ERP Fixed Asset Management
Fixed assets, also known as a non-current asset or as property, plant, and equipment (PP&E), is a term used in accounting for assets and property which cannot easily be converted into cash. This can be compared with current assets such as cash or bank accounts, which are described as liquid assets.
The functionality of the Asset Register module is improved to address the global audience. Depreciation methods have been increased to align with legislative requirements in various countries. It now also supports the MACRS methods (used by the IRS in the USA) and a MACRS import function has been created to populate depreciation tables.
Depreciation methods include:
- Straight line, varying per month
- Sum of years digits
- Remaining value over remaining life
- Declining balance with switch to straight line when optimal
- Declining balance, no switch to straight line
Depreciation flexibility has been provided for per depreciation book (Book Value, Tax and Alternates) to define depreciation (e.g. each can have their own depreciable amount, depreciation code and depreciation dates). In addition, the basis for depreciation (e.g. year, period and life) can be defined to indicate the extent to which depreciation is recalculated for a given depreciation book at each depreciation run.
Support for the following time/date conventions can be defined per depreciation book (Book Value, Tax and Alternatives) or depreciation code:
- Full-month convention (default for Book Value and Alternate valuations)
- Mid-month convention
- Half-year convention
- Modified half-year convention
- Full-year convention (default for Book Value and Alternate valuations)
- Mid-quarter convention (not technically a time convention, but a specific requirement for the USA)
- Canadian Half-year CCA rule
The number of Alternate Valuations on Assets has been increased from 3 to 10.
Automatic numbering of assets and capexes has been provided.
Asset history can be retained for unlimited periods.
The option to exclude residual from depreciation has been extended to alternate valuations. New rounding options have been provided (i.e. rounding up, down or normal rounding).
The Asset programs have been more closely aligned to actual business processes, by replacing the Asset Setup program with an Asset Entry program; by replacing the Asset Takeon program with an Initial Capture program and enhancing the Asset Import program to use a Business Object (to behave in the same way as Entry or Initial Capture programs.
The following additional transactions are permitted:
- Inter-company transfers
- Additions to existing assets (also from capex)
- Creation of multiple assets off a single asset in suspense
- Undisposal of an asset previously disposed
- Partial disposal of an asset
- Split an existing asset into more than one asset
- Monetary adjustments (write-offs) by Asset Count
- A Balance function (added to the Purge program
“The additions made to Syspro ERP financials are exemplary of the ways in which Syspro continually enhances the functionality of the company’s ERP software offering,” said company president Joey Benadretti. “The needs of manufacturing and distribution entities are continually changing with the enactment of new legislation and the emergence of new competitive business pressures.”
Did you know that SYSPRO continues to receive awards for its ERP software?