The Fixed Assets System records the company assets and calculates depreciation expenses. Depreciation transactions are posted to the General Ledger when the closing routines are performed for each accounting period. Features of the Fixed Assets System include:
A Fixed Asset File contains records of all assets of the company. These may be divided into any number of types for reporting purposes. This file contains for each asset, the asset description, purchase cost, accumulated depreciation, method of asset depreciation, and other information about the asset.
All methods of depreciation are supported including the ACRS and MACRS methods.
Asset depreciation expenses are posted to the General Ledger for each accounting period.
The asset depreciation method may be changed to take advantage of different depreciation calculations.
The Fixed Assets System features can be accessed from the Select, Data Entry, Reports and Maintenance sections off the main accounting system menu. The following list outlines the Fixed Assets System features and how they can be chosen from the main menu:
Select
Fixed Assets
Depreciation Limits
ACRS Tables
Fixed Assets
Asset Master
Data Entry
Fixed Assets
Depreciation Transactions
Assets with Book Values ....(Print)
Asset Depreciation Report
Calculate Depreciation .....(Process)
Reports
Fixed Assets
Asset Master
Assets with Book Values
Asset Depreciation Report
Maintenance
Delete Old
Depreciation Records
The fixed assets documentation covers the following procedures:
The data entry of the Fixed Asset Master File.
Updating and deleting fixed asset records.
The data entry of IRS tables for ACRS and MACRS depreciation methods.
Calculating the depreciation expense.
Fixed asset acquisition using the Accounts Payable and Cash Disbursement System.