ASSET - Asset Register Maintenance/Enquiry
What is
ASSET is a self contained subsystem for the maintenance of a register of assets. There are links with DOCENT (PIE+CAC), PORDER/POINV for the initial creation of new items and depreciation journals.
The register has it's own numbering system and new items can be created from DOCENT and POINV or directly in ASSET.
The numbering will follow the fiscal year of the initial acquisition cost e.g. AR0300000 would be the first number for fiscal year 2003. There are some optional coding that are maintained in ASSET to describe the type of asset, the status of the goods and the material of the asset. These are useful for subsequent filtering/viewing but are not mandatory.
The Equipment Code is useful to describe a range of equipment e.g. Computer PCs or a plant/factory item that comprises many detailed ASSET elements e.g. Packing Line which could comprise of a conveyor belt, hoppers and despatch unit as individual ASSET elements, see note below 'Specialist Production Management data'
There is a depreciation scheme, which can be activated as ‘mass depreciation’ from the initial selection screen or by right-click for an individual item on the registry maintenance screen. Accounting journals are optionally created. The more transparent mode for depreciation accounting is to use DOCENT/CAC for monthly accruals.
The basic data that describes the asset (view asset register) summary is complemented by the detail screen, which is a mouse right-click feature. The 'detail' also allows viewing of accounting history, maintenance of who has temporary ownership/use, when last inspection was completed etc. The accounting history is located from the ‘Nominal ledger’ transactions where there is a cross-reference to the Asset Number, usually acquisition costs, depreciation journals and recovery charges.
When an asset is being leased-out or sold on a ‘hire-purchase’ agreement, there are several features available to handle recovery and Invoicing.
The main Disposal processes are: Sale Disposal, Disposal with No Book Value and Disposal with a Book Value.
Sale Disposal is the more complex process which also interfaces with e-Invoicing. The accounting records created by all of these processes depend on S01 configuration and EXP nomination and the results of liquidation are all FRS23 compliant.
There are also reports to support the register based on accounting records that are cross referenced to their assets.
There are 2 standard reports, viewed from 1st page Detailed Reports. One is based on TRADE performance which is very specific to the operating company and the other is a simple list of static details and some base accounting results.
Accounting Reports
These reports are based on the accounting records that have been assigned to specific ASSET records.
a) The Acquisition values are derived from their posted account being setup in NOM as a fixed asset type. If the asset has been disposed, then the value would have been posted to the asset account with the nominated EXP code for Disposals. This report will process that transaction as follows:- if the ASSET maintained status = ‘T’ (Transfer) then the disposal value will be shown in Transfer column else in the Disposal column
b) The Depreciation values are derived from their posted account being setup in NOM with non-zero in Depreciation Months and are not setup as a fixed asset.
c) The Disposal Year is determined from ASSET status and it’s disposal date.
BAL totals for fixed asset and depreciation accounts will not agree with these reports, if there are postings in those accounts which are not assigned an ASSET reference or their Cost and Depreciation values have not been reversed if the asset has been disposed-of.
DOCENT is enabled for entry of an ASSET reference when the account (NOM) is nominated as Asset type and/or it has the NOM setup of a number of depreciation months for that asset class.
Specialist Tank Scheme
When an asset has been setup with a status of on-hire, in-use etc, that asset can be maintained with contractual details of the lease agreement. The agreement operates that the recovery is by ad-hoc invoicing and/or by the Feed Invoicing program. S01 is used to nominate the standard accounts to be used in VAT, Ad-hoc and Final Invoicing as activated with mouse right-click from any form in the ASSET/Detail process.
Specialist Production Management data
When S01 configuration (assetstyle=P) has been activated, the Equipment grid content is extended to enable Equipment Maintenance data AND Capacity usage data AND Maintenance schedules to be secured for use in PROSCHED (Production planning). DocGen can be used to create inline email documents per Equipment Code for planned Maintenance scheduling, plant availability, capacity. DocGen will use S01/email config for function 'Maintenance' and JobRole 'MAINTMGR'. This type of data is fundamental for the operation of ERP processes in ITAS