Fixed Assets

Effective asset management is an on-going challenge, which needs aligning operations to corporate strategy or controlling costs, hence creating the requirement for effective asset maintenance management. The critical indicator for the health of any business, as a part of an organizations best practice is to view Return on Assets (ROA) as a measure from inception to retirement in terms of the effectiveness of their capital asset programs, that can be achieved through streamlining of asset maintenance operations built on processes that are accessible to employees for decision making information and enable proactively delivery. MIMSYS offers an end to end Asset Management solution that helps you to setup and manage all the assets in your organization. The module allows users to configure the system as per their requirement. It is user friendly and with templates for master data to avoid tedious data entry. It is seamlessly connected with MIMSYS inventory module as well as fully integrated with Sage ERP finance modules such as General Ledger, Accounts Payable and Accounts Receivable.

Key Features

  • Interactive graphical Asset Manager Desktop
  • Extensive configuration settings
  • Built on World Class Sage 300 ERP platform
  • Robust security based on international standards
  • Multi-tier and scalable architecture
  • Support for Microsoft SQL Server & Oracle
  • Manage the complete life cycle of assets from acquisition to operation life activities
  • Templates for quick asset creation
  • Segment based flexible coding structure to cater to individual requirements
  • Attach pictures, manuals and documents to assets
  • Barcode capability
  • Track related vendors and contacts
  • Single or bulk disposals
  • Multiple depreciations books
  • Extensive depreciation methods including pre defined and formula based to unit of production
  • Depreciation forecasting
  • Accounting entry automated for all asset transactions
  • All journal entries, receivables, payables posted to accounts
  • Ability to change depreciation method & rate part way through life
  • Ability to reverse out/re-calculate values until posted
  • Extensive summary and detailed reports
  • Statistics for each depreciation book
  • Override G/L segment periodic depreciation
  • Comprehensive parameterization and grouping of assets

Asset Management Processes

  • Acquisition
  • Depreciation
  • Depreciation Reversal
  • Adjustment
  • Disposal
  • Merge and Split
  • Addition/Capitalization
  • Transform
  • Transfer
  • Impairment
  • Impairment Reversal
  • Revaluation
  • Preventive Maintenance
  • Year End Process

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Acquisition Entry

  • This Screen allows the user to acquire New, Existing or a WIP Asset. The Accounting Entries will be created for New Asset where as for existing Asset no Accounting Entries are created.
  • Acquisition Type has facility to load the Asset Items from Receipt Entry Screen of MIMSYS Inventory Module.
  • New Asset Items can be entered directly as well.
  • Provision for user to Convert Receipt Line detail into Single Asset or Multiple Assets by Quantity when asset is selected from MIMSYS Inventory.
  • Facility to attach the Depreciation Category which in turn will fetch all the other properties of Asset like Asset Type, category, group etc.
  • Pressing “Detail” button will open the “Acquisition Asset Detail” sub form.
  • Provision to view all value related details in multiple books.

Asset Register

This screen allows you to view the list of Assets with the following details

  • Master Information like Asset Type, Category, Group, Cost Center etc.
  • Depreciation Information like Method, Frequency, Life etc.
  • Other Information like Insurance, Image file etc.
  • Depreciation Information like
    • Method
    • Frequency
    • Life
    • Last Depreciation Date & Period
    • Depreciation Rate
    • Retirement Date
  • Complete Detail of Depreciations such as
    • Original Purchase Value
    • Adjusted Book Value
    • Salvage Value
    • This Year Adjustment
    • Accumulated Depreciation etc
  • Facility to attach asset related files and documents.
  • Additional Information such as Custodian Details and Insurance Details.
  • Maintenance Detail like AMC, Warranty, Preventive Maintenance etc.

Depreciation Entry

  • This screen allows you the Calculate the Depreciation for one or more Assets and it has the following facility.
  • Facility to select one or more asset based on the flexible selection criteria.
  • Facility to exclude certain Assets from the given criteria.
  • Provision to process depreciation for more than one period.
  • The New Button is pressed to open the Process Depreciation sub form. This sub form provides the various selection criteria for selecting the one or more Assets to calculate the depreciation.

Interactive Graphical Asset Manager

  • Asset Manager lista the status of all hte assets in a company on single graphical interface and alos allows to perform sort and filter with conditions. For examole assets can be sorted by location and department.
  • Assets can be filtered by asset type, asset category, asset group, location, department, custodian and asset status.
  • Asset Manager displays statistics for asset types, asset categories, asset group in each location and department.
  • Tracking of any fixed asset using asset code or asset description or custodian is possible, you can view all assets allocated to a custodian on the graphical interface.
  • Move the mouse over on the graphical interface for any asset and details such as asset type, asset category, asset group and custodian for that asset can be viewed.
  • Perform Fixed Asset transaction from the graphical interface such as Depreciation, Depreciation Projection, Depreciation Reversal, Deposal, Split,Merge, Addition, Capitalization, Transfer and Custodian Management.

Multiple Number of Depreciation Books

  • This includes processing of entire assets accounting transactions such as asset acquisition, asset depreciation, asset adjustment, asset Disposal, asset merge & split, asset depreciation projection and asset depriciation Reversal, impairment of assets, multiple depreciation books and very interactive Graphical Screen for assets management.
  • Asset tracking and reconciliatin function allows to barcode each of the fixed asset and can assist for physical reconcile and update the asset status using barcode scanners.
  • Define the book that should be integrated with the General Ledger.
  • Depreciation plan exists for each depreciatin book, with all relevant i nformation, such as depreciation, accumulated depreciation, book value and net book value.
  • Depreciation for entire life of a fixed asset for each depreciation book can be viewed. The Depreciation entires are created and posted to general ledger based on the depreciation frequency, year opened and selected period range.

Asset Tracking and Reconciliation

  • Generate and print the barcode for each fixed asset.
  • Physical reconcile and updated the asset status using barcode.

Asset Custodian

  • Generate and print the barcode for each fixed asset.
  • Physical reconcile and updated the asset status using barcode.
  • Map Asset to Custodian View custodian history.

Preventive Maintenance

Record information that is used for tracking the preventive maintenance such as installation date, warranty start date, warranty end date, AMC start date, AMC end date, maintenance frequency, last maintenance date, next maintenance date and actual maintenance date.