Flexible Definition and Grouping of Assets

Define information for an asset in a number of ways, for example, number, description, class code, location code and serial number. 

Specify a fixed asset as a budgeted asset. 

Record information that is used for tracking the maintenance and insurance status of fixed assets. 

Determine the level of detail you need in your fixed assets reporting and statistics, for example, set up your asset as a single entity or as a set of components.

Unlimited Number of Depreciation Books

Define an unlimited number of depreciation books for each fixed asset:

Describe all the required depreciation conditions for a fixed asset.

Meet the demands of local accounting and tax conditions whatever your location.

Define a depreciation book for internal depreciation calculations.

Fulfill the demands for depreciation of the parent company if your company is part of a multinational company.

Decide if the book should be integrated with the General Ledger.

Specify how the fixed asset will be depreciated.

Index depreciation book entries if desired.

Define frequency of depreciation, for example, every month, quarter or year.

A ledger entry list exists for each depreciation book, with all relevant information, such as book value, depreciation basis, accumulated depreciation, disposal, gain/loss, user ID and source code.

Choice of Standard or Customer Depriciation Methods

Choose from several standard depreciation methods:

• Straight-line

• Declining-balance

• Accelerated methods, such as a combination of declining-balance and straight-line (DB/SL) 

• Customized depreciation methods (define a depreciation percent for each user-defined period, or enter the number of units produced by a machine in a user-defined period)

Statistics for each Depreciation Book

Use the Statistics window in each depreciation book to:

Get a live status overview of a fixed asset.

View all information defined for a fixed asset simultaneously on screen.

Maintenance Information

To keep track of each asset and access information necessary for analysis and decision-making related to the renewal of fixed assets:

Record information for an asset, such as maintenance, service and expense information.

Include photographs of fixed assets.

 Integrate maintenance expenses recorded in the Fixed Assets application area with the General Ledger.

Insurance Information

Monitor the insurance coverage and annual insurance premiums of your fixed assets. 

See whether your assets are under-insured or over-insured. 

Allocate each asset to one or more insurance policies. 

Index insurance amounts.

Allocation of Periodic Depreciation

Allocate depreciation of fixed assets to combinations of dimensions, for example, Department and Project. This facility is normally used when several departments in a company share a fixed asset. 

Decide how to allocate depreciation, gain/loss, or other types of entries to different G/L accounts.

Reclassification of Fixed Assets

Reclassify a fixed asset or part of a fixed asset by moving it from one classification to another, for example, from one department to another.

Separate a fixed asset into several fixed assets. 

Join several fixed assets into one. 

Dispose of a fixed asset partially.

Report and simulated Report Facilities

Document all recorded information in a number of standard reports including:

 Reports required for legal purposes

Simulation reports to show how the book value and depreciation will develop in time. These are particularly useful for budgeting purposes