The Fitrix ERP Fixed Asset module provides a comprehensive system to track your capital expenditures and the functionality to calculate and post the depreciation at the end of each accounting period or fiscal year. It also allows you to track depreciation on an unlimited number of assets with an unlimited number of books. Many of the Internal Revenue Service class codes and depreciation methods are already included in the module for your convenience.
Features/Function Highlights
- Automatically posts monthly provisions to the General Ledger
- Calculates book and tax depreciation using a number of different depreciation methods
- Groups assets for reporting purposes
- Tracks warranty information and maintenance costs on each asset
- Revalues assets based on additional capitalized expenditures
- Ability to enter and post year end adjustments due to short years and any required conversion to mid-quarter convention
- Calculates profit or loss on the sale of any asset
- Ability to automatically “clone” assets during initial set up
- On line historical notes for each asset
Reporting
Reports available include:
- Print Asset Life Summaries
- Print Form 4562 Data
- Print Tax Preference Report
- Print Gain/Loss Report
- Print Acquisitions Report
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