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.