SUP103 – Fixed Assets

SUP103 – Fixed Assets

The Palladium Fixed Assets module allows you to manage 2 very distinct features. Firstly it allows you to manage and control your assets as required by legislation with the ability to process up to 5 depreciation calculations (commonly known as Asset Registers) per asset. Secondly, you can record all costs against your Assets, record the Usage per asset for a period, then run Efficiency reports per asset.

Setting Up the Assets Module

Before you start processing you need to first Setup the Assets Module. To do this you go to the Assets Module, in the maintenance section.

Fixed Assets setting up the assets module

Creating Locations
The create location function allows you to assign locations to assets and transfer items across locations. This also facilitates the Asset count function.

Disposal Reasons
These reason codes could be Sold or Scrapped and assist in analysing your reasons for disposal.

Expense Types
These expense types relate to the recording of costs against an asset in order to assess the efficiency levels of an asset. This could be fuel costs in Litre or Service Fees etc.

Depreciation Methods
The depreciation methods are the different methods you use to depreciate your asset. These methods include:

  • Straight line method
  • Equal Allowance Method
  • Reducing Balance Method
  • Immediate Write off Method
  • No Depreciation Method
  • Variable % Method – this method will allow you to define the number of years over which to write down the asset with custom-defined percentages set per year (as seen in the screen below)

Fixed Assets depreciation methods

Asset Types
The Asset Types, or Groups is the way in which the respective assets are maintained in the Ledger Accounts as well as their common methods of depreciation.

We also cater for up to 5 different Depreciation Methods per asset each with the facility to report per Method, or Asset Register. Note that the Asset Registers (Depreciation Methods) can have their own custom name settings that can be found in the Control Panel >> Options >> Naming Conventions.

The Other Ledger Accounts such as, Asset Cost and Repairs & Maintenance are used during the Vendor Invoice Process function when Purchasing and allocating costs to assets.

Fixed Assets asset type

Asset Master

This section contains all the information related to the individual Assets, split into the various tabs below.

General Tab
This tab contains all the General Information relating to the asset itself.

Fixed Assets general information connected to an asset

Purchase Information
This section allows you to set information such as the Purchase information as well as residual values that get used during the depreciation calculation. You can also revalue the assets at any time that will adjust the Depreciable Value dynamically.

Fixed Assets setting purchase information for an asset

Depreciation History
This section allows you to set the opening depreciation per Asset Register, as well as list and allow you to edit the various depreciation runs as seen below. Note that you can process a depreciation run 365 times a year if required.

Fixed Assets run depreciations at anytime and view a history of all depreciation runs

Repairs and Maintenance
This feature allows you to capture Costs as well as records usage against the various Assets. This allows you to not only control costs, but you can also generate Asset Efficiency reports such as Km/L or Cost per Unit produced for machinery used in production.

Fixed Assets capture maintenance costs to an asset

Palladium also facilitates the ability to post these costs directly to the Assets from the Vendor processing screens below with the system Displaying all Assets linked to that specific Repairs and Maintenance Account that is used in the Asset Category setup.

Fixed Assets post repair costs to assets straight from the vendor processing screen

Disposals
You can dispose of assets using Disposal reason codes for ease of reporting and analysis.

Fixed Assets create asset disposal reason codes for reporting

Download the PDF for this Support Article
NEWSPOPUP