¶ Purpose
The Assets section allows the user to add details about fixed and movable assets, including details such as description, location, value, acquisition date, depreciation, maintenance history, and disposal status.
The following are steps of the Asset lifecycle in the ERP system
- Asset Registration: Adding details such as the capitalization date, cost, location, and serial number.
- Depreciation Calculation: Auto-calculate depreciation value as per accounting standards.
- Tracking & Maintenance: Monitors usage, service schedules, and asset condition.
- Accounting Integration: Updates asset values and depreciation in the general ledger.
- Disposal/Transfer: Manages the sale, scrap, or transfer (relocation) of assets.
For Example, The Company purchased machinery for ₹5,00,000.
- ERP records it under Fixed Assets.
- Sets depreciation rate (e.g., 15% per year).
- Automatically calculates yearly depreciation.
- Reflects updated asset value in the Depreciation reports.
¶ Flowchart
¶ Transactions
The following transactions must be completed.
- Asset Type
- Asset Master
- Asset Master Cost Distribution
- Change Ledger
- CWIP (Capital Work in Progress)
- Transaction Approval
- Depreciation Report- Straight Line or Depreciation Report- WDV
- Asset Transfer
- Asset Transfer Receipt
- Sale of Assets