Fixed Asset Management

The Fixed Asset Management Businesses use the Multi-techno fixed assets ERP software module to handle and further track company fixed assets with enhanced flexibility and control. moreover, The Fixed Assets ensure the optimal accounting and tax approaches for your asset base. For the most part, Fixed assets should be valued at the time of purchase.

Features of Fixed Asset Management

Fixed assets management is an accounting process that seeks to track fixed assets for the purposes of financial accounting, preventive look after, and theft preventive. further, Organizations face a significant challenge to track the location, quantity, condition, maintenance, and depreciation status of their fixed asset. moreover, This module will be really helpful to achieve that goal.

Transactions:

Asset Category
Sub Category
Code and further Properties Define
Auto Deprecation
Value Increase and further Decrease

Reports:

Asset List category and further Subcategory wise
Value Report
Deprecation Plan
Moving Report

Capitalized Fixed Asset Management

Capitalization is applied to fixed assets. Firstly, assets are registered and entered into the company fixed asset list. further, Fixed assets are purchased for the aim of manufacturing or delivering goods or services, and leasing to other parties. In acquiring fixed assets management, different costs are explained like monthly depreciation. further, Unlike other expenditures, the asset’s benefit continues beyond the year of purchase. Whereas other costs are period costs that are expended.

Transfer or Lend Fixed Assets

Transfer or lend fixed assets is when a department transfers an asset to another department. moreover, the fixed asset will be transferred to low a value pool. While its value decreasing. As well as, when an asset is shifted from one location to another. further, It is referred to as a fixed asset transfer. moreover, Multi-techno offers solutions for all types of software.

Revalue Fixed Assets Management

The practice of restating the costs of assets in terms of actual worth is known as revaluation. furthermore, Revaluation is based on the principle of comparison. further, The issue is whether you can draw a proper comparison between financial statements over time. When factors like inflation and total assets costs are taken into account.

Split Fixed Assets

In the ERP system of fixed assets, an asset is split into its parts. further, Split Assets divides an asset into a defined number of new assets. Evenly distributes the original asset’s costs among the recently founded asset records. The split of fixed assets occurs when required. It will also be recorded for future purposes.

Depreciate or amortize fixed assets

Depreciation and amortization are both calculated in the fixed assets module on the balance sheet. Depreciation is done on fixed assets and amortization is done for intangible assets. The total asset value is shown in the ERP software’s Depreciated can be subtracted and net value occurs in a multi-techno system of fixed assets. It is charged monthly and yearly basis. Software help to add and subtract the amounts of fixed assets. When it is depreciated and can even be combined for reporting reasons.

The four methods for calculating depreciation:

Straight-line
Declining balance
Sum-of-the-year digits
Units of production.

Dispose of or retire fixed assets

The disposal value is always recorded in the Multi-techno fixed asset module when you sell or dispose of a fixed asset. To calculate and report the gain or loss. The last item for a fixed asset is a disposal entry. You can make several disposal entries for completely disposed of fixed assets. Multi-techno business software breaks up a tangible asset before you can record a disposal transaction. If you sell or dispose of the portion of fixed assets.

Benefits of Adopting a Fixed Asset Software

Asset data can be better organized.
Organize your asset records in a more detailed manner.
Reports were filed on time, and papers were also kept orderly.
Assets are kept in good working order.
Asset Transfers Automated
Change Requests Can Be Handled Easily
Depreciation Calculations Can Be Automated