The Fixed Asset 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, which are first inserted 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, 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.
The module can be set to manage up to 5(five) parallel depreciation books (for e.g. for internal evidence Tax Book, books for official financial tracking for auditing purposes Accounting IFRS, tracking depreciation book per Government rules, etc.)
At the moment the asset is activated and the depreciation model is chosen, the system automatically generates depreciation plan, and posts the purchase value of the asset in General Ledger, recording it in the chosen depreciation book. If the client uses multiple depreciation books, the system can be adjusted to record transactions on all or only on some depreciation books when posting in General Ledger.
The accounts used for posting transactions from this module have an option for specification of mandatory dimensions to be filled, in order to be able to post in General Ledger (for e.g. department, project, vehicle, etc.) and which can be used in reports for analysis of assets per dimensions.
The module has DDC Object integrated in the asset definition which allows flexible specification of parameters on asset group level, from user side used for structured description of assets.
The module supports managing of depreciation plans and asset conditions from user side, including restructuring, revalorization and reconstruction of assets.
Generated depreciation plans can be restructured and with that the initial conditions can be modified, the depreciation period of the asset can be prolonged or diminished, based on client needs.
With the option for revalorization, the asset value can be increased or decreased following regulative changes for prescribed yearly depreciation, by revalorizing the remaining amount of the depreciation plan.
Reconstruction can be used to change the asset value based on internal changes of the asset by increasing its value in case the asset was repaired or new parts have been added to it, and by decreasing its value if the asset was subject to additional repairs or unexpected asset damage.
Assets can be allocated on particular employee and branch office, and if needed the module has an option for asset reallocation with which asset responsibilities can be transferred between employees.
The module supports establishing fixed asset inventory procedures based on client needs and periodic review of asset accuracy per branches to perform assessment of asset value, availability and quantity.
The module has an Integrated Task & Messaging Platform 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 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, based on client needs.
Automated Asset WorkflowMonitor complete asset lifecycle from the moment of purchase until it is written-off, sold or removed in a predefined workflow and be able to better forecast organizational needs and create on-time purchase orders.
Structured Asset ReportingUse comprehensive reporting possibilities to see analytic preview of individual assets or asset groups, generate periodic depreciation reports in real time and gain maximum management visibility.
Adaptable Depreciation PlansFlexibly specify the depreciation for every asset by preparing custom depreciation rates in order to use the asset in the most effective way.
Multi-Book Functionality Manage multiple depreciation books in one system independently from one another and be able to specify different asset deprecation for every depreciation book you use and clearly determine which books to use when posting in General Ledger.