Records for Fixed Assets Features and Functions

• Tracks assets by company


• Tracks asset numbers and types


• Descriptions of assets


• Tracks asset tag and serial numbers


• Assets may be tracked by parent/child relationships


• Tracks asset locations


• Assets can be tracked by asset number, description, type, tag number, location, PO, invoice number, or lease


• Tracks information on leased assets


• Tracks leased assets and intangible assets


• Tracks non-depreciating assets, such as expensed items or land


• Creates unique asset tag numbers by using tag controls


• Specifies the original PO number and vendor


• Captures asset data such as A/P reference, date of purchase, and cost


• Records the tax cost at the time of the acquisition by using a percentage of the asset cost


• Expense account for G/L depreciation


• Tracks the total depreciation (book and tax) of an asset since it has been in service, the current depreciation method being used


• Date of asset transfer


• Tracks both the book and tax depreciation balance at the date of its transfer


• Provides depreciation calculation results for current and future year


• Asset disposition date and value


• Tax basis by disposal value


• Profit/loss by book and tax


• Purges and restores archived data


• Reports against a capital budget


• Compares actual additions to the capital budget and calculate variances


• Compares approved funds request to a capital budget as well as actual additions to the approved funds request (actuals, approved funds, and budget can all be different numbers)


• Projects current year's depreciation by cost center as well as adding a future year's capital budget; then projects the future year's depreciation by cost center