Fixed Assets Software
Fixed Assets Software by Sage Pastel Evolution
Is your fixed assets software enabling your accounting department to administer your company’s fixed assets according to acceptable accounting standards and in complience with the relevant legislation?
A complete and accurate fixed asset register and the management thereof has long been a headache for the management and accounting teams of most businesses. According to the South African Company’s Act, businesses are required to maintain a full register of fixed assets which records vital information such as:
- Date of purchase
- Date of disposal
- Purchase price
- Accumulated depreciation
- Net book value
Thankfully the team at Sage Pastel have developed a very effective stand-alone or integrated financial module called Sage Evolution Fixed Assets. This software that can be used without any integration into your planned or existing accounting software will assist to take the guess and leg work out of fixed assets with the possible tax benefits which may apply to your business case.
Breakdown of the Fixed Assets module and its main features.
The module enables you to manage your company’s fixed assets by providing the following features:
- Tracks each asset’s financial value.
- Depreciates assets correctly in terms of amount and period.
- Records of sales, disposal or loss of fixed assets.
- Maintains an accurate fixed assets register.
- Revaluation of current assets.
- Allows input of asset replacement value for insurance purposes.
- Integration with your Sage Pastel accounting software system for both Pastel Partner and Sage Evolution.
- Function as a stand-alone Fixed Assets module.
The features mentioned above are offered by the Sage Evolution Fixed Assets module once the initial steps and upload of asset records have been completed. With the fixed assets records updated and maintained, the company can easily track their fixed assets with a click of a button. This module also assists the company to manage risks associated with their fixed assets. There are numerous reports which can be generated from the Sage Evolution Fixed Assets module.
Fixed Assets Software Integrated into your Accounting Software
The ideal for any company is to have their fixed assets management and accounting administration and records integrated into one accounting software suite. The option to use the fixed assets module as either a stand-alone installation or as an integrated module is a big thumbs up for the module. When integrated, the Fixed Assets Module is configured as an advanced module in your Sage Evolution Accounting Suite or with the Sage Pastel Partner Accounting. A major feature of this module is that it can also be used with third party accounting software solutions.
Sage Evolution Fixed Assets Module discussed
The Sage Evolution team took it to heart to overcome the challenges with having a fixed asset register that contains many individual assets and the complications associated with a manual asset register. One useful feature available with this module is the fixed asset grouping option. This feature is convenient when the fixed assets are grouped together per cost centre and will show exact location of and responsible person for each asset. From an accounting perspective this is ideal as the user can see the cost allocation per cost centre at a glance.
The Sage Evolution Fixed Assets Module, when setup and used as intended, calculates the depreciation of the assets according to Company policy and current tax legislation. Fixed assets are easily and correctly depreciated within the module using seven methods designed to cater for all needs. These depreciation methods include:
- Equal Allowance
- Reducing Balance
- Units of Usage
- Plant and Machinery
- Immediate Write-off
- 0% Depreciation
- Straight Line
The fact that this module depreciates the assets dynamically and retroactively means that Year-End adjustments no longer need to be done manually by the user as the module applies adjustments monthly. In the case that the user makes changes to the original information captured in the fixed assets register, the module will apply any relevant changes in the same period when corrected.
For more information regarding the Sage Evolution Fixed Assets Module, contact InterAcc here.