Fixed Assets Concepts
You use this module to manage company assets and to generate lists and reports used at the closing of the fiscal year.
The fixed assets module enables you to enter individual asset purchases. These are used to automatically calculate depreciation; you can manually enter improvements, write-ups, write-downs, and depreciations. You can also make asset sales and transfer assets to and from different asset groups.
- Related Topics:
- Introduction to the Fixed Assets Module
There are legal and practical reasons for registering assets in a separate system. - Structure of the Fixed Assets Module
The structure of the information contained in the Fixed Assets module is divided into three levels. - Documentation
A company must typically be able to document the life of an asset. - Integration with the General Ledger
The Fixed Assets module is integrated with the General Ledger module, which implies that all amount transactions carried out for an asset are posted to the G/L accounts pointed to by the asset group and transaction type. - Asset Transaction Types
In the day-to-day administration, assets are the central concept and foundation for all transactions. - Asset Sale
Selling an asset normally involves several accounting transactions. - Transfer to New Group
The law also requires that the transfer of an asset to another group takes place by transferring all the data for the asset to a new asset, which is member of the new asset group. - Asset Relocation/Internal Sale
If you wish to change the physical location of one or more assets in the company, you might wish to do so by relocating/selling the current assets internally. - Tax Depreciation of Fixed Assets
This functionality enables you to restrict the tax depreciation of fixed assets. - Vendor Remittance Emails
When you pay vendors, a remittance advice is required to provide details of all invoices and credit notes settled on a specific payment date.
Parent Topic: Accounts Payable