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Fixed assets: register and depreciation

Every projector, AC, sound system, gym machine and chair your facilities own sits in one register with its cost, depreciation and book value. Depreciation posts to your books each month, and selling or scrapping an asset goes through your approval chain first.

PLANSScale only

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The problem it solves

The asset list is a spreadsheet updated once a year for the audit, and nobody trusts it.
You buy 60 chairs for the auditorium on one bill, and nobody can say which hall each one went to.
A projector moves from the seminar hall to the board room, or a treadmill is scrapped, and the books never hear of it.
The owner asks what the equipment of each site is worth today, and the answer takes a week.

How it works

Your accountant sets up the asset categories once, such as Furniture and Fittings for chairs and Plant and Machinery for ACs and gym machines. Each has its accounts, method and useful life.
Assets come in from bills. With Make Assets from Bills on, a vendor bill posted on the category's asset account makes draft assets, one per unit if you ask. A bill for 60 chairs makes 60 assets.
Open the draft, check the cost, the custodian and the place, typed such as Main Hall or Gym, and press Confirm. The depreciation board is worked out to the end of the asset's life.
When a projector moves to another room or an AC gets a costly new compressor, press Change. Revaluing, impairing and changing the life wait for your Asset change approval chain.
When you sell or scrap an asset, press Dispose. The request waits for the same chain. Once approved, the entry takes the asset off the books with its gain or loss, and a sale can raise the buyer's invoice.

Everything it does

Depreciation

Methods: Straight Line, Written-Down Value, Declining to Straight Line, Units of Use, Manual Schedule, Not Depreciated (land)
First period: by days from the day in use (the default), or whole first month. Or from the next month, or half a year in the first year
Written-down value works on each financial year's opening value
Each month's line is Planned or Posted with its journal entry. Depreciation Schedule shows every asset's lines as a list or pivot by category, year and Entity

The asset and its changes

Code numbered FA/year/, name, serial number, category, cost, salvage value, Bought On and In Use From
Custodian (a user, such as a site's caretaker), Where (typed) and an analytic account per site if you like
States: Draft, Running, Paused, Fully Depreciated, Disposed; book value always shown
Add Value (Improvement), Revalue, Impair, Change Remaining Life, Pause, Resume, Move / New Custodian, each kept on the Changes tab
Dispose as Sold (Sold For, the buyer, Make the Invoice: on to start with) or Scrapped; depreciation is posted up to the day

Who uses it

The accountant (Asset Manager)Sets up categories, adds and confirms assets, makes changes, sells or scraps assets and reads the depreciation schedule. Only this role adds or changes assets.

Facility manager (Asset Incharge)Reads the register and where each asset is, once they also have an Invoicing role. Gives assets out, takes them back and counts them.

Every staff member (Asset User)Sees only the assets given to them, in the SmartMy Facility app or from the message.

The ownerApproves revaluations, impairments, life changes, sales and scrapping through the Asset change chain, when added as an approver.

Where you use it

Web: Invoicing > Fixed Assets (Fixed Assets, Depreciation Schedule, Asset Requests)
Web: Invoicing > Configuration > Asset Categories
The SmartMy Facility app: Find an asset for the Asset Incharge. Scan the QR tag or type the serial number to see where the asset is and who has it. The app is built and in testing, not in the app stores yet
Not in the app: adding or changing assets, and depreciation
Not on the booking portal: hirers and members do not see assets there
Not linked to the facilities you set up for booking. Where is typed on each asset, and a problem reported on a room is not an asset record
Not in SmartMy Facility: a tax book for income-tax depreciation, and capital work in progress

What you control

Settings

Per category: method, useful life (60 months to start with), rate, salvage share, first period (by days to start with)
Per category: Write Off Below, Make Assets from Bills (off), One Asset per Unit (on), Post Depreciation Each Month (on)
Asset change approval chain: the asset managers to start with, with levels you add under Approvals > Configuration > Approval Chains
Roles: every staff login has Asset User by itself. Nobody has Asset Incharge to start with. Only the administrator has Asset Manager: give it to your accountant

Approvals

Asset change: revaluing, impairing, changing the remaining life, selling or scrapping an asset waits for the chain (the asset managers to start with). Improvements, moves, pause and resume go through at once.

Notifications

Request Waits for Your Approval: to the approvers of the Asset change level, in the app and by email. App push follows once the apps are in the stores. They also get a to-do in the back office

Questions

We bought 60 chairs for the hall on one bill. Do we enter each one?

No. Turn on Make Assets from Bills on the category. The bill line of 60 makes 60 draft assets at one-sixtieth of the cost each. You type the place and confirm.

Can we see the assets of each site?

Group the register by Where to see each hall or room. For value by site, give each asset the site's analytic account. Each Entity keeps its own register.

Does it work out income-tax depreciation?

No. It keeps depreciation for the books, including written-down value at a yearly rate. Your accountant works out the income-tax block separately.

Which plan has it?

Scale. The register and depreciation come with care, issue and return, and physical verification.

Related features

ASSETSAsset care, and assets issued and returnedLend a projector to a hirer, a laptop to a caretaker or a PA system to a hall. A member of staff confirms what they receive, in the app or from the message, and the asset moves to them only then. Record its condition when it comes back. Keep the warranty, maintenance contract and insurance of each AC, lift and gym machine. The person looking after it is told 30 days before each ends.ASSETSPhysical verification of assetsCount the projectors, ACs, chairs and gym machines of each hall and room by scanning their QR tags. See at once which were found, which are missing, which turned up in another room and which are not in the register. The count is kept with who saw each asset and when.ACROSS SMARTMY FACILITYApproval chainsBookings that need approval in SmartMy Facility go through a chain of levels. For example: the facility's approvers, then the head of department or the principal. With no set-up only hall and auditorium bookings wait; you choose which other bookings need approval, and who decides at each level, without code.GROUPSSeveral entities in one accountRun the facilities of several institutions, firms or trusts in one SmartMy account. Each Entity has its own facilities, rules, approval chains, charges and message settings. A site can hold several Entities that share a hall on agreed terms.SERVICES AND PROBLEMSProblems and damage reported with a photoThe booker or the front desk reports a broken projector or a damaged table from the booking. A photo from the phone and how bad it is go with it. Managers get a to-do, and damage can be charged to the booker.

See it with your own rooms.

Tell us what you run: rooms, halls, courts, desks. We will show you a booking from request to check-out with your rules.

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