Fixed Assets Register

This option for the Accounting module provides system support for managing a company’s fixed assets.

Fixed Assets Object

Fixed assets objects refer to machinery and equipment, buildings, etc. which should be registered as assets in the fixed assets register. It is possible to depreciate the fixed assets objects in the register based on the settings configured for the objects. You can also register objects which should not be depreciated, as well as create and update fixed assets objects from accounts payable and the registration of vouchers.

Different lists can be printed from the fixed assets register. These lists are used for several purposes, for example, to reconcile the residual values of the fixed assets to the balance sheet or view information about depreciation and sales. They can also be used to show and update information about the fixed assets.

Depreciation

For the fixed assets objects in the fixed assets register there is support for scheduled, calculated, and tax depreciation. Data for depreciation is based on information about the fixed assets as well as settings for their fixed assets groups.

When scheduled depreciation is carried out, the residual values and accumulated depreciation will be updated. At the same time, a basis for recording/booking the depreciation is created.

During calculated depreciation, a calculation of depreciation based on the settings for the fixed assets groups is made. As opposed to scheduled depreciation, calculated depreciation is not regulated by law. It takes place in accordance with internal purposes. These normally involve bases for price calculations and profitability calculations based on the asset's replacement cost instead of acquisition value.

During tax depreciation of fixed assets such as machinery, equipment, fixtures, and properties, the basis can be presented in different ways depending on the method of tax depreciation selected for the fixed assets group. Fiscal management of the fixed assets is divided into three different depreciation methods: Depreciation according to accounts, Component depreciation, and No depreciation.

Fixed Assets Journal

You can print journals for depreciation and the postings. The journals can be reviewed, and then approved. They are then transferred to the accounting. In many cases, companies also print a copy of the journal/accounting order and file it in the voucher binder.

You only need to use fixed assets journals if you apply integration to accounting via printout of journals.

Sales/Retirement of Assets

In connection with sales/retirement of fixed assets, the fixed asset is assigned the status "Sold/Retired", at the same time as the system removes the asset's value from the balance sheet. Any profit or loss will also be posted. If the sale is made after the most recently applied depreciation, a recording of depreciation can also be made up to the date of the sale.

If the sale involves a main object, you can choose if the linked sub-objects should be included in the sale/retirement. The sub-objects that are not included in the disposal/sale are disconnected from the main object. A sub-object could be, for example, an associated component that is part of a larger machine (main object).

It is possible to sell/retire part of a fixed asset. The fixed asset will then remain as active in the register, but with a reduced acquisition value and accumulated depreciation/residual value.

It is possible to undo depreciation, sales, and retirement. For example, you can undo the depreciation you just performed, which means the depreciation is reversed for many fixed assets at the same time. Another purpose might be to undo depreciation for a specific fixed asset, for example, if depreciation has been applied for a period of time for a fixed asset, but needs to be undone, or has been incorrectly performed due to new circumstances.

Fixed Assets Import

It is possible to import fixed assets from a text file. This is done mainly in order to load entirely new records, but it can also be used to update existing ones.

For further information please contact the Sales department at sales@monitor.se.