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Fixed Assets Setup

With OPTIMUM assets are kept within different categories set up by the user. Assets are also assigned to the departments of the company and even to an employee. There are no limits to the number of categories and departments. Further, the user may also specify other categories according to the organization's particular requirements, as well as define other fields that are provided by the system upon the user's choice or necessities.

The system will allow you to record your assets one by one upon acquisition or system setup, each with its own depreciation schedule. Then every month the depreciation expense will be generated by the system and passed to the General Ledger as per the accounts initially set up for each asset. Assets sales or write-offs will be recorded as and when they occur and the corresponding accounting entries will be automatically passed to the General Ledger.

Data Input

All the relevant data regarding an asset acquisition may be recorded:

  • Full description of the asset
  • Complete purchase order, invoice and payment details (linked to the Accounts Payable module. Payment details may be recorded in foreign currency.
  • Registration details, including issue/expiry dates and amount.
  • Insurance details, such as policy number and issue/expiry dates.
  • Inspection and maintenance details, including type and amount.
  • A picture or several other scanned documents may also be attached to the asset record.

For proper accounting of each asset's depreciation, the following details are noted once and for all:
  • Depreciation life
  • Monthly depreciation
  • Salvage value
  • Accounts to be charged and in which proportion (the depreciation of any asset may be charged to several accounts, as with profit centers management).
Later on, the depreciation history of each asset will be available on screen, detailing the amounts 		depreciated at each depreciation-run.

Processing

The OPTIMUM Fixed Assets module will process the following automatically:
  • Processing of acquisition, sale, obsolescence, and destruction, with immediate gain/loss calculation and definition of the accounts to be affected by the operation, and in which proportion.
  • Background treatment of accounting entries into the General Ledger upon confirmation of the input of the various transactions.
  • Automatic processing of monthly depreciation to the Ledger upon your instruction

Data Retrieval

A full set of formatted reports is available through the Report Generator.

  • Organization's complete assets register
  • Recapitulation of assets acquisitions and write-offs for any chosen period
  • Inventory by department
  • Assets depreciation schedule by ID or by category, for any chosen period
  • All the reports are available at branch level or at company level