Fixed Asset Management Process Flow

The administration and management of fixed assets can be a very complex process. As assets are acquired they need to be entered into software where they can be tracked and depreciated over their useful life. Reports and exports can then be generated to answer any fixed asset or depreciation questions.

There are 5 levels in the chart below to show the flow of processing, from top to bottom they are:

  1. Documents and import files
  2. Input processing
  3. Core fixed asset software
  4. Output processing
  5. Reports and export files

Click on any of the boxes in the chart below to learn more about that specific topic:

Image Map

Questions? Comments? Let us know in the comments section below.

More information about Bassets eDepreciation software can be found at Bassets.net or depre123.com. At Bassets register for our live webinar, download a free evaluation copy and get a personalized pricing estimate. At depre123 try out our Free Depreciation Calculator and check out our cloud based fixed assets application.

View Monthly Detail for Fixed Asset Depreciation Calculation

Calculating depreciation for fixed assets is very complicated and can often be confusing.

To help answer questions and remove some of the mystery, Bassets eDepreciation includes a detail tab to view the actual depreciation for each individual period in a grid. The detail tab provides the user with Year by Year and Month by Month detail of the depreciation calculations. In addition, you can see Annual, Cumulative and Remaining Totals for the selected Depreciation Schedule for the asset record displayed on the screen.

Here is a sample asset with a cost of $25,000 using a 200% declining balance method and a 5 year recovery period:

Calculating Depreciation for Fixed Assets

This is just a standard calculation and you can see how the annual depreciation amount is evenly distributed over each period in the associated year. The numbers can be even more revealing when you are dealing with changes during the life of the asset. Adjustments to depreciation or basis can drastically alter the monthly calculation amounts and having the ability to view the detail can be very helpful.

In looking at this detail, you may also notice that the annual numbers may be slightly different then you expect. This is because of eDepreciation advanced handling of rounding errors. The monthly calculations are always rounded to the nearest penny. While most fixed asset software can eliminate the rounding error with a monthly close, they all run into a problem when they need to generate historical reports and then attempt to return back to the current accounting period.

Questions? Comments? Let us know in the comments section below.

More information about Bassets eDepreciation software can be found at Bassets.net. While there you can register for our live webinar, download a free evaluation copy and get a personalized pricing estimate.

Select Which Fields to Display in Fixed Asset Browse

Asset Maintenance often involves working on one asset at a time to make any necessary changes. In order to find each asset, a row and column grid view of the data is very helpful. Bassets eDepreciation includes a very powerful drill-down feature to easily view detail behind any summary displayed on the Home Page. The format of this detail display is defined by the user with the Column Selection form:

Select Fields 1

On this form, you have the ability to select as many columns as you would like from the available list. The order in which you select each column will determine the display on the asset maintenance form:

Select Fields 2

The Row and Column View provides the user with many options, including:

    • Select only the necessary data columns required for the analysis
    • Store column selections for later use
    • Perform sorts on any selected column
    • Use a Push Pin icon to freeze a column in place when data is scrolled left or right
    • Perform additional data filtering
    • Export to an Excel spreadsheet
    • Print the grid

The browse feature is a great way to view and work with groups of assets. The column selection form offers complete flexibility to select the individual fields in the preferred order. To see more features of the browse, take a look at our earlier post here:

Questions? Comments? Let us know in the comments section below.

More information about Bassets eDepreciation software can be found at Bassets.net. While there you can set up a demonstration, download a free evaluation copy and get a personalized pricing estimate.

Dynamic Browse to View a Set of Fixed Asset Records

dynamic browseA spreadsheet is the perfect tool to “look” at fixed asset data. It easily organizes many rows and columns into a clean presentation of the key fields of information. Bassets eDepreciation includes many of the best features of a spreadsheet in our Dynamic Browse.

The Browse tab of the asset maintenance form provides the asset manager with a row and column view of the detail data. In addition, there is functionality to:

  • Sort: click on the title row of any column to sort all of the displayed data by the values in that column. The initial mouse click will create an ascending sort of the data. A second mouse click will create a descending sort of the data.
  • Filter: click the filter (funnel) icon to display a menu of options and column values to quickly limit the displayed rows to a smaller subset.
  • Move: “grab” any column to move it to another location.
  • Resize: any column can be narrowed or widened for better display.
  • Group By: drag one or more columns into the group area to easily collect  and sort the rows.
  • Export: click the export button to send all of the data to an Excel spreadsheet.
  • Print: click the print button to generate an ad hoc report of the selected data.

Mixing the excellent presentation qualities of a spreadsheet with the integrated controls of fixed asset software gives you the best of both worlds. Use the eDepreciation Browse feature to manage groups of fixed assets and then select individual records to perform any necessary maintenance tasks like edits, transfers or disposals.

What do you think? Let us know in the comments section below.

More information about Bassets eDepreciation software can be found at Bassets.net. While there you can set up a demonstration, download a free evaluation copy and get a personalized pricing estimate.

Track Purchases against Fixed Asset Capital Budgets

Acquisitions of major items like property and equipment make up a significant portion of a company’s annual expenditures. These purchases should be planned for and then tracked against established budgets. A good fixed asset solution will have an integrated module that allows you to establish budget amounts at various levels to ensure flexible reporting.

Bassets eDepreciation includes an asset budgeting option that mirrors the asset maintenance form. This facilitates budgeting at a project level along with more detail based on any of the available user defined fields. The budget maintenance form looks like this:

Track Purchases

So within a project there can be budgets established by location, company, division or any combination of asset properties. Reports can then be run throughout the year to track actual purchases against the established budget amounts. Variances can be easily spotted and addressed much sooner than without budgeting.

Using an integrated solution like this to track purchases against established budgets is a very productive way to control costs. Based on your reporting requirements, budgets can be set at a very high level of project. Additional levels can then be added for much more detailed analysis. If you are not currently performing capital budgeting then take a look at module like this to see how it could be utilized by your accounting department.

Most fixed assets are in service for many years, so accurate budgeting is very important since mistakes can be with you for a long time. Correctly establishing accurate budgets is a process that will pay dividends in the future and take out some of the uncertainty in the short term.  Many companies report constant improvement in their budgeting process each year as they refine the procedure and get closer to predicting expected annual results.

What do you think? Let us know in the comments.

More information about Bassets eDepreciation software can be found at Bassets.net. While there you can set up a demonstration, download a free evaluation copy and get a personalized pricing estimate.