Fixed Assets

The Trax Distribution:Solutions Fixed Assets Module is a full function component to track and depreciate corporate assets in a multitude of ways. The Fixed Assets module can be used independently or it can be integrated directly into the General Ledger.

The Fixed Assets table allows you to define each fixed asset you wish to track and depreciate. Each fixed asset must be assigned a unique ID. This ID will be used to select and sort fixed assets on reports and inquiries using Progress's Can-do finds. In addition to a unique ID, you can also specify the following information for each fixed asset:

• A full 60 character description
• A serial number (This field can also be used to sort and select fixed assets)
• The physical location of the asset (This field can also be used to sort and select fixed assets)
• A model number
• Salvage dollar value of the asset
• Insurance dollar value of the asset
• Your insurance policy number, expiry date, and broker
• The supplier from whom the asset was originally purchased
• A 20 character memo field
• An unlimited number of notes attached to each asset.
  

In addition, the Fixed Assets module allows you to create groupings for fixed assets. Each asset is placed within one of these user-defined asset "type" groups. Group IDs can be used to select fixed assets in reports and inquiries.

You can define any number of depreciation formulas. Depreciations can be calculated on the base asset value (straight line) or on the accumulated book value of the asset (declining). Depreciation formulas can be set up as either a yearly depreciation or by fiscal period for any length of time. Trax Distribution:Solutions Fixed Assets does not limit you to pre-defined depreciation schedules. Rate schedules can be defined as a set or a variable rate, i.e. 40% the first year, 30% for years 2 and 3, and then 25% for years 4 and 5. You can create any number of depreciation formulas that vary methods, time frames, or mathematical calculations. 

Any number of depreciation formulas can be linked to a single fixed asset. A Trax Distribution:Solutions system parameter will control whether you can have multiple depreciation formulas set up to interface to the General Ledger. If this parameter is set to "no", you can depreciate an asset in any number of ways within the fixed asset module, but only in one way in the General Ledger.

The Fixed Asset transaction screen is used to enter and edit fixed asset transactions. This function is used to "acquire", "dispose of", "adjust the asset value", and "enter or edit depreciation transactions". Depreciation transactions can also be created automatically through a depreciation generation report function. This function calculates depreciation amounts for each asset and each depreciation formula linked to that asset.

Reporting in the fixed asset module consists of a number of list, management, and balancing functions. The fixed asset list can be sorted by asset-ID, serial number, or physical location. Assets can be selected by Can-do expressions of IDs, types, suppliers, physical location, insurance suppliers, and entities. The "book value" management report lists each asset and its asset and the book value for each depreciation formula linked to it. Assets can also be selected on this report in a number of ways. The month end balancing functions are used to verify values before interfacing or posting fixed asset transactions directly to Trax Distribution:Solutions' General Ledger.

Along with numerous printed reports, the Fixed Assets module also includes two on-screen inquiry functions. You may view transactions for a single fixed asset or for selected groups of assets. The on-screen inquiries display fixed asset transactions as well as quick, on-line inquiries for asset and book value figures.