The "Fixed Assets" functionality is an an extension of the SocrateCloud integrated ERP/CRM system that allows fast definition, tracking and amortization of fixed assets. A fixed asset can be described as being a distinct instance of a product with the following properties:
fixed assets represent purchased or produced products that are the organization's property;
fixed assets can be used by organization and business partners;
fixed assets can be sold;
SocrateCloud integration:
Business Partners – to find names and address of the fiscal and financial authorities and insurers;
Payments – to create the fixed assets when paying the invoice;
Stock Evidence – for the automatic creation of fixed assets from stocks;
Accounting – displaying the amortization and other fixed assets transactions in the account element;
Project Management – the correct accounting of fixed assets transactions in projects;
Data Import - you can import fixed assets from external sources.
Other functionalities:
Multiple Depreciation Methods, for GAAP and other Accounting Elements, with the purpose of fiscal and budgetary log keeping. Multiple depreciation rules, conventions and depreciation periods are available, with the purpose of determining the depreciation amounts for all types fixed assets;
Fixed Asset Group Management for characteristics such as the amortization rule, the automatic accounting of revenue and expenses;
Establishing "parent-child" relations (links between fixed assets and their components) for complex fixed assets reporting;
The possibility to track the fixed assets via standard and user-defined fields;
The possibility to foresee depreciation expenses for the purpose of defining the budgets;
View a given fixed asset's historical records;
Realizing revaluations of fixed assets (accounting-based), insurance and market-value of an asset;
Registering financial, insurance, licensing and tax information related to a fixed asset. Furthermore, you can also establish warnings that will alert the users with regards to the upcoming action-requiring dates (e.g. contract renewal date, tax due dates).
Fixed assets life cycle:
Installing the Fixed Assets Module
Defining asset classifications, groups and sets
Defining initial fixed assets through:
Manual definition
Asset import
Daily Processing:
Creating fixed assets through:
Payable invoices accounting
Stocks from Material Management
Journal entries
Projects
Creating, revising and posting:
Grants
Transfers
Divisions
Periodic Processing:
Calculating the amortization and creating the corresponding accounting entries
Reevaluating fixed assets and creating the corresponding accounting entries
Predicting fixed assets depreciation
End-of-year Processing:
Inventory