Effectively allocate asset value
The Fixed Asset Module supports the accurate tracking of asset inventory from a central location, during the entire asset lifecycle. Asset records can be inserted in the system for evidence and then activated when needed.
The module supports vast number of depreciation models for automated calculation of asset value, including but not limited to linear depreciation and custom depreciation applicable for small inventory where total asset values can be depreciated at once or the depreciation plan can be adapted based on client-specific parameters.
Within the module diverse depreciation books can be managed in parallel, presenting depreciation value based on specific accounting rules and set up to five depreciation books including Tax Book for internal evidence, books for official financial tracking for auditing purposes according to Accounting IFRC, tracking depreciation book per Government rules and generation of client-specific depreciation books where values are automatically posted on the chosen depreciation books.
The module is integrated with the General Ledger Module for automated postings of values from the generated depreciation plan and tracking only on the selected depreciation books, starting from the asset activation. Transactions can be adjusted to include additional information with account dimensioning and specification of mandatory and optional data fields, which are then used in report analysis of assets per diverse dimensions.
Assets can be grouped based on client-specific parameters, which can be easily specified, from user side with integrated Dynamic Data Collector on asset level.
The depreciation plans can be subject of changes during the depreciation period with options for automated restructuring, revalorization and reconstruction of asset conditions. With the option for restructuring, changes are addressing the duration of the depreciation period of the asset, which extends or contracts the asset depreciation, based on client preferences.
The second option increases or decreases asset value, based on changes in the regulation and the officially prescribed yearly depreciation amount, by revalorizing the residual depreciation value. For assets which underwent some adjustments including asset damages or asset improvements in any way, depreciation value can be reconstructed to automatically calculate the lost or increased value accordingly.
The module supports asset allocation which can be on specific employee or branch office, with option for asset reallocation and responsibility transfer if needed.
Asset directory can be periodically reviewed to assess the quantity and quality of assets in disposal, based on client-specific inventory procedures, with insertion of results which can be used later in periodic asset analyses. In order to comprise client-specific parameters for analyses, the module supports additional report definition with integrated Dynamic Report Generator.
Report results or any other type of notification can be directly exchanged between employees with the Integrated Task & Messaging Platform which supports generation of notifications and tasks and Document Compliance Platform for attachment of documents directly on the asset navigation form.
Streamlined Asset TrackingTrack assets during asset lifecycle within automated workflow that generates comprehensive asset information at any moment.
Structured Asset ReportingAnalyze asset information with in-depth insight into asset analytics and real-time report results.
Flexible Depreciation ManagementUse any depreciation method to better forecast asset expenditures.
Separate tax depreciation booksDefine additional depreciation books and track asset deprecation that you need in order to meet business needs, with dimensional postings of transactions in General Ledger only on the chosen books.