Managing your company’s fixed assets can be tedious and time-consuming, but it has to be done. Asset values need to be tracked and correctly depreciated. South African company law also requires that a register of fixed assets is kept as part of a company’s accounting records. We can help you in keeping on top of your company’s fixed assets and, we can ensure it’s done legally too. With our Fixed Assets module, you now legally expense depreciation in your accounts and for tax purposes.
Features and benefits
Track each asset’s value
Depreciate assets value correctly
Record sales, disposal or loss of assets
Maintain an accurate fixed assets register
Revaluation of current assets
Integration with your financials
Stand-Alone or Integrated
One of the main reasons for a fixed assets package is to derive values from fixed asset activities and post these values into your General Ledger. You can accomplish this in two ways:
Directly into Pastel Partner You install Sage Evolution Fixed Assets as a stand-alone module and link it directly into Pastel Partner. The system then creates a General Ledger batch in Pastel Partner.
Manually/Stand-alone You install Sage Fixed Assets as a stand-alone module, and enter General Ledger codes that correspond to your accounting system. You then derive the values to post to the General Ledger via the Sage Fixed Assets reports.
Grouping Assets
Keeping physical track of assets is a tedious process. Some assets are identical such as chairs and desks. Some are unique (vehicles), and others look similar but are different inside (computers). Computers are an example of assets that are complex to manage. They change constantly - you add memory, replace a hard drive and so on. Keeping track of these changes manually or on a spreadsheet is tedious at best, impossible at worst. Sage Fixed Assets allows you to group and link assets in logical ways so that your asset records mirror your physical assets as closely as possible. You have the following capabilities:
Multiple Units - You can group identical assets into one record - for example, 20 chairs. This simplifies the asset register considerably. You can sell or dispose of one or more units, and have the ability to split the asset into one or more separate assets at any time.
Master and Sub-Assets - Sub-assets allow you to group assets together. For example, adding an additional hard drive to a computer. If you create a separate asset for the hard drive, it becomes difficult to manage which hard drive is in which computer. Instead, you can create the hard drive as a sub-asset of the master computer asset.
Asset Type - You link each asset to an asset type. The asset type contains the book and tax depreciation of how a particular type of asset such as desks, cars or computers work. When you add a new asset, you link it to an asset type and the system knows how to depreciate it.
Cost Centre, Department, Location - These are three optional analysis codes used to track where assets physically are in your company and who is responsible for them.
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