Proteus Vision ERP Fixed Asset Module
Fixed asset is a tightly integrated component of Finance module of Proteus Vision ERP. It provides end to end functionality to streamline Fixed Assets for the enterprise. It is easy to use, comprehensive and compliant as per the accounting practice(Indian GAAP). It is an advanced software solution incorporating comprehensive features to automate the entire asset lifecycle, from acquisition to disposal. Powered with AI it Provides accurate records and analytics and actionable insights.
Seamless Asset Creation from Purchase
Vision Fixed Asset module offers direct integration with the SCM>Purchase module, automating asset creation from purchased inventory. In Asset installation after purchasing, inventory is consumed and converted from a current asset to a fixed asset. The system seamlessly captures this transition, minimizing manual effort and ensuring accurate record-keeping.
Purchase Component and Create Fixed Assets
Buy components items from purchase module and convert them into fixed assets items. For example, you can procure wood, glass, carpentry consumable, professional service and create a table. Vision ERP enables you to consolidate these components and create an asset, which can be directly transferred to fixed asset register. This maintains records of purchase history along with the asset for future reference.
Complete Asset Lifecycle Tracking
With Vision ERP, you can capture all the events that may take place during the life of asset
- Purchasing: Indent to Receiving
- Put to use: Record the date when assets are put into operation, this is important information and triggers depreciation calculations
- Component addition: Add components to existing assets as upgrades or replacements, maintaining asset history and accurate valuations.
- Asset Revaluation: Adjust asset valuations from time to time, ensuring financial statements reflect accurate asset values. There can be many reason which may require a asset re-valuation such as change in market price, servicing done to enhance the value etc.
- Asset Sales: Manage the sales of asset for disposal from gross block and post financial transactions with GST. It debits the sold to customer and credits the relevant asset account.
- Asset Scrap: When asset is no more in use, it can be scrapped and disposed. System generates necessary accounting entries and post to Leneral Ledger as per accounting standards.
- Asset Transfers: Transfer assets between sites (location) within the organization while preserving accurate records of ownership and location changes. Also posts accounting entry in respective books of the site for accounting.
Depreciation Calculation
Vision ERP provides depreciation calculations that comply with Indian GAAP as per Company Act and Income Tax. It supports multiple methods such as Straight-Line, Written Down Value, Reducing Balance as per useful life. The system automatically calculates depreciation amounts and post to general ledger automatically for each month. Depreciation calculation can consider fixed asset usage in the calculation formula.
Integration for Machinery in Manufacturing and Maintenance
The Fixed Asset can be linked with Plant Maintenance and Manufacturing module to track asset status and usage for plant and machineries. The usage information can be directly picked from the production module and used in depreciation calculation as per usage.