A fixed asset is a long-term tangible piece of property or equipment that a firm owns and uses in its operations to generate income. Fixed assets are not expected to be consumed or converted into cash within a year. They are also referred to as capital assets. A company's balance sheet statement includes its assets, liabilities, and shareholders' equity.
Fixed asset turnover ratio - Formula, meaning, example and interpretation
The work presents a design of a Fixed Assets management system. A Fixed Assets Management system is concerned with the computerization of environmental records appraisal IMT Assets in order to achieve the aims and objectives of the organization. The entrance of computer into the Fixed Assets Management system will help create and maintain efficient records. The design was implemented to facilitate the Fixed Assets Management system for administration. It will be less time wasting and cheap to run.
The three “D”s of fixed asset accounting: Dos, Don’ts, and Details
We were asked to automate the corporation tax process for the fixed assets register FAR. This involved high volumes of assets that could not be handled by the tax module in their ERP to identify the correct addition, disposals and retirement of assets. The automation process developed new features to handle assets purchased in multi-currencies from numerous jurisdictions and manual adjustments. The aim of automation was to remove manual adjustments to identify the correct additions and correct disposals to calculate the capital allowances correctly. There were some added complexities that required manual adjustments including the sale of assets to customers, the movement of assets between jurisdictions, capturing corrections to assets value incorrectly entered to the ERP, identifying end of life assets from a tax perspective, tracking the correct date of additions for Irish tax rules and removing the error of double counting assets as a result of the movement of assets between jurisdictions.
Chapter One 1. Chapter Two 2. Chapter Three 3. Chapter Five 5.