Asset Register

Data input forms

Data input, maintenance and asset additions are processed through forms which are accessible from the menu or from push buttons on the main screen.

Information common to all assets, such as company information, asset classification and category, reporting levels (eg Divisions, Branches and Cost Centres), general ledger account numbers etc are usually set up first. Thereafter, data pertaining to each asset may be entered and maintained.

Companies

Each database may comprise multiple companies. Each company may have up to 4 sets of books with it's own reporting structure, user-defined fields and independent financial periods. Each company's asset information can then be broken down into 5 reporting levels.

Asset classes & categories

Assets are first divided into classes, which usually represent the summary information presented in the company's balance sheet. Each class can then be further divided into multiple, unlimited categories. Each category defines the depreciation policy for that group of assets (May be modified at asset level). In addition the applicable general ledger account codes may be specified for each category.

Straight line

Reducing balance

Consumption or production units

Expense (write-off)

Depreciation methods

Four depreciation methods are available for all books, namely,

Which ever depreciation method and rate is chosen for each asset category becomes the default when the individual asset records are added. An individual asset may have a specific revised depreciation method or rate applied to it, which will take precedence over the default for that category of asset.

Reporting levels

An additional 3 User definable reporting levels (Eg Division, Branch, Cost Centre) may be set up, together with their respective General ledger depreciation account numbers, to allow subsequent selective reporting and journal preparation.

Asset detail records

A separate record is maintained for each asset. Each asset is given it's own unique asset identification number. This identification number is assigned by the user, is alphanumeric and comprises 10 digits. Numerous data entry forms are available via push buttons on the main asset form for recording the descriptive and financial information for each asset.

This includes -

General descriptive information

User Defined Fields

Department allocation information

Asset classifications

Depreciation spread

Supplier information

Budget and authorisation references

Physical location

Insurance details

Accounting, taxation historical cost & supplementary book information

Transaction references (disposals, revaluations, relocations etc.)

When entering numerous assets with similar information, default values may be created to greatly facilitate data entry.

Groups of assets

Assets can be broken down into individual components, which can then be reported on as a group or individually.

Taxation

Assetpro caters for all aspects of taxation reporting on fixed assets.

Independent taxation records

Separate taxation records are maintained and the software allows independent taxation and accounting periods and year-ends.

Taxation legislation

All taxation reporting requirements are catered for by Assetpro.

· Capital Gains Tax
· Balancing Charges
· Luxury Motor Vehicles
· Tax Depreciation Schedule

Assetpro maintains a table of CPI's which may be updated quarterly in line with published CPI figures. These CPI tables are used when calculating indices for capital gains tax purposes.

Asset Transactions

After assets have been entered into by way of "take-on" or purchase you may perform various transaction on them. Transactions are initiated through the Transactions option on the main menu. The following transaction types are available:

Disposals, disposal reversal, transfers, revaluations, journal adjustments, period close (calculates depreciation etc), period roll back, depreciation forecast and year-end.

Asset disposals & transfers

These functions provide for the recording of a full or partial sale, scrapping or transfer of an asset. Transactions may be current, retroactive or future (in advance of the current processing period). Disposal or transfer transactions are viewable on the screen or through the available disposal and transfer reports. Capital Gains tax, balancing charges and luxury car limits are fully catered for where applicable. Assets may be transferred (in full or in part) between branches, divisions or cost centres. Assets are transferred at cost less depreciation and depreciation is charged to the new cost centre from the date of transfer. A full audit trail of transfers is maintained.

Disposals undo

Disposal transactions may be reversed if necessary. Reversals may also be retroactive with adjusting entries processed to the current accounting period. The asset is reinstated as if the disposal had not taken place.

Asset revaluations

Assets may be revalued on an ad hoc basis by individual asset. A separate record of historical cost depreciation values is maintained for revalued assets. This satisfies the footnote disclosure requirement to show historical cost depreciation for revalued assets.

Adjustments to the Asset Revaluation Reserve are calculated as required. Again, a full audit trail is maintained.

Journal adjustments

The adjustment facility allows you to process an adjustment against the cost, total accumulated depreciation or opening balance depreciation on any of the three main books for the selected asset. An audit trail of adjustments is maintained by Assetpro.

Calculating depreciation

The period covered by the calculation routines (Period Close) can be set to any length of time and is totally independent between books (Accounting, Tax, Supplementary). This allows for user definable reporting periods to cater for all reporting requirements. Unlike most other systems, with Assetpro you have the facility to re-process accounting periods by "rolling" the system backwards. This is useful if significant errors have been made that need to be corrected.

Depreciation weighting

Assetpro caters for the calculation of depreciation based on the number of days within a defined period, equal monthly weighting or some other weighting based on a percentage for each financial period (Eg production days within a period).

Year end

The Year-End routine is performed at the end of each financial year. It resets all the current period and year to date depreciation to zero and transfers them to prior year depreciation. Again, all financial year-ends are totally independent between the various books.

Depreciation forecasting

Assetpro allows depreciation forecasting for any future period. Forecasts may be based on the live register or items in the Capex budget or both. Depreciation for budget items is calculated from their expected capitalisation dates.

Standard Reports

There are many standard reports available in Assetpro. All of these reports can be viewed on-screen or printed. You may specify report filters for all standard reports, which enables printing of selected information only. Filters may be applied against asset ID's, asset categories, reporting levels and various transaction dates.

System Utilities

Various functions are available to assist with administration and maintenance of the system database. This includes setup of company defaults, changing from one company to another, index rebuild, backup and restore, resetting user counts for network systems and running customised programs supplied by Summit.

BACKUP AND RESTORE

Assetpro has an in-built backup and restore facility, which enables the complete backup of all data to any location. This enables a complete snapshot to be made of the database at critical accounting cut off dates (Eg month end, year-end). Backup files may be given long file names to make them more meaningful.

DATABASE MAINTENANCE

This option allows the user to check on the database integrity and re-index the database should you have a power failure or network crash whilst operating ASSETPRO.

CUSTOMISED PROGRAMS AND REPORTS

Summit Software are able to write customised programs and reports to extend the functionality of Assetpro even further. These reports and programs can then be accessed from a special option in the file menu.