| Asset Register |
Data
input forms
Taxation
Asset
transactions
Standard
reports
System
Utilities
| 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.
Depreciation
methods
Four depreciation methods are available for all books, namely,
Straight
line
Reducing
balance
Consumption
or production units
Expense
(write-off)
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
Departmental
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.
|
|
Reports
fall into the following main categories
|
|
| Balance Sheet Summary | Adjustments |
| Balance Sheet Detail | Category and Department Listings |
| Balance Sheet Movement | Forecasting |
| Profit & Loss Depreciation | Historical Disclosures |
| Depreciation Reconciliation | Bar Code Labels |
| Journals | Bar Code Scanning Report |
| Additions | Bar Code Movements |
| Disposals | Bar Code Missing Assets |
| Transfers | |
| 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.
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