Fixed Assets

Overview

The Fixed Assets program accommodates ample description data for each asset and maintains a detailed record of cost, cost adjustments, and depreciation history. Assets may be scheduled for no depreciation, monthly depreciation, or yearly depreciation. Method is straight-line.

Reporting Functions

Assets Journal

The assets journal is a list of all assets on file. It serves as an audit journal for balancing to the general ledger. The journal is printed in asset number order with totals by department or account number. It includes asset number and name, original cost, depreciation and net book value. Depreciation may be listed for either the current year or the most recent year for which depreciation was calculated. In the latter case, the adjusted cost and net book value figures are also through the most recent year.

Transaction Journal

The transaction journal is a list of all asset maintenance activity that has affected the net book value. The journal is printed in asset number order with total by department or account number. It includes asset number and name, transaction date, and the cost and/or depreciation amount with its effect on net book value. The GL summary of asset deletions and depreciation adjustments may be used for journal entries.

Asset Ledger

The asset "ledger" format is a printout by asset of all the descriptive data about the asset, a detailed line item for the original cost and each adjustment to cost, and a line item for each annual depreciation entry.

Posting Functions

The depreciation posting program is run either monthly or yearly depending on the frequency you have designated. Depreciation is automatically calculated for each asset and posted to the asset. If it is a year-end, a depreciation history line item is recorded. An audit journal is printed containing the same information as the assets journal, listing the current depreciation just posted. Odd cents are adjusted in the last depreciation posting before retirement. General ledger entries are created, ready for auditing and posting.

Maintenance Functions

Maintenance functions include add, change, delete, inquire and print an asset. As assets are deleted, copies of the master record and cost and depreciation transactions are saved in historical files with the deletion date.