Have easy and functional accounting control over your fixed assets through Triumph ERP’s Fixed Assets
Maintaining an accurate register of fixed assets is vital to support your general ledger control accounts for Asset Costs, Accumulated Depreciation, Depreciation Expense, Proceeds on Sale of Assets and Profit and Loss on Sale of Assets. But with Triumph ERP software Fixed Assets module, you can do so much more.
Using the Triumph Fixed Assets module, you can maintain an accurate record of the identity and location of each fixed asset. Furthermore, fixed assets can be broken into components; an especially useful function when components have differing depreciation methods or values. Triumph’s Fixed Assets module provides you with a total control management system for assets that can be accounted for as components or as complete units. Components can be moved from asset to asset or broken down further into sub-components. The ‘tracking’ feature ensures you never lose sight of the value or the location of the asset.
Maintaining an accurate register of fixed assets is vital to support your General Ledger control accounts for Asset Costs, Accumulated Depreciation, Depreciation Expense, Proceeds On Sale Of Assets and Profit and Loss On Sale Of Assets.
Some of the main features include:
- Depreciation can be calculated for both accounting and taxation purposes, including straight line, diminishing value and units of production.
- The depreciation process is purely date based and can be run up to a nominated date as many times as required.
- Serial number, insurance details, finance details, supplier, quantity on hand, free format notes and more can be stored on each asset.
- Ten user defined fields may be optionally setup and used to store all sorts of information on each asset.
- Assets can be broken down into component assets, with depreciation calculated and transactions stored at the component level.
- Component assets can be moved from one major asset to another, e.g. an expensive car stereo can be moved to a new car.
- A complete transaction audit is maintained for each asset including; additions, transfers, depreciation, revaluations and disposals.
- Assets may also be tracked from location to location providing an audit trail of its movements.
- Assets may be split into separate assets or two assets may be joined to make one. E.g. a large truck could be split into the cab and trailer and one could then be disposed of.
- Disposal of an asset can either be in full or as a partial disposal.
- Stock take of assets at different locations allows accurate tracking of assets and their condition.
- Digitised photographic images of an asset may be stored and viewed on screen to provide instant recognition.
- A CPI table allows for accurate calculation and reporting of capital gains.
- An assets unique code or number may be changed after it has been created.
- A comprehensive set of reports allow assets to be grouped in five different ways and printed in seven different orders.
- An interfaces to other accounting systems, including Attaché, JIWA, Arrow and Exonet, allow all the General Ledger movements to be exported.
- Fixed Assets can run as a stand alone module or it can be integrated with the General Ledger module. It is also available in single user and multi-user configurations.
- Low value assets may be pooled as per the Australian Taxation Office ruling.
- Assets can be easily imported from a spreadsheet for the initial take-up.
Triumph’s Fixed Assets module can run stand alone, or it can be integrated with Triumph’s General Ledger. Or, through an interface, with the General Ledger of other popular accounting software. It is also available in single user or multi-user configurations.
A series of service/testing information, for frequencies and next service dates etc, can be maintained on an asset component for Calibration, Electrical Testing, Lift/Rigging Inspection, Pressure Testing, General Servicing, and whatever other servicing might be required. This information is then used to generate alerts and reports on what maintenance and testing action needs to be taken on what assets…
New Feature Asset Scanning can be added on to Triumph Fixed Assests
Asset Scanning is a new web based module designed to run on a PDA scanner or smart phone. It allows you to do stock take counts, record service/testing information, enquire on an asset, and change basic information. Right on your phone and out in the field, making it incredibly efficient.
Simply start with the Standard Base Pack, consisting of 6 modules, then add one or more of the remaining 36 fully integrated modules that are relevant to your business needs.