ASSET MANAGEMENT SYSTEM

21. 11. 14
posted by: Super User
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System Overview

  • Fixed assets are assets that have a useful life of more than a year and are acquired for long term use. They are neither sold off after one year nor consumed by the organization like most short-term inventory.
  • Fixed asset management is the process of tracking and maintaining an organization’s physical assets and equipment. Asset types include vehicles, computers, furniture and machinery
  • Reliable documentation of fixed assets is necessary for forecasting and maintaining a company’s financial records. Fixed assets are often subject to wear and tear during usage and tend to deteriorate over time. Therefore, they need a rigorous depreciation management system.
  • Businesses use fixed assets to run many operations. They normally classify them into the following categories for bookkeeping purposes.

Key Features

Using an asset management system, organizations can:

  • Track and monitor fixed assets
  • Oversee equipment and machinery in multiple locations
  • Lower maintenance costs
  • Improve operational efficiency
  • Maintain a record of retired, sold, stolen or lost assets

System Features

  • Web Application working on Internet/Intranet
  • User friendly interface with responsive screens that fit in any screen size
  • Using Microsoft SQL Server database
  • Multiple-level security system
  • Integrate with Barcode, RFID tags technologies
  • Email notifications

Asset Management - Organizational Structure

  • An organizational structure is defined as a system used to define a hierarchy within an organization. Our software will enable the organization to define it’s structure in a simple way. The system supports multiple-organization to be defined and multiple organizational structures.
  • Organization units and positions are structural elements that define the organizational structure of the enterprise.

    Types of Organization Units:

Types of Fixed Assets

  • There are various types of fixed assets and can be tangible or intangible
  • The system will group asset according to its type for reporting purposes
  • You can define sub-type for each asset type

    Types of Fixed Assets:

  • Land
  • Equipment
  • Computer hardware/software
  • Furniture
  • Cell phones
  • etc…

Asset Depreciation

  • Depreciation is calculated annually over the useful life of the asset as part of your end-of-year accounts
  • The system automatically creates a schedule for depreciation based on depreciation method and other related inputs.
  • Depreciation Method: Straight Line / Declining Balance
  • Useful Life:The period during which an asset is expected to be available for use
  • Salvage Value:The estimated selling value of any asset, after it has reached the end of service life

Fixed Assets Transactions

 

Purchasing Fixed Assets

  • The fixed assets acquisition process is responsible for the proper recording purchase invoices
  • Identification and tagging of assets will take place
  • The system is capable to archive all types documents related to the fixed asset

Asset Assignment Transaction

  • The fixed asset can be assign to the organization or department or employee
  • The initial assignment of can be registered in the purchase transaction or by an assignment transaction

 

  • Transaction ID
  • Transaction Date
  • Assign To (Selected from the Organization Chart)

Asset Transfer Transaction

  • If fixed assets are routinely shifted between departments, there should be a procedure that ensures the related transfer records are updated
  • The transfer transaction can be recorded between buildings, departments, or individuals
  • All transactions saved and archived in the system and the system provided asset query screens to search for asset and its location

 

  • Transaction ID
  • Transaction Date
  • Transfer From
  • Transfer To
  • Purpose of Transfer