| Summary
Profi’C
Fixed Assets is designed to record and process the details of your fixed assets,
depreciation methods, schedules and General Ledger Interface information. A
customized File Maintenance function records the detailed information to apply to
various fixed assets. Although there is no one standard criteria as to the minimum length
of life necessary for classification as a fixed asset, it should be capable of
repeated use and is ordinarily expected to last more than one year. However, Fixed Assets
need not be in continuous or even frequent use. Standby equipment, for use in the event of
a breakdown of regular equipment or during peak periods, are still considered Fixed
Assets. A Fixed Assets Class Life feature enables assignment of property
classes for differing depreciation lengths. ITC Options will help specify a
variety of options to assign to your assets. Assets are maintained
in a master file with all the unique criteria for each of your fixed
assets.
With the passage of time, all fixed
assets, with the possible exception of real estate, lose their capacity to yield
service to your company. As a result, their costs should be transferred in a systematic
manner to related expense accounts over their useful lifetime. This periodic cost
transfer - Depreciation is handled by Profi'C
Fixed Assets. The Depreciation Review
option provides you with all the information you need regarding your assets and their
Depreciation History. A Depreciation Update Selector offers several options
regarding update of monthly depreciation information. Trial Depreciation Report and
Inquiry allows preview (before updating) a depreciation schedule in summary or detail
form. The Update Monthly Depreciation function will update the depreciation for the
schedule(s) you select. A Monthly Depreciation Register includes depreciation
data for the month and a Disbursements Report. In addition, a Disposition
selector provides you with the opportunity to dispose of a fixed asset.
Included and interfaced with General Ledger is a Disposition Register which allows
you to update Disposal Distributions to the General Ledger.
Interfaced with Profi'C
General Ledger, Fixed Assets information will automatically update to General Ledger rendering a
total financial position. |
