with account dimensioning and specification of mandatory and optional data fields, which are then used in report analysis of assets per diverse dimensions.

Assets can be grouped based on Client-specific parameters, which can be easily specified, from user side with integrated Dynamic Data Collection Engine on asset level.

The depreciation plans can be subject of changes during the depreciation period with options for automated restructuring, revalorization and reconstruction of asset conditions. With the option for restructuring, changes are addressing the duration of the depreciation period of the asset, which extends or contracts the asset depreciation, based on Client preferences.

The second option increases or decreases asset value, based on changes in the regulation and the officially prescribed yearly depreciation amount, by revalorizing the residual depreciation value. For assets that underwent some adjustments including asset damages or asset improvements in any way, depreciation value can be reconstructed to automatically calculate the lost or increase value accordingly.

The module supports asset allocation which can be on specific employee or branch office, with option for asset reallocation and responsibility transfer if needed.

The module has an Integrated Task & Messaging Platform (ITMP) which allows instant generation of internal messages directly from asset navigation form and assignment of tasks and messages to individuals or group of employees, as well as Document Compliance Platform (DCP) which allows attaching documents directly on the asset form.

Fixed assets can be analyzed in predefined, structured reports that provide detailed information about posted schedules and asset depreciation as well as in flexibly defined reports with the Dynamic Report Generator (DRG), based on Client needs.

Key Features