Features Of Fixed Asset Module In CISERP

 

When it comes to ERP software in Pakistan CISERP is the first name that comes to mind. An innovative ERP software integrated with state-of-the-art modules and features that are specially designed to accommodate the needs of businesses of types and sizes. 

 

CISERP offers various module integrations along with various implementation plans. Business management professionals and development experts develop the modules of CISERP. Among multiple modules and features of CISERP, the Fixed Asset module is one of its kind features. This feature is used by businesses with multiple assets, the module keeps a record of every fixed asset owned by the business with multiple details parameters. 

 

The functionality of the module depends upon the intensity of its use. Enterprises that are huge and own various fixed assets use this module. On the other hand, small and medium-sized businesses have less use for it. The parameters for recording every asset have been predetermined by the software. 

 

What Is a Fixed Asset Module?

 

The fixed asset is a module that is used to record the entries of fixed assets owned by the company. This module keeps the data of fixed assets: their procurement date, description, valuation, supplier, batch no, custodian, and the scrap value of the asset.

 

All the data helps managers monitor the valuation of their fixed assets, which helps in determining the assets and other fundamental ratios of the business. 

 

What Can You Do With The Fixed Asset Module In CISERP?

 

The fixed asset module in CISERP offers you a variety of tools to modify and enter the data into the system. The CISERP has some parameters that are necessary to be fulfilled before entering the data. You can set the following details of your fixed assets.

  • Asset Type
  • Asset Information
  • Depreciation Policy
  • Depreciation Process
  • Depreciation Posting

 

The above-mentioned tools help in keeping the segregated fixed assets database. The software allows you to make changes in these sets. 

 

Asset Type:

 

The name tells the meaning of the tool. You can add and edit the asset types into the system. The CISERP has the following asset types already integrated into the system; the types are available in the “Chart of ACCT”. Freehold land, office building warehouse, plant & machinery, cars, motorcycles, heavy vehicles, furniture, CSP machine, office equipment, electrical equipment, firefighting equipment, PCs & laptops, IT equipment, civil work, and all these assets on lease. 

 

You can name the asset type, name the prefix, and select the above-mentioned type for them. 

 

Asset Information:

 

The asset information section carries detailed information about every asset owned by the company. Following are the details that the system asks for, Transfer Out, Purchase Order, Purchase Date, Good Recv Note, Item, Asset Tag, Asset Type, Description, GRN Date, No. of Units, Value (Rs.), Written Down Value, Residual Value, Item Category, UOM, Manufacturer, Supplier, Department, Cost Center, Owner’s Dept, Custodian, Location, Taken Over On, Warranty, Serial No, Model No, Expected Life, Expiry On, Depreciation Method, Depreciation Rate, and Status.

 

This information and details are required to make the database organized and help the user with better navigation in the module.  

Depreciation Policy:

 

Depreciation is an accounting principle that is necessary for every fixed asset. Depreciation refers to the decrease in the valuation of every fixed asset throughout its life. Every business uses its own depreciation technique. CISERP offers two depreciation methods: the straight-line method and the declining-balance method. 

 

The depreciation policy section asks for the following input details. Depreciation Method. Depreciation Rate, Period Status, Asset Type, Asset Life, Chart Of ACCT. the system asks for the depreciation rate. The rate of depreciation is used to devalue the assets with that rate for their life. 

 

Depreciation Process:

 

In the Depreciation process section, the user can implement the selected depreciation policy, item type, and other such sections added to the module. In this section, the user will add the depreciation process by selecting the required asset. 

 

In the depreciation process section, the user can select the Asset Type and the Item. Afterward, the user has to update the duration time of depreciation in the Depreciate Upto section. Once set, the user can imply the depreciation to all All Asset Types from the option. Users also have the option to select the Policy Type from this section.  CISERP fixed asset module also asks for the period type, and the user can select between Monthly, Yearly, and all types. 

 

Depreciation Posting:

 

The posting section is the simplest of all sections that are used to post the depreciation fundamentals selected from the above-mentioned sections. The user can select various and update the section. Once updated all the updates will be posted on the accounting reports and accounting section of the CISERP. 

 

To post the depreciation the user has to create a depreciation voucher document that is the above-mentioned settings of the module. 

 

CISERP, Transforming Business Management Forever:

 

CISERP with its various resourceful modules has been serving national and international clients for decades. In our decades-long commitment to serving our clients with the best, we can CISEPR has achieved hundreds of milestones in creating remarkable software. 

 

Modules like Fixed Asset management, sales module, inventory module, and others are the benchmark modules of CISERP helping businesses in achieving organizational efficiency.