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Fixed Assets

Maintaining a precise overview of the lifecycles of each asset in your company, from the time of procurement over the depreciation period through to divestiture, poses a particular challenge. Due to the complexity of the applicable tax rules and accounting rules, even the smallest error can have significant consequences. Fixed asset accounting is fully integrated within abas ERP, meaning that all asset acquisitions and depreciations are fully traceable. The full documentation of assets ensures compliance with the relevant rules.

abas ERP fixed asset accounting flexibly manages the company’s fixed assets on an inventory basis. All evaluations required for year-end closing, such as the asset history sheet, are included. Aside from taxable depreciation, imputed depreciation can also be performed in abas fixed asset accounting. Using the connection to financial accounting and cost accounting you can post fixed assets directly through financial entries.

The imputed depreciation flows into the cost accounting through statistical entries. Much of the relevant data and figures, which can always be used to create a quantitative and qualitative overview of the fixed assets, can be easily and quickly generated within the system.

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abas ERP Fixed Assets

Benefits

Always in the picture:
Fully integrated fixed asset accounting ensures that you can keep a close eye on the status and value of your fixed assets at all times.
Automatically calculate depreciation:
Automatically calculate depreciation and tax deductions for all your tangible assets, such as office furniture, equipment and vehicles.
Keep accurate documentation:
Easily save relevant information about your assets, such as purchase orders, invoices, guarantees, pictures and access them directly.
Easily valued assets:
Use the benefits of various tax and imputed depreciation models with a preview of features that make it easy to decide which type of depreciation is correct and perform monthly and annual final valuations.
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A clear overview of your fixed assets

Easily define and create assets to prepare them for evaluation. Besides the general properties, fixed assets displays and manages procurement data, depreciation data, retirement data and transaction figures.

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Group fixed assets hierarchy

Fixed assets hierarchy can be grouped using fixed asset categories. Specific evaluations (fixed asset movement schedule and depreciation movement schedule) can be output as consolidated values based on fixed asset groups (consolidated fixed asset categories). When creating new fixed assets, some fields of the fixed asset categories will also be adopted as suggested values in the respective depreciation model.

The following calculation methods are available:

  • Immediate depreciation

  • Net book value through remaining life

  • Depreciation rate of the acquisition value

  • Depreciation rate of net book value

  • Acquisition value through useful life of the fixed asset

  • Acquisition value through remaining useful life of the fixed asset

  • Net book value through useful life of the fixed asset

Additionally, you can use the depreciation calculation to define any number of depreciation schedules for each fixed asset. This applies to the taxable and imputed depreciation model.

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Automatic depreciation suggestions





Automatic depreciation suggestions

Depreciation suggestions for the fixed assets are created automatically. Depreciations can be carried out via fixed assets, asset groups, balance sheet accounts or cost centers. They are calculated and posted for all fixed assets of a set of books. They can also be completely cancelled.

Asset accounting lists and evaluations

  • Asset history sheet: The asset history sheet shows the development of acquisition costs, costs of goods manufactured, the book values, and the depreciation throughout a fiscal year. It can also be created and output on a monthly basis, i.e. with current monthly transaction figures.

  • Fixed asset history: The fixed asset history displays the individual entries that have been posted to the fixed asset within the specified period.

  • Depreciation movement schedule: Using the depreciation movement schedule it is possible to output the development of depreciations for a previously selected time period in a previously selected output currency.

  • Depreciation planning: Projection of the scheduled depreciations for the next seven fiscal years

    • List of retirements

    • List of acquisitions

    • Development of fixed assets

    • Asset history sheet (imputed)

    • Fixed asset history (imputed)

    • Depreciation movement schedule (imputed)

It is also possible to evaluate the fixed assets of each individual set of books so that the asset history sheet, the development of the fixed assets, or the projected depreciations for each accounting regulation can be created.

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Imputed fixed assets

In abas ERP, you can work with imputed depreciation in addition to tax depreciation (for example, when calculating a cost object). While using the imputed depreciation model and planned depreciation amounts, you can continuously post statistical values in cost accounting even if the net book value of a fixed asset would become negative. For each fixed asset and for all five sets of books, a tax and an imputed model can be created and managed separately from one another. If the tax depreciation model mainly mirrors the imputed model, it can be used as a template for automatic creation of the imputed depreciation model. Also, depreciation amounts from a tax-based depreciation model can be allocated to cost object and cost centers.

Calculation of replacement values

The calculation of dynamic values, such as replacement values, can be executed in tax or imputed depreciation models with index series. You can record the trend of relative and absolute value changes in relation to a specified base year in the index series of a fixed asset. Based on the acquisition and production costs, the calculated value can also be used as the foundation for the depreciation calculation. This is required in taxable depreciation models if the depreciation is carried out to the fair value. A good example is the replacement value as it is done in U.S. GAAP. This is an advantage in imputed fixed asset accounting if the acquisition costs and costs of goods manufactured are not identical to the legally predetermined valuation of the fixed asset.

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  • Easy calculation of depreciation

    You can perform depreciations for any period. The depreciation calculations can easily run by creating depreciation suggestions and by automatically correcting depreciation that is too high or low. You can use planned and unplanned depreciation amounts if an amount varies from the calculated depreciation amount that is entered. The depreciation calculation is integrated in the transaction figures. The current depreciation run and amount can be viewed at any time.

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Depreciation model for each set of books

To facilitate the creation of evaluations according to different accounting rules, such as IAS/IFRS, you can define up to five sets of books in abas ERP. In each of these sets of books you can define a tax and imputed depreciation model for each fixed asset. Different financial reporting specifications, such as depreciation method, useful life, or depreciation start can be defined for each of these different depreciation models. In order to continue to guarantee reporting of the fixed assets according to legal requirements, you can also adopt or enter different acquisition and production costs for each of the depreciation models in the set of books.

Definition of depreciation methods

You can define depreciation methods for an asset easily and flexibly in abas ERP. The process of a method of depreciation can be selected according to the legally required methods of depreciation (straight-line depreciation, declining-balance depreciation and immediate depreciation) as well as various commonly used methods.

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Automatic retirements and transfers

Using the automatic fixed asset transaction, you can carry out fixed asset retirements and transfers supported by the system. You can choose from complete retirement, partial retirement, full transfer, partial transfer or balance sheet account exchange. The relevant entry information can be recorded for all of these transaction types and the corresponding entries can then be generated from the screen.

Calculation of imputed interest

If the calculated replacement values are not used for the imputed depreciation, any number of value changes such as inflation or internal interest rates, they can be recorded in the index series. This signifies that changes in the annual replacement values of a fixed asset and imputed interest rates can be displayed.

Depreciation to the day

It is possible to use the monthly or the  to-the-day depreciation procedure. If the to-the-day depreciation procedure is used, all processes (acquisitions, retirements, transfers) of a fixed asset will be taken into consideration up to the entry date.

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