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Fixed Asset Management

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Fixed Asset Management

Fixed asset is a term used for property or assets that are tangible and cannot take the form of cash easily. Fixed assets include items such as land and buildings, motor vehicles, furniture, office equipments, computers, fixtures and fittings, and plant and machinery.

Fixed asset is a term used for property or assets that are tangible and cannot take the form of cash easily. Fixed assets include items such as land and buildings, motor vehicles, furniture, office equipments, computers, fixtures and fittings, and plant and machinery.

With 10Sft ERP system users can add assets, dispose assets, re-evaluate asset value and calculate assets deprecation. Fixed assets are sometimes collectively referred to as plant.

How 10Soft Helps You Manage Your Fixed Assets

With 10Soft ERP system the wheels of managing your fixed assets would be properly greased. Right from the moment your company feels the need of an asset to the moment your company disposes it, 10Soft ERP system is there to fill all the voids.

How 10Soft Helps You Manage Your Fixed Assets

1
It is very well equipped with functions that help you in creating purchase quotation, order and invoice as a part of fixed asset requisition item.
2
A purchase quotation serves as request to get the pricing of fixed asset. You can generate purchase quotation from fixed asset purchase quotation or even directly without quotation.
3
Purchase invoice shall be prepared by organization on purchasing of fixed asset item. After the invoice has been prepared the item would be then converted to company's fixed asset. The users can even classify the fixed assets into groups, departments, branches etc.
4
Fixed asset file is used to manage company fixed assets. It includes detail for asset code, name, department, asset's account and assets amount. Users can even process fixed assets activities like deprecation calculation etc only after creating fixed assets here.
5
Depreciation, by which your company would allocate an asset's cost over the duration of its useful life can be calculated by the most reliable method that is Straight Line method. It is done in the Fixed asset depreciation voucher. The formula for this method is : Straight line deprecation = ( original costs of asset – scrap value) / estimated asset life
6
To store and manage fixed assets properties, you have fixed asset property voucher that is used for determining fixed asset deprecation properties. This document is also used to change fixed asset deprecation properties if anything event has an effect on its useful life.
7
At the end comes the fixed asset disposal voucher. It is made when an item is disposed for one or the other reason by the company. Once this is made no depreciation is then calculated for the same.