X : Fixed Asset

10.0 Overview

EasyFS Fixed Asset, also known as a Fixed Asset Ledger or Fixed Asset Schedule, is a detailed record that systematically tracks and manages an organization’s fixed assets. Fixed assets are long-term, tangible assets with a useful life of more than one accounting period. Examples include buildings, machinery, vehicles, furniture, and land.

The Fixed Asset Register serves several purposes:

Asset Registration: It provides a unique identification for each fixed asset, typically through an asset tag or serial number. This helps in easy identification and tracking.

Description and Details: The register includes detailed information about each fixed asset, such as its description, location, acquisition date, purchase cost, depreciation method, salvage value, and useful life.

Cost and Valuation: The register records the original cost of acquiring the asset, any subsequent improvements or additions, and the current valuation. This information is crucial for financial reporting and tax purposes.

Depreciation: For assets subject to depreciation (the allocation of the asset’s cost over its useful life), the register includes details on the depreciation method used, the rate of depreciation, and the accumulated depreciation to date.

Maintenance and Repairs: It may include records of maintenance activities, repairs, and any upgrades or improvements made to the fixed asset.

Location Changes: If a fixed asset is moved within the organization, the register is updated to reflect the new location.

Disposal: When a fixed asset is disposed of or sold, details of the disposal, including the date, selling price, and reason for disposal, are recorded in the register.

Compliance: The Fixed Asset Register helps in complying with accounting standards and regulatory requirements related to the reporting and management of fixed assets.

Insurance: It aids in managing insurance coverage by providing accurate information about the value and location of fixed assets.

The Fixed Asset Register is a critical tool for financial management, accounting, and asset tracking. It helps organizations make informed decisions about their asset portfolio, assess the financial impact of fixed asset transactions, and maintain accurate records for financial reporting and auditing purposes.

10.1 Fixed Asset

Fixed Asset List

• List of All Fixed Asset that were added to the System
• Here the user can add Fixed Asset to set up for them to use to their transaction, these are the tabs that can found in the Fixed Asset:

• • Draft – A draft refers to a preliminary or provisional version of a document or agreement that is subject to revision or further editing. It is often used as a starting point for the creation of a final version.
  • Registered – Registered refers to the process of formally recording something with an official authority. This could include registering a business with the government, registering a trademark or copyright with the appropriate agency, or registering a vehicle with the department of motor vehicles.
  • Sold or Dispose – Sold or disposed refers to the process of getting rid of a fixed asset, either by selling it to another party or disposing of it in another way, such as scrapping it. This process typically involves removing the asset from the company’s balance sheet and accounting for any gains or losses that result from the sale or disposal.

10.2 Asset Disposal

Asset Disposal List

• List of All Asset Disposal that were added to the System

Asset Disposal Detail

• Here the user fills up the required fields, and add new Items for the Asset Disposal detail