Fixed Assets are assets such as land, buildings, machines, office equipments, vehicles, patents, trademarks, copyrights, etc. held for the purpose of business utilization and are not held for the purpose of sale in the ordinary course of business. During each accounting period (year, quarter, month, etc.) a portion of the cost of these assets is being used up. The portion being used up is reported as Asset Depreciation on the income statement .

It is a mandatory requirement for most of the business organizations to maintain an up-to-date Fixed Assets record. It allows a company to keep track of details of each fixed asset, ensuring control and preventing misappropriation of assets. It also keeps track of the correct value of assets, which allows for computation of depreciation for tax and insurance purposes.

PACT's Fixed Assets Module allows you to track the acquisition, depreciation and retirement or disposition of fixed assets in accordance with the law and sound accounting principles. Modules outstanding features allows you to have an organized, systematic record of fixed assets in a manner that ensures that your company does not miss out on valuable depreciation deductions, pay too much on insuring assets that are off the books, or run the risk of not having enough insurance.

 

Basic input and output of MRP module are given below in the diagram.

 
Key Features :
 
» Depreciation can be calculated using any of the following methods
 
» Straight Line
» Declining Balance
» Accelerated Cost Recovery System (ACRS)
» Modified Accelerated Cost Recovery System (MACRS)
» Improved productivity of support staff
» Total business planning
   
»

Apart from the above depreciation methods you can also manually enter your own figures or if desired you can also enter your own custom depreciation methods.

»

Assets can be entered at any point during their depreciation cycle

»

Amortization feature allows you to calculate both simple and compounded interest loans.

»

Records asset locations, serial numbers and up to 12 asset types, 4 of which are user-defined.

 
» Business Equipment
» Office Furniture
» Data Processing Equipment
» Tools/Equipment
» Miscellaneous Equipment
» Commercial Property
» Non-commercial Property
» Vehicles
»

Provides quick on-screen inquiries of asset status

»

Analyzes pre-purchase depreciation options

»

Track all aspects of an asset including type, group, location, vendor information, acquisition date, etc.

»

Based on the asset type, the system automatically determines the appropriate depreciation method, and asset life

»

Recalculates and prints historical depreciation from acquisition date to the present time

»

Separate tracking of assets for tax and financial purposes

 
FINANCIAL BUDGETING

ACCOUNTS RECEIVABLES

ACCOUNTS PAYBLE

ORDER MANAGEMENT

SALES MANAGEMENT

PURCHASE MANAGEMENT

INVENTORY MANAGEMENT

MRP

CRM

HRM

PAYROLL

FIXED ASSETS

POINT OF SALES

MRPII

 

 

 
Assets Tracking
» It allows a company to keep track of details of each fixed asset, ensuring control and preventing misappropriation of assets. It also keeps track of the correct value of assets, which allows for computation of depreciation for tax and insurance purposes.
 
Features
» Straight Line
» Declining Balance
» Accelerated Cost Recovery System (ACRS)
» Modified Accelerated Cost Recovery System (MACRS)
» Improved productivity of support staff
» Total business planning
 
 
© PACT - Business Management Solution. 2008