The management of company assets can often be problematic for an organization. Many companies use free standing asset management tools to record and track assets. The integration of this information with the company’s general ledger however then becomes an issue.
Taking into account all of these issues, South Atlantic Solutions (SATSO) has developed an Asset Management module . No longer does a company need to address the integration issues, but can now directly manage the company assets from within the MoneyLine system, thereby ensure integrity and accuracy.
External Audit of Assets register against the general ledger becomes direct, dependable and uncomplicated.
ASSET MANAGEMENT FUNCTIONS
Asset Management For MONEYLINE provides end to end asset management functionality. The system is implemented as a MONEYLINE module and shares the security, menu and management functions of MONEYLINE. The system behaviour and the look and feel are identical to that of the standard MONEYLINE modules.
The diagram below illustrates the implementation configuration of the product…
Asset Management manages the following:
Asset Registrations – This function provides the ability to take on and maintain existing assets. Information may be captured regarding the:
- asset purchase details (date purchased, value, supplier, product guarantees and warranties, maintenance requirements etc)
- asset identification (make, model, serial numbers etc)
- asset owner (contact details of the department / individual responsible for the asset)
- asset location (the current location of the asset)
- depreciation details (asset class, asset type, current depreciated value, remaining depreciation period, depreciation method, expected replacement date)
Asset Transfers – This function allows assets to be transferred to
- another location
- another owner / department
Asset Acquisitions – This function is similar in nature to asset registrations. However it will not be possible to specify a current depreciated value. Also relevant and necessary accounting will be triggered and automatically processed.
Asset Depreciation – Asset Management is able to apply any selected method of depreciation including
- Straight line method
- Double declining balance method
- Written down value method
- Sum of Years Method
- Average Balance Method
Assets Disposals – This function records the sale or disposal of the asset to another company or entity. It automatically adjusts for amounts revalued to non-distributable reserves as well as for accumulated depreciations.
Assets Revaluations – This function allows any asset to be revalued. Treatment of revaluation gains are in line with recognized accounting standards.
Assets Upgrade – This function allows an asset to be managed in the system with regards to improvements made on the assets. This triggers all necessary adjustments to the carrying value of the asset as well renewed depreciation computations.
Accounting Transaction Generation – Depreciation positing cycles may be determined by the company.. Depreciation may be calculated monthly, periodically after a set number of months or annually.
Reporting – Reports are available for assets which have been fully depreciated (disposals), Enquiries are possible for any asset, class / type of asset, assets by owner or for all assets. Extensive reporting is available if the company also utilized the Finalysis data warehouse.
ASSET MANAGEMENT BENEFITS
Some of the business benefits in utilising the asset management module include the following:
- Integrated accounting functionality allows the production of accurate monthly financials
- Integration and synchronization requirements are eliminated
- Integration with MONEYLINE reduces user and operator learning curve
- Accurate treatment of depreciation and write backs during disposal transactions.
- Fully functional, flexible management of assets.
The Fully customizable to suit additional client requirements