Fixed Asset Inventory is designed specifically for use by educational users. It provides a means of tracking information on physical assets such as cost, life expectancy, etc. to meet audit ability, insurance, and GASB 34 requirements. The Fixed Assets System interfaces with the Financial Accounting System to provide accountability for the organization’s property. Records can be kept for all equipment, and reports are generated to track the equipment from the time of acquisition to the time of disposal.
Records for the Fixed Asset System can be initiated at purchase order or payment time in the Financial Accounting System. Selected transactions are automatically carried through to the Fixed Asset System. This ensures that the detail asset records match the information in the accounting system.
Depreciation calculations also are supported, in compliance with GASB 34 requirements, including entering prior depreciation, calculating the current year’s depreciation, and maintaining balances for accumulated depreciation from prior years.
The system includes flexible reporting of assets by tag number, account number, category, building, and room. The structure of the data base facilitates the use of report generators to develop custom reports.