Module 8 of 13 · M108
Fixed Assets Management
Cradle to disposal, with depreciation posted
The life of every asset: registration, deployment, assignment and transfer, maintenance, depreciation and eventual disposal. The asset register and the ledger agree at all times.
Grouped as Entries
- Definitions
- 3
- Transactions
- 7
- Periodic Processes
- 1
- Enquiries
- 6
- Reports
- 3
Total 20
Counted from the application’s own menu.
Screenshot reserved Create Fixed Asset — Fixed Assets Management
The inventory
What this module holds
Every module in Magnet ERP files its screens under the same five headings — Definitions hold the reference data the module works from, Transactions are the entries staff make day to day, Periodic Processes are the runs made at the turn of a period, Enquiries look up what is on record, and Reports print it — so a clerk who has learnt one module already knows where to look in the next.
Fixed Assets Management carries 20 entries across 5 of those headings. What follows is the module’s own menu, entry for entry, in the order the application lists it.
One thing to read the list with: a posted entry is never overwritten. A document is corrected while it is still unverified; once it has been endorsed it can only be undone by a reversal, and the reversal is a dated record of its own. Every module, this one included, opens with its Endorsement Officers for the same reason: someone named has to stand behind what is posted. That is what makes the books defensible when somebody comes to audit them.
Definitions 3
- Endorsement Officers
- Asset Accounts Categories
- Assets Depreciation Methods
Transactions 7
- Create Fixed Asset
- Assets Register
- Assets Deployment
- Asset Maintenance
- Asset Assignment/Transfer
- Asset Issue
- Asset Scrap
Periodic Processes 1
- Depreciation Process/Update
Enquiries 6
- Assets Register
- Asset Accounts Categories
- Assets Deployment
- Asset Maintenance
- Asset Assignment/Transfer
- Asset Register (History)
Reports 3
- Asset Register Reports
- Asset Financial Reports
- Asset Status Reports
Worth naming
What a feature list would not tell you
An asset can be disposed of by sale, not only scrapped: the proceeds are set against the written-down value and the resulting gain or loss is posted to profit or loss.
One set of books
Where Fixed Assets Management meets the ledger
Fixed Assets Management keeps its own registers; it does not keep its own books. What is recorded in this module posts through to the Integrated General Ledger — the chart of accounts, the journal vouchers, the accounting periods and the period close. Every module posts here; the business keeps one set of books.
That single set of books is also where the project claim is settled. MagnetERP is called an Enterprise Projects Business Solution because every transaction can be linked to a registered chart of projects or to project-milestone codes — contract job batches, production job batches and procurement job batches. That applies to the entries this module makes as much as to any other.
Every transaction keeps its own currency and its exchange rate to the base currency. And because one organisation may run several companies in Magnet ERP, each company’s records are kept properly separate: a figure posted in one is never quietly counted in another.