Financial Accounting and Reporting Solutions
Fixed Asset System |
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The Information Technology, Inc. Fixed Asset System (FAS) is the all-in-one solution for asset inventory control, automatic depreciation, general ledger integration, reporting and effective management of fixed assets. Fixed assets generally represent a significant percentage of total assets, and FAS works to maximize their rate of return.
Security
FAS centralizes the management of fixed assets and identifies assets moved from one location to another, assets under warranty and assets needing repair.
Non-depreciable assets such as art, fully depreciated assets and assets owned by employees or other organizations can be maintained on FAS, providing a full accounting of every item owned or located on your property for thorough control. FAS includes the following features:
Assets are identified and categorized using over one dozen codes and descriptions, which are stored for on-line inquiry and reporting. FAS accommodates all standard calculations including:
Your own policies for asset depreciation and general ledger integration are established in the FAS specifications.
Every depreciation expense transaction is automatically calculated and posted to the general ledger, either monthly or annually. Transactions are created through general ledger integration.
Inventory Control and Disaster Recovery
Inventory management and disaster recovery planning are simplified with complete asset information, including:
| Asset Number |
Class Code |
Two descriptions |
| Cost Center |
Serial, Invoice & Tag Numbers |
Location and Type Code |
| Vendor Number |
Responsibility Code |
Purchase Price and Date |
| Miscellaneous Code |
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Depreciation Ledgers
Not only does FAS accommodate all types of depreciation methods, but FAS also maintains up to twenty separate schedules, or 'ledgers'.
Automatic Transactions
FAS automatically calculates the amount of depreciation to be expensed for each asset and creates automatic general ledger entries to debit expense and credit accumulated depreciation. Other automatic transactions are generated whenever new assets are added to the data base, traded for other assets, disposed of, or adjusted manually.
Convenient Asset Maintenance
Default depreciation ledgers and general ledger integration account numbers are automatically assigned to new assets, based upon an asset's Class Code and the specifications.
When changing asset codes, such as the Location Code when an employee and all furniture are transferred to a new location, 'Quick' and 'Replace' screens simplify the maintenance procedure.
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