Fixed Assets Management
Overview
There are two general classifications of assets, short-term assets and fixed assets. Short-term assets are those that remain on the books for less than one year. Short-term assets include things such as cash and office supplies which are commonly used up in a short amount of time. Fixed assets are those assets that remain on the books for more than one year. The IRS defines fixed assets as property or equipment with an estimated life in excess of one year.
eBizpro Fixed Assets provides a comprehensive system for tracking your assets and for calculating and posting depreciation at the end of each accounting period. Fixed Assets allows you to take depreciation on an unlimited number of assets with an unlimited number of books for each asset. Examples of the types of books are the Main book used to post depreciation to your General Ledger, the Federal Tax book used to report depreciation to the IRS, the Alternative Minimum Tax book (AMT), and the Adjusted Current Earnings book (ACE).
Features / Function Highlights
- Automatically posts monthly provisions to the General Ledger
- Calculates book and tax depreciation using a number of different depreciation methods
- Groups assets for reporting purposes
- Tracks warranty information and maintenance costs on each asset
- Revalues assets based on additional capitalized expenditures
- Ability to enter and post yearend adjustments due to short years and any required conversion to mid-quarter convention
- Calculates profit or loss on the sale of any asset
- Ability to automatically “clone” assets during initial set up
- On line historical notes for each asset
At Seamnia (Pvt) Ltd., we process and customize ERP solutions with the following number of functions:
The data are recorded accurately as they are tied with the physical asset inventory, which is updated annually; providing accuracy at all time.
Firms having multiple assets located in different tax zones can ensure business profitability by paying as little as possible for investments in lands, buildings, plant machinery and other fixed assets.
Increasing the performance of idle equipment and increasing their performance can save expenditures used to purchase new equipment.
Fixed assets management allows to maintain accuracy in the calculation of profits and losses. Therefore, selling fixed assets or purchasing assets can be determined easily reflecting the process of depreciation and the available assets.
The application records all asset status, availability, release and reassigning status which ensures a clear record to manage company resource.
Combined with other modules this management system ensures accuracy while reducing redundant data entry.
The application shows assets with their allocation status which ensures easy management of reassignments of assets.
The system manages asset depreciation with IAS-16 depreciation methods which makes recalculating, adding additional depreciation, back depreciation easy.
Asset depreciation dictates the amount of an asset at the current moment after depreciation. It shows the updated total cost of an asset making the company aware of the condition of the asset at current times.
This report lists assets or products of a company with its serial number, product type, status, category and so on. The details of each product ensure inventory levels and cut costs of purchasing new products/assets.
The asset history shows the detailed description of the assets past records- opening value, closing value, duration, depreciation value and so on.
User can add new Item (category), new product and add new purchased assets. Asset List and Ledger will be updated for each transaction of asset addition.
eBizpro provides their users the feature of classify their Asset. Tangible (Land, Building, Machines, Plants, Furniture, Computer, Vehicles Etc) and Intangible (Patent, Software Etc).
eBizpro enables group reports of assets by Product cost, Class, Provider, Branch and Department etc.
Assets can be assigned to employees as a custodian.
Asset Tracking (Bar-Code, Serials, Register) is flexible solution that offers complete visibility in to the location, Condition and quantity of your assets.
Warranty Information can be effectively assigned for purchased assets.
eBizpro estimates Asset depreciation expense for the periods for which you project depreciation based on the financial information for your existing assets at the start of that period. The projection includes additions, transfers, and reclassification transactions you perform in the current period.
Disposal Method for Asset which can be generated for two purposes. Sales purpose disposal and wastage disposal
System Capabilities
The Fixed Assets eBizpro ERP software module handles asset registration, classification, tagging, retirement and disposal for individual as well as composite assets. Management functions provide financial, tax and lease asset accounting capabilities in addition to repair/service scheduling. The system handles multiple depreciation methods and is fully integrated with the general ledger.
The manufacturing accounting software application records all information associated with assets including asset identification codes, descriptions, values, locations, and information on dates, insurance, depreciation methods and asset life periods.
The Asset Classifications feature provides a choice of user-defined codes for categorizing assets for recording and reporting purposes.
Multiple depreciation methods and the ability to create your own depreciation method provide additional flexibility. Depreciation costs can be calculated as often as necessary.
eBizpro Fixed Assets manufacturing accounting software module enables assets to be linked together. The ability to handle composite assets provides control through flexible asset structures reflecting parent/child relationships (whereby a desktop might be defined as a monitor, CPU and printer).
Other features in the Fixed Assets accounting management software module provide asset control through flexible asset structures, retroactive processing, long-term projections, user-definable calendars and the ability to track insurance and replacement costs.
- Straight line
- Modified accelerated cost recovery system
- Declining balance
- Remaining life
- User-definable depreciation methods
- Asset Tags : Provide the ability to print tags that can be physically attached to the asset.
- Asset Retirement: The Fixed Assets application helps schedule and report the retirement of an organization’s assets.
General Ledger Postings through Financial Migration Management
Allows depreciation journals to be posted to the General Ledger as determined by the user.
Some of Our Fixed Assets Module Client's
