Fixed Assets

Solution by Product

asssets

CONTROL and management of fixed assets

The cost of underutilized, mismanaged, or misplaced assets can put a severe dent in a company’s bottom line. A fixed asset is a piece of property owned by a business that isn’t one of the company’s products and isn’t likely to be sold unless to be upgraded. To help businesses improve the visibility of their assets and effectively manage them to ensure their optimum utilization Fixed Asset software becomes crucial when calculating business success.

Every business should know at all times what assets they own, who is using them, their condition and where the assets are located. There are potential financial consequences in not maintaining an accurate register of assets including theft and misappropriation as well as forgoing major tax benefits.

However, monitoring fixed assets, and their correct value including depreciation, can be a painful process. However, a Fixed Assets software module makes it simple and effortless to keep track of all details of your Fixed Assets and is an essential management tool for all businesses, large and small.

The Fixed Assets is much more than just a simple inventory complimenting General ledger, it also provides comprehensive information on assets costs, accumulated depreciation and proceeds from the sale of assets, amongst other useful reporting data. Designed with ease of use and functionality at its core, photographic images of each asset allow for instant recognition. As well as basic information such as serial numbers, supplier and insurance and finance details. User defined fields allow for a myriad of additional information to be stored. Furthermore, fixed assets can be broken into components; an especially useful function when components have differing depreciation methods or values. A complete transaction audit can be maintained for each asset including additions, transfers, depreciation, revaluations and disposals. All of these features plus more can be found in Triumph Fixed Assets.

Triumph’s Fixed Assets module can run stand alone, or it can be integrated with Triumph’s General Ledger. Or, through an interface, can run with the General Ledger of other popular accounting software. It is also available in single user or multi-user configurations.

Benefits

  • Error-free records because you never “lose” assets or components.
  • More efficient use of assets because you know what you have and where they are.
  • Drastically reduced effort required to identify assets and their locations.

How can Fixed Assets Manager help you?

  • Maintain accurate records of the identity and location of each fixed asset.
  • Break assets into components with different depreciation methods or values.
  • Track locations of assets and sub-components.

Some of Triumph’s Fixed Assets Manager Features

  • Assets can be easily imported from a spreadsheet for the initial take up
  • Digitised photographic images of an asset may be stored and viewed on screen to provide instant recognition Serial number, insurance details, finance details, supplier, quantity on hand, free format notes and more can be stored on each asset
  • 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.
  • 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 be split into separate assets or two assets may be joined to make 1,eg a large truck may be split into the cab and trailer and one could then be disposed of.
  • Assets can be tracked from location to location providing an audit trail of movements and condition with stock-take functionality.
  • A CPI table allows for accurate calculation and reporting of capital gains.
  • A comprehensive set of reports allow assets to be grouped in five different ways and printed in seven different orders.
  • Low value assets may be pooled as per the Australian Taxation Office ruling.
  • Ten user defined fields may be optionally setup and used to store all sorts of information on each asset.
  • 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.

With Fixed Assets software you can maintain an accurate record of the identity and location of each fixed asset. Fixed Assets module provides you with a total control management system for assets.

Suggested Modules

Download our PDF on Fixed Assets

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