Assets Register – Rajawali Adikarya

What Is It?

In accounting terms, an asset represents a resource that is owned by a company and is represented as such on the company’s balance sheet. Assets may have a short-term horizon, i.e., current assets (e.g., cash, accounts receivable, inventory, etc); or long-term value, i.e. fixed or non-current assets (e.g., equipment, land and buildings, etc).

Fixed assets are those assets bought by a business that are permanent in nature and which will have a useful life of one financial year or more. Unlike inventory which is bought specifically for resale, fixed assets are not sold in the ordinary course of business, but are used in the execution of a organization’s business. Examples of fixed assets include land, buildings, plant and machinery, office furniture and delivery vehicles.

Companies are required to state the value of the fixed assets that they own in their annual financial statements. Internationally accepted accounting standards require that companies state the original cost of their assets and a fair value of the assets at the time of the financial statements.

Tax Authorities also require that a register of assets be maintained. In addition to the above information, they require that the annual amounts claimed for tax (tax depreciation) in respect of the assets and the tax values of the assets be recorded.

SYSPRO’s Assets Register module caters for the above requirements and is a sub-ledger which should reconcile back to control accounts in the General Ledger module if the two are integrated.

The module provides for additions, acquisitions, disposals, asset counts, tax and book value depreciation, and depreciation adjustments. You can also record costs incurred in the maintenance of assets against the individual asset concerned. These costs can be broken down over a number of expense codes.

You can enable the option Asset Amendment Journal required in the Assets Setup, which will produce a list of all assets, branches, cost centers, groups and locations that have been added, changed or deleted.

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SYSPRO Solution

The Assets Register system enables you to manage and control your non-current assets in terms of book value and tax depreciation, additions, disposals and revaluations.

You can choose to run the Assets Register as a stand-alone module or integrate it to the General Ledger. You can optionally record costs incurred in the maintenance of assets against the individual asset concerned. These costs can be broken down over a number of expense codes.

Extensive valuations and revaluations can be performed on your assets and an import facility enables you to generate your assets register by importing asset details created by 3rd-party application software.

Process Flow

Most companies have fixed assets, purchase new fixed assets and dispose of some of their fixed assets during a financial year.

New assets are purchased and commissioned by the business. As the asset is used, depreciation is charged for the use of the asset relative to the estimated useful life of the asset while it is in use.

During the useful life of the asset it may be transferred to a different branch, cost may occur against the asset and the asset’s value increased or decreased.

Eventually the asset reaches the end of useful life and the sale or scrapping of the asset is approved. The asset is sold or scrapped and is disposed of.

Assets Register Process Flow

Integration

The Assets Register solution can be installed standalone or integrated with the General Ledger.

The primary purpose of the Assets Register solution is to manage and control your asset investment.

An audit trail of all entries is recorded and can be viewed using the Asset Query program and printed using the Full Enquiry Listing – Assets program.

Asset tracking is enabled through a number of fields including asset branch, cost center, location and owner.

The integration of financial information to the General Ledger can be defined at branch, group and cost center level or a combination of these (General Ledger Integration).

Extensive valuations can be performed on your assets. These valuations include book value, tax value, and ten alternate values. In addition, an asset revaluation program (Asset Revaluation) enables you to revalue assets, creating the appropriate entries for the General Ledger.

Additional programs include an asset transfer program (Asset Transfer), an asset disposal program (Asset Disposals), a depreciation adjustment program (Asset Depreciation Adjustment) and a depreciation adjustment for EUL program (Asset Depreciation Adj for EUL), all of which also create the appropriate general ledger entries. An asset import program and asset acquisition import program enable easy transfer of asset details from 3rd-party products.

The Capex system facilitates creation of WIP jobs, purchase requisitions or purchase orders for approved budgeted Capex lines.

An asset labeling system is also provided.

Security can be enabled against various functions and fields (Operators).

General Ledger

SYSPRO enables you to determine whether you want Assets to be integrated to the General Ledger and if so, whether the integration is to be in real-time or in batch mode, and whether the transactions are to be posted in detail or in summary (see General Ledger Integration in this document).

You use the Assets tab of the General Ledger Integration program SYSPRO Ribbon bar > Setup > General Setup > GL Integration to define the general ledger accounts to be used when processing Assets transactions.

Assets interfaces

Use the Assets Ledger Interface program to define the interface ledger accounts required at asset branch/cost center/group level for the Assets Register module.

Branches

Use the Asset Branches program to define the branches in which your assets are located.

The Assets Register can be integrated to the General Ledger at branch level.

Cost centers

Use the Asset Cost Centers program to define the cost centers to which your assets are allocated.

Cost centers are defined within Asset Branches and may be used to integrate asset transactions to the General Ledger.

Groups

Use the Asset Group Maintenance program to define the asset groups which you can use to categorize your assets.

Asset groups can be used for ledger integration purposes to establish the correct ledger codes for the various depreciation codes.

Assets Register Integration to other SYSPRO solutions

For more info about Syspro, you can also visit the Syspro website at Syspro

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