Skip to main content

FixedAssetAccounting Fixed Asset Accounting

PrismERP asset management solution is designed with the user's perspective in mind. It caters to companies of all sizes—large, medium, and small—ensuring effective asset management, which is crucial for every organization.

1) Add Asset Account​

Navigation Asset New Asset Account

PrismERP allows you to manage all assets within your company or organization. The first step is to create an asset account, from which all asset maintenance costs will be controlled.

Required Fields for Creating a New Asset Account:​

  • Account Name: Name of the asset account
  • Account Type: Type of asset account (e.g., fixed asset, current asset, etc.)
  • Sub Account: Optional field to categorize the asset under another account
  • Note: Optional field for tracking or additional context
  • Description: Optional field for further details
  • Account Code: International Accounting Standard code
  • Opening Date: Date of opening the asset account
  • Opening Balance: Initial balance, if applicable
  • Branch: Specify the branch if the company has multiple branches

2) Asset Account List​

Navigation Asset Asset Account List

The asset account list displays all asset accounts created in the application, along with their respective ledger books.

Key Features:​

  • Left Panel: Displays a list of all asset accounts.
  • Right Panel: Shows the ledger book for a selected asset account.
  • Search Filter: Allows users to filter and view transactions within a specific time interval.
  • Detailed Ledger View: Displays all records and transactions associated with a selected asset account.

This module ensures comprehensive tracking and management of company assets, enhancing financial control and transparency.

Asset Category​

1) Adding a New Asset Category​

Navigation Asset New Asset Category

An asset category defines the characteristics of an asset added to the application. Categorization helps in organizing items or products under specific asset groups.

Required Fields for Creating an Asset Category:​

  • Type: Defines whether the asset is tangible or intangible.
  • Name: Name of the asset category.
  • Depreciation Model: Specifies the depreciation method (cost model or revaluation model).
  • Depreciation Account: Defines under which depreciation account the asset category falls.
  • Depreciation Rate (Year): The annual percentage of depreciation for the asset category.
  • Depreciation Pulse: Frequency of depreciation (monthly, yearly, quarterly, half-yearly).
  • Account Code: Specifies under which asset account the asset category is listed.
  • Depreciation Policy: Defines the depreciation method (Straight Line Method or Reducing Balance Method).
  • Life (Tax): Tax-related depreciation for assets such as vehicles (optional).
  • Life (MIS): Optional field for Management Information Systems (MIS) tracking.

2) Asset Category List​

The asset category list displays all asset categories created within the application.

Key Features:​

  • Left Panel: Displays a list of all created asset categories.
  • Right Panel: Shows basic details related to a specific asset category.
  • Adding New Categories: Click the “+” icon beside the Asset Category heading to add a new category.
  • Editing an Asset Category: Click the edit option in the top-right corner to modify any asset category.

This module ensures streamlined categorization and tracking of assets within the organization.

Asset Items & Products​

1) Add Asset Items​

Asset items can be added in an organized manner within the system.

Navigation Asset Add Asset Item

Required Fields:​

  • Name: Name of the asset item
  • Asset Category: The category under which the asset item falls
  • Type: Specifies if the asset is an inventory product, assembly, or group
  • Feature: Defines the measurements or details of the asset item

2) Asset Item List​

After adding a new item, the system redirects you to the Item List. You can also navigate to the item list through the inventory menu.

Key Features:​

  • Search asset items using the search filter on the top left side of the item list.
  • Filter by selecting Type: Asset and entering the asset item name.
  • The list displays detailed information about the asset item on the right side.
  • Editing and modifications are possible by clicking the edit icon in the top right corner.

3) Add Asset Product​

Asset products can be added under an item for better identification.

Navigation Asset Add Asset Product

Required Fields:​

  • Item: Select the asset item under which the product is added
  • Name: Name of the asset product
  • Code: Unique tracking code (optional)
  • Barcode: Barcode of the product (if applicable)
  • Step Size: Quantity size measurement (whole number or decimal)
  • Unit of Measurement: Defines measurement units (e.g., kg, litre, unit, per piece)
  • Manufacturer: Manufacturer’s name
  • Preferred Vendor (optional): Vendor from whom the product is purchased
  • Prefix: Optional prefix value
  • Start Value: Initial value of the product

4) Add Existing Asset / Opening Asset​

If an existing asset is already in the company, it can be added easily from the application.

Navigation Asset Add Opening Asset

Required Fields:​

  • Delivery Date: Date when the asset was delivered
  • Receive Date: Date when the asset was received
  • Asset Items, Category, Item Name, Product Name, Quantity, Unit, Unit Cost: Fill in all necessary details for accurate record-keeping.

This module ensures proper tracking and categorization of asset items and products within the organization.

Buying New Asset​

To purchase a new asset, the following interface will appear, and the required fields must be filled out to proceed.

Required Fields:​

  • Party: Supplier or vendor from whom the asset will be purchased
  • Name: Name of the company of the party
  • Address, Contact, Email: Supplier’s contact details
  • Order Date: Date of placing the order
  • Delivery Date: Expected date of delivery of the purchased asset
  • FOB Date (Optional): If required
  • Category: Specifies the category under which the asset falls (Inventory, Assembly, or Group)
  • Barcode: Barcode can be used to search for a specific product, then click Add Product to fill in required fields automatically
  • Manual Entry: Alternatively, the product details can be entered manually:
    • Product Name
    • Quantity
    • Unit Cost
    • Total Cost (auto-calculated)
  • Account Information: Defines the account where payment will be processed (Accounts Payable)

This ensures a structured and organized asset purchasing process within the system.

Depreciation​

1) Depreciation Voucher for Assets​

Navigation Asset New Depreciation Voucher

The system allows creating a depreciation voucher to track asset depreciation over time.

Required Fields:​

  1. Frequency of Depreciation: Defines how often depreciation is calculated (Monthly, Quarterly, Half-Yearly, or Yearly).
  2. Upto: Specifies the last date till which depreciation is calculated.
  3. Entry Date: Date when the voucher is entered.
  4. Asset Information:
    • Code: Unique code of the asset item.
    • Asset: Name of the asset being depreciated.
    • Opening Balance: Automatically retrieved based on the assigned asset.
    • Total: Displays the total value of the asset.
    • Depreciation Amount: Auto-calculated based on the depreciation percentage set while creating the asset category.
    • Closing Balance: Shows the remaining asset value after depreciation.

Key Notes:​

  • The depreciation voucher helps companies maintain accurate depreciation records for individual assets.
  • It ensures systematic tracking and reporting of asset depreciation over time.

Asset Disposal​

The application allows efficient processing of asset disposal, categorized into two purposes:

  1. Sale Purpose Disposal
  2. Wastage Purpose Disposal

Required Fields:​

  • Entry Date: Date when the disposal is recorded.
  • Asset Category: Category under which the asset falls.
  • Item: Name of the item to be disposed of.
  • Product: Name of the product to be disposed of.
  • Purpose: Defines whether the disposal is for sale or wastage.
  • P/L Account: Specifies the account impacted by the disposal:
    • Asset Expense: Used when the asset is completely disposed of.
    • Asset Income: Used when the asset is sold.

This structured disposal system ensures accurate financial tracking of asset disposals.

Asset Assignment​

Asset assignment refers to the allocation of an asset to a particular employee for company tasks. The system allows tracking of assigned assets efficiently.

1) Add Asset Assignment​

To assign an asset, the following fields must be filled:

  • Entry Date: Date when the asset is assigned.
  • Asset Category: Category type of the asset.
  • Item: Name of the asset item being assigned.
  • Product: Name of the specific asset product.
  • Serial: Serial code of the product.
  • Branch: If applicable, assign the asset to a specific branch (for multi-branch companies).
  • Department: Department to which the asset is assigned.
  • Employee: Name of the employee receiving the asset.
  • Requisition: Optional field for tracking requests.

2) Asset Assignment List​

This section displays a list of all assigned assets along with detailed information:

  • Category
  • Item
  • Product
  • Serial Number
  • Department
  • Employee
  • Assign Date
  • Duration

From this list, modifications and edits to an asset assignment can be made as needed.

This structured asset assignment system ensures proper tracking and management of company assets.

Opening Asset​

Adding and managing opening assets in the application is simple and efficient.

Add Opening Asset​

Navigation Asset Add Opening Asset

Required Fields:​

  1. Delivery & Receive Date
  2. Asset Information:
    • Category: Select the asset category
    • Item: Name of the asset item
    • Product Name: Name of the product or goods
    • Quantity: Amount of the asset
    • Unit Cost & Total Cost: Financial details of the asset
    • Closing Unit: If applicable

Process Flow:​

  • After filling in the required details, an Opening Asset (AAQ-xxx) is generated.
  • The status of the asset remains pending in the delivery list window.
  • Once the AAQ-xxx is accepted, the opening asset entry will be recorded and impact the system accordingly.

This ensures smooth tracking and management of company assets from their acquisition stage.