Understanding the Fixed Asset Register

This means that as you enter ledger transactions in Financials to record asset acquisitions, or disposals, the asset values and asset quantities are updated accordingly. Depreciation can be calculated automatically and the depreciation transactions are posted automatically to the relevant Profit & Loss and Balance Sheet accounts in SunSystems Financials.

Up to 11 different valuations can be maintained for each asset, one in the 'actuals' asset record and a further ten in the 'budget' ledgers. This means that up to 11 alternative depreciation methods can be applied to each asset. You can also use the budget ledgers for budgeting, forecasting, taxation values, and so on.

In a multi-currency environment, the asset valuations can be maintained in up to three currencies: base, transaction and second base/reporting currency. This enables you to value and depreciate assets using different depreciation methods, in different currencies, based on separate book value and asset life details.

You can maintain comprehensive details about your assets. The Fixed Asset Register allows you to hold descriptive details of the assets, along with associated acquisition, disposal, depreciation, and other relevant information. All of the core data for an asset is defined in the asset record. Further information such as insurance valuations, and maintenance data can be held as asset notes.

A number of standard reports are available for the production of audit trail and historic asset information.

You can use any of the three Financials report writers: Financial Analysis, Financial Statements and Financial Tables, and Report Designer in SunSystems Reporting Services, to design your own asset reports.