A Fixed Asset is a long-term tangible property that a firm owns and uses it in its income production and is not expected to be consumed or converted into cash any sooner than at least one year’s time.
Fixed assets management is an accounting process that seeks to track fixed assets for the purposes of financial accounting, preventive maintenance, and theft deterrence.
Although tracking assets is an important concern of every company, regardless of size, many organizations face a significant challenge to track the location, quantity, condition, , maintenance and depreciation status of their fixed assets.
And therefore without an accurate method of keeping track of these assets it would be very easy for a company to lose control of them.
KASH Fixed Assets module follows up all the fixed assets financial accounting & controls all its types by applying different depreciation methods. The system generates a monthly or an annual depreciation entry to the General Ledger.
It helps you to easily manage your assets, going through the process of asset definition, sales process, impairment and asset depreciation.
There are 3 types of Fixed Assets
There are many options in the fixed assets module which help you to reach the ultimate purpose of managing the total assets net book value.
You can allocate your assets with its real locations also you can change its location from one to another.
You can link any assets with the employee who is responsible for this asset as custody & the ability to change the custody from one employee to another.
You can manage assets under construction in the system as individual master records, just as you do with completed assets.
The ability to transfer the under construction asset to working asset group as a new asset or to already working asset (old asset).
The ability to generate the barcode ticket for the asset & its components
You can make an actual physical inventory for all kind of assets through handheld tricodar & record it in fixed assets module to recognize the physical inventory variance.
You can receive components for assets under construction will be added to the asset cost sheet till the asset is ready to be working.
The ability to add spare parts or components for working assets & consider these components reflects the asset useful life & salvage value or not.
The ability to perform a complete or a partial impairment according to degree of asset’s damages.
One of the most important reports which any company attaches with its balance sheet & income statement at the end of each financial period called Depreciation balance sheet report.
The ability to depreciate the assets monthly or annually.
The ability to depreciate the assets on different level