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Try before you buy. A single alphabetical letter is used as the tax code in column A and a description for each tax code can be entered in column C. All the tax codes that are created on the Set-up sheet are available for selection in column F on the Assets sheet. Note: You can create additional tax codes by inserting a new row anywhere between the first and last rows, entering a new tax code in column A and specifying the appropriate annual tax percentages.
Column B in the tax codes section contains a list box which enables users to specify whether appropriation needs to be applied in the tax allowance calculations for the particular tax code. If appropriation is applied the "Yes" option is selected , it means that the tax allowance calculation will take the effect of partial years into account. If appropriation is not applicable the "No" option is selected , the tax allowance will be based on a full year regardless of when an asset is acquired.
Example: An asset with a cost of 10, is acquired in December by a business with a February year-end. A full year's tax allowance will therefore be written off in December and each subsequent year which means that the tax allowance for the first year would be 2, This is because appropriation would apply and the tax allowance calculation will therefore only include 2 months.
The tax allowance percentages in column D to H are used to calculate the appropriate tax allowance amounts for the assets that are linked to the particular tax codes. You will therefore only be able to specify tax percentages for 5 years and if a longer period is applicable, the year 5 percentage will be used for all subsequent annual periods until an asset is fully written off for tax purposes. Note: The 5Y Total and AF columns contain formulas which should be copied for all new tax codes that are added to the Set-up sheet.
It is imperative that these formulas are copied for all new tax codes otherwise some of the tax calculations may not be accurate. The AF column contains an appropriation value which is based on the selection in column B. The input error codes at the bottom of the Set-up sheet are included for information purposes only and provide users with a reason for the error codes that may be encountered when entering transactions on the Assets and Transact sheets.
These error codes are covered in more detail in the Error Codes section of these instructions. Each individual fixed asset must be added to the Assets sheet by assigning an asset number to the fixed asset. The Assets sheet is in actual fact a comprehensive fixed asset register which contains all the individual assets that form part of the fixed assets register.
All fixed asset transactions need to be recorded on the Transact sheet and the Category and Class sheets contains summaries of all the appropriate asset groups. A unique asset number must be created for each fixed asset on the Assets sheet.
You can use any asset numbering convention but we strongly recommend using a combination of letters and numbers as illustrated in our example data. We have used an asset numbering convention which starts with two letters followed by a hyphen and five numbers.
The letters can be used to distinguish between different asset categories or classes. Note: All fixed assets must be added to the Assets sheet by assigning a unique asset code to the particular asset. The acquisition of the asset then needs to be recorded on the Transact sheet after which the appropriate values will be reflected on the Assets sheet.
Users therefore need to create asset codes for all their assets and record acquisition transactions for all assets on the Transact sheet. All the columns on the Assets sheet with yellow column headings require user input while the columns with light blue column headings contain formulas which are automatically copied for each new asset that is added to the sheet. The following user input is required on the Assets sheet: Asset Number - enter a unique asset number for each fixed asset in this column.
Duplicate asset numbers may result in inaccurate calculations and it is therefore imperative that each fixed asset has a unique asset number. Asset ID Number - enter an asset identification number in this column. This number should preferably be applied to the asset in order to facilitate physical verification of assets and assist in identifying each fixed asset that is included in the fixed asset register. Description - enter a comprehensive description of the asset in this column. The asset description should enable users to easily identify the asset and should assist users in distinguishing between similar assets.
Asset Type - select an asset type from the list box. This column assists in identifying leased assets and the list boxes in this column therefore include an owned and leased option. Category - select an asset category from the list box in this column. All the asset categories that are created on the Set-up sheet are available for selection.
Each asset needs to be linked to an asset category which is linked to an asset class in the Asset Category section on the Set-up sheet. Tax Code - select a tax code from the list box in this column.
All the tax codes that are created on the Set-up sheet are available for selection. Note: All the columns on the Assets sheet have been included in an Excel table.
This feature is extremely useful when entering data in a table format because the formulas that are included in calculated columns the columns with a light blue column heading are automatically copied when new rows are inserted into the table or when data is entered into the first blank row below the table. You can therefore enter a new transaction by simply entering an asset number in column A - the table will then automatically be extended to include the new asset number.
All the columns with light blue column headings contain calculations which are based on the review date that is entered in cell E2. The date that is entered in this cell therefore determines which transactions are included in the asset balance and depreciation calculations.
It is therefore imperative that you enter the correct date in this cell when reviewing the fixed asset register. The cell range from cell H2 to cell K2 displays the appropriate year-to-date YTD and month-to-date MTD from and to dates which are in effect based on the review date that is specified in cell E2. Note that all the template calculations are based on month end dates - even if you enter a review date that does not fall on a month end, the template calculations will still include all the transactions and depreciation calculations for the entire month.
The YTD periods are determined based on the year-end period that is selected in cell C7 on the Set-up sheet. All the YTD asset balances and depreciation calculations will therefore be calculated automatically based on the review date and the year-end period that has been specified. Note: The review date makes it easy to roll the template forward or back for any subsequent or previous month and all the template calculations are updated automatically. You can therefore simply enter a new date in cell E2 and all the calculations on all the sheets in the template are automatically updated.
The Assets sheet contains 52 calculated columns which all have light blue column headings. The calculations in these columns are all based on the transactions that are entered on the Transact sheet and some of the calculations are for information purposes only while others form an integral part of the fixed asset register.
We'll now briefly cover the purpose of each calculated column: The following columns are included for information purposes only: Error Code - if there is a problem with the input in any of the user input columns, an error code will be displayed in this column. Refer to the Set-up sheet for a description of each error code and to the Error Code section of these instructions for more information about the reason for the error code that is displayed.
Class - this column contains the asset class that the asset is linked to. The asset class is determined by the asset category that is selected in column E and each asset category is linked to a single asset class in the Asset Category section on the Set-up sheet.
Acquisition Date - the asset acquisition date is displayed in this column. After creating an asset number, an acquisition transaction needs to be recorded on the Transact sheet in order to record the acquisition of the asset.
If an acquisition transaction has not been recorded for the particular asset, this column will contain an "add! Last Trn Date - this column contains the date of the last transaction that has been recorded for the appropriate asset. If no transaction has been recorded, the column will contain an "add! Current Trn Date - this column contains the date of the last transaction for the asset that is dated before the YTD To Date which is displayed in cell I2. It therefore represents the last transaction that has been recorded before the current period end.
It therefore represents the last transaction that has been recorded before the end of the previous financial period. It therefore represents the last transaction that has been recorded before the end of the previous month. Disposal Date - if an asset has been disposed of, the date of disposal as per the Transact sheet will be displayed in this column.
Note that a disposal transaction has to be recorded on the Transact sheet for all asset disposals. Proceeds on Disposal - if an asset has been disposed of, the proceeds on disposal as per the Transact sheet will be displayed in this column.
Historical Cost - the historical cost of all assets that have been acquired before the end of the current financial period is displayed in this column. The historical cost is defined as the transaction amount of the acquisition transaction that is recorded on the Transact sheet for the particular asset. Active Lifetime - the lifetime that has been recorded on the Transact sheet for the most recent transaction that is dated before the current period end is displayed in this column.
Active Res Value - the residual value that has been recorded on the Transact sheet for the most recent transaction that is dated before the current period end is displayed in this column. Tax Cost - the tax cost of the asset is displayed in this column. The tax cost is the same as the historical cost of the asset. This column will only contain a value if the asset has been acquired before the current period end.
This percentage is dependent on the tax code that has been selected in column F and the annual tax percentages that have been defined for the particular tax code on the Set-up sheet. If a tax code has not been selected in column F, a "code? Elapsed Months PY - the value in this column indicates the number of months that have elapsed since the acquisition of the asset up to the end of the previous financial period.
A value will only be displayed for assets that have not been disposed of before the end of the previous financial period. Elapsed Months CY - the value in this column indicates the number of months that have elapsed since the acquisition of the asset up to the end of the current financial period.
A value will only be displayed for assets that have not been disposed of before the end of the current financial period. Elapsed Months PM - the value in this column indicates the number of months that have elapsed since the acquisition of the asset up to the end of the previous month. A value will only be displayed for assets that have not been disposed of before the end of the previous month. Assets at Cost: AC Opening Balance - the opening cost or gross carrying value of the asset at the beginning of the current financial period is included in this column.
Additions - if an asset has been acquired during the current financial period, the cost of the asset is included in this column. The cost of the asset is entered as the transaction amount when recording an acquisition type transaction on the Transact sheet. Revaluations - if an asset has been revalued during the current financial period, the adjustment in the gross carrying value or the cost of the asset if the asset has not been revalued previously is included in this column.
Note that this adjustment is only calculated based on the gross carrying value of the asset - if you want to recalculate the revaluation surplus or impairment, the Revaluation column in the Accumulated Depreciation section also needs to be taken into account.
Disposals - if an asset has been disposed of during the current financial period, the gross carrying value or the cost of the asset if the asset has not been revalued previously is included in this column as a negative value. This effectively means that the gross carrying value of the asset is removed from the fixed asset register. Impairment - if an asset has been revalued during the current financial period at a value that is lower than the current net carrying value, the impairment amount is included in this column.
Note that in some instances, a negative value may also be displayed in the Revaluations column which will be offset by a negative value in the Revaluations column in the Accumulated Depreciation section. This is simply because the impairment is calculated based on the net carrying value which therefore necessitates adjustments to the Cost and Accumulated Depreciation values in order to adjust the gross carrying value the Cost section to the correct values after revaluation.
AC Closing Balance - the closing cost or gross carrying value of the asset at the end of the current financial period is included in this column.
Accumulated Depreciation: AD Opening Balance - the opening accumulated depreciation balance of the asset at the beginning of the current financial period is included in this column. Depreciation - Cost - the year-to-date depreciation on the historical cost of the asset is included in this column.
The amounts in this column are calculated on the Transact sheet. For revalued assets, only the portion of the depreciation that relates to the historical cost of the asset will be included in this column. Depreciation - Revaluation - the year-to-date depreciation on the revaluation of the asset is included in this column. The amounts in this column are calculated by deducting the depreciation on the historical cost of the asset from the total year-to-date depreciation.
Both of these amounts are calculated on the Transact sheet. If an asset has not been revalued, the value in this column will be nil. Depreciation - Total - the total year-to-date depreciation on the asset is included in this column.
All the amounts in this column are calculated on the Transact sheet. Acc Depr - Revaluations - if an asset has been revalued during the current financial period, the accumulated depreciation as at the date of the revaluation is included in this column as a negative value. This is because we write off the accumulated depreciation to a revaluation reserve and this value together with the revaluation adjustment in the Cost section form the revaluation surplus for an asset.
Acc Depr - Disposals - if an asset has been disposed of during the current financial period, the accumulated depreciation as at the date of the disposal is included in this column as a negative value.
This effectively means that the accumulated depreciation of the asset is removed from the fixed asset register. AD Closing Balance - the closing accumulated depreciation balance of the asset at the end of the current financial period is included in this column. Total Net Carrying Value: Closing Carrying Value - the difference between the closing cost or gross carrying value of an asset and the closing accumulated depreciation balance is included in this column.
The amounts in this column reflect the "book value" of an asset at the end of the financial period. Revaluation Reserve: RR Opening Balance - the amounts in this column reflect the revaluation reserve opening balances at the beginning of the current financial period. Revaluation Surplus - if an asset has been revalued during the current financial period at a value that is higher than its net carrying value at the date of revaluation, the revaluation surplus is included in this column.
Note that if an asset is revalued at a value that is less than its net carrying value, an asset impairment amount will be included in the Impairment Write-Offs column and the revaluation surplus will be nil. RR Depreciation - Revaluation - the year-to-date depreciation on any revaluations that may have been made to an asset in the past is included in this column. This means that we effectively write-off the depreciation on revaluations against the revaluation reserve balance instead of allocating these depreciation amounts to the income statement.
RR Closing Balance - the amounts in this column reflect the revaluation reserve closing balances at the end of the current financial period. Income Statement Items: Impairment Write-Offs - if an asset has been revalued during the current financial period at a value that is lower than its net carrying value at the date of revaluation, the asset impairment amount is included in this column.
Note that if an asset is revalued at a value that is higher than its net carrying value, a revaluation surplus will be included in the Revaluation Reserve section and the asset impairment amount will be nil. The profit or loss on disposal is calculated as the difference between the proceeds on disposal which is recorded on the Transact sheet and the net carrying value book value of the asset.
If the asset that is sold has been revalued, any revaluation reserve that may exist on the date of disposal is also included in the profit or loss calculation.
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Each Institution needs to know the value of their fixed assets, their location, custodian, the date they were checked out, expected return date and the current status of each asset. It is also important to have a software that tracks the movement history of each asset and its depreciation as time passes by. Only when you have discovered all the fixed assets you can efficiently monitor and manage them. Our fixed asset management software gives you a wide range of asset scanning methods to make sure that you get them all.
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