FIXED ASSETS MODULE

FIXED ASSETS MAINTENANCE FIXED ASSETS CLASS CODE DEPRECIATION ENTRY VENDOR MAINTENANCE LOCATION CODE

CALCULATE DEPRECIATIONS
MONTHLY DEPREC. UPDATE
CANCEL DEPREC. CALCUL. TRANSFER ASSET
ASSET DISPOSITION

FIXED ASSETS LISTING
CLASS CODE LISTING
DEPRECIATION METHODS
DEPRECIATION PROOF
DEPRECIATION HISTORY
FIXED ASSETS DETAIL LISTING
LOCATION LISTING
FIXED ASSETS DISPOSTION HIST
YEAR-END PROPERTY ASSESMENT

FIXED ASSETS

The ABBASOFT Technologies Fixed Assets module keeps track of all fixed assets by book, federal, and state methods.

The depreciations are calculated on a monthly basis and get posted to the General Ledger's trial balance. Assets are classified by a specific class code and are able to generate a report by class code. At calendar year end, system will generate a year end property tax assessment report.

KEY BENEFITS

Automatic depreciation calculation and posting to general ledger.
Ability to disposition an asset and automatic posting to general ledger.
Categorize and convert asset by class code.
Fixed assets and depreciation history report.

Fixed Assets Features

The Fixed Asset module allows you to enter assets and keep track of all assets. Data information included with each asset include:

Assets Codes
Description
Asset Location
Serial #
P.O. number
Life of asset
Depreciation method
Asset value
Depreciation value
Salvage value

The depreciation value is calculated on a monthly basis.

Class codes are defined for each class of assets and is used to determine the GL # for posting.

The depreciation methods utilized are the industry standard, 'straight line double decline' and Acres method depending on the individual asset. Tax depreciation is also calculated accordingly.

Vendor entry allows you to note who the asset was purchased from. Vendor files are shared with the A/P & P/O Modules.

A Location Code ID is used to identify the location of each specific asset.

Depreciation calculations are performed once a month and can be reviewed prior to update. At the end of each fiscal month depreciations are posted to the GL. For companies that run multi-deptment accounting, the system allows the transfer an assets from one department to another. With this action, the system will then automatically create a journal transaction for each department.

Asset disposition is used when an asset gets disposed of. If an asset gets disposed prior to it's full depreciation the system will automatically post a journal transaction to the general ledger.

Reports: System will generate a Fixed Assets Listing by class code, asset ID, or by location. The depreciation history report can be generated at any time for prior month updates.

A Fixed Asset Disposition History can be run at any time for prior assets that have been disposed of and will also generate a list by date range.