Fixed Asset

Introduction

1ERP Fixed Assets module is a software tool designed to manage the company's fixed assets throughout its entire lifecycle, from acquisition to disposal. It can offer the following benefits to businesses of all sizes:

Manage asset information: store and manage information related to your fixed assets, including purchase date, purchase price, depreciation method, and disposal information.

Automate asset depreciation: automate the process of calculating asset depreciation, ensuring that accurate and consistent depreciation calculations are made throughout the asset's useful life.

Simplify asset tracking: track the location and condition of your fixed assets, reducing the risk of asset loss or theft.

Provide real-time asset information: provide real-time information on your fixed asset inventory, including asset value, depreciation expenses, and asset status.

Generate asset reports: generate asset reports, including depreciation schedules, asset value reports, and asset disposal reports. These reports can be used to track asset performance, assess the need for asset replacement or upgrade, and provide information to stakeholders such as auditors and investors.

Overall, this Fixed Assets module can help you improve efficiency, reduce errors, and provide better visibility into your fixed asset inventory, ultimately resulting in cost savings and improved financial management.

The Fixed Asset module requires a couple of setup items before assets can be added.

Set up General Ledger Accounts

In order to setup the asset type we need the Asset G/L account and the Asset Depreciation account.

In the General Ledger Module, the steps to create a natural account needs to be added to the system. Once the Natural account is setup the specific chart of account account tied to the Natural accounts needs to be setup.

Command:General Ledger-> Miscellaneous-> Account Manager - > Natual Accounts

Set up Asset Type

Command: Fixed Asset -> Miscellaneous-> Asset Type

The type of asset being set up needs to be added to the Asset Type screen to be used in the asset management section.

Set up Foreign Exchange Rate.

Command: Common Area -> Banking -> Foreign Exchange

maker sure there are foreign exchange entries for the acquisition of assets within the given acquisition date .

Features in Fixed Asset Module

Asset Import

Command: Fixed Asset -> Operation -> Asset Import

Assets can be entered in the asset import screen, there is a avenue to import bulk assets using the import panel in the screen. For our example, let us setup a asset to be used in our company.

Press on the add button to reveal the tab section with the required information for the asset import screen. Enter the information to add the asset to the system. Please find below a sample of the asset import setup.

Asset Management

When the information is saved the asset information is moved to the Asset Management screen and can be viewed or changed in this screen. The asset Management screen allows for disposal data to be captured and make changes during the life time of the asset.

Command: Fixed Asset -> Operation -> Asset Management

Depreciation

The Depreciation screen allows for depreciation to calculated for all assets in the system and post to the required system .

Need to post Employee Benefits to A/P, if any, before depreciation can be done.

Command: Fixed Asset -> Operation -> Depreciation