The Asset Register



Asset Register

The assets added to the Asset Register in each period are shown on the Additions Audit Trail.

The data held on each record in the Asset Register is split into two groups: static information, and the figures and categories which are used for calculating depreciation.

Static information includes the alpha code, a description of the asset and up to nine analysis fields. These may be changed at any time through the option Amendments.

The figures affecting the calculation of depreciation, include the depreciation category, capital cost, WDV, residual value, transfer date, period and cumulative depreciation. Any changes to these figures will alter the depreciation of the asset. This information, together with the General Ledger category, must be amended with care through the option Adjustments. Alterations are shown on the Adjustments Audit Trail.

An asset is not removed from the Register until it has been disposed of through the option Disposals and the record is no longer required. It is advisable to keep the records of assets which have been disposed of until the final accounts have been produced at the end of the financial year. Disposals are shown on the Disposals Audit Trail.

When entering an asset that has already started depreciating, it is possible also to enter the current WDV and the number of periods over which the asset has depreciated so far. This option is controlled by the system key FATAKEON.






General Ledger Categories

The option G/L Categories allows you to add (to the General Ledger Category File) the account codes of the balance sheet and profit & loss accounts for every asset. Details of additions, disposals, depreciation and adjustments can then be automatically posted to the General Ledger. Each asset in the Asset Register must be assigned to a General Ledger category.

The General Ledger categories allow the movements for each asset to be posted to different sets of General Ledger balance sheet and profit and loss accounts, according to the type of asset and the department (i.e. cost centre) which has budgeted for its depreciation.

The most commonly used General Ledger category can be defined in the system key FANLCAT, so that it is shown as the default category when a new asset is entered in the Asset Register through the option Assets. If the asset is to be given a different General Ledger category, the operator can overtype it with the appropriate code.