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