Fixed Assets provides an overview of your fixed assets and ensures correct periodic depreciation. It also enables you to keep track of your maintenance costs, manage insurance policies related to fixed assets, post fixed asset transactions and generate various reports and statistics.
Fixed Assets
For each fixed asset, you must set up a card containing information about the asset. Buildings or production equipment can be set up as a main asset with a component list.
A fixed asset can be split up into several fixed assets, and several fixed assets can be combined in one. If a fixed asset is partially disposed, it must be separated into two fixed assets, and then one of them can be sold.
Fixed assets can be grouped in various ways, for example, by class, department or location.
You can set up budgeted assets. This makes it possible to include any anticipated acquisitions and sales in reports.
Depreciation
You can set up multiple depreciation books to accommodate various kinds of depreciation. A batch job is used to calculate periodic depreciation.
Maintenance
For each asset, you can record maintenance costs and the next service date. Keeping track of maintenance expenses can be important for budgeting purposes and for making decisions about whether to replace a fixed asset.
Insurance
Each fixed asset can be attached to one or more insurance policies. You can therefore easily verify that insurance policy amounts are in accordance with the value of the assets that are linked to the policy. This also makes it easy to monitor annual insurance premiums.
Posting Transactions:
All posting in the Fixed Assets application area is done from journals. There are four different
journals:
- The FA G/L journal
- The FA journal
- The FA reclassification journal
- The insurance journal
Statistics and Reports
For each fixed asset depreciation book, there is a statistics window that provides a quick overview of the book value, depreciable basis, accumulated depreciation, and gains or losses on sales. Each main asset has its own statistics window.
There are several reports available. Some of these can be tailored to meet specific needs.