GASB 34 made the accurate tracking and reporting of fixed assets a necessity. Because of the singular architecture of our Cloud-Based software, the Fixed Assets module greatly simplifies the tracking of fixed assets, and provides the reports necessary for financial statement note disclosure.
Construction projects can be tracked and automatically converted to capital assets once completed, and purchase orders and invoices from our Purchase Order and Accounts Payable modules can be flagged as asset purchases. Asset-flagging can be subject to rules that specify amounts and accounts, eliminating the need to manually mark them. POs and invoices so marked are seamlessly transferred to the Fixed Assets module.
With Flexible Asset Disposal, assets can be partially disposed of based on quantity, dollar amount, or percentage of the total cost. This eliminates the need to record each asset as an individual for disposal purchases – for example, library books can be recorded as a lump sum, and then written off as a percentage of the original cost.
The Fixed Assets module supports partial asset transfers, splits, repairs, and dispositions. Depreciation, capitalization, and disposal accounting are posted to our General Ledger module, eliminating errors and duplication of data entry.