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Fixed assets: register and depreciation

Every combi oven, cold room, dishwasher, deep freezer and dining table your kitchens and outlets own sits in one register. It has 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.

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The problem it solves

The asset list is an Excel sheet the accountant updates once a year for the audit, and nobody trusts its figures.
You buy six steam cookers and two chapati machines on one bill, and nobody can say which kitchen each went to.
A deep freezer moves from the main kitchen to a satellite counter, or a dishwasher is scrapped, and the books never hear of it.
The owner asks what the equipment of each kitchen is worth today, and the answer takes a week.

How it works

Your accountant sets up the asset categories once: Plant and Machinery for ovens and cold rooms, Furniture and Fittings for dining tables. 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.
Assets also come in from the store. When a product category names a Fixed Asset Category, receiving serial-numbered items of it makes one draft asset per serial.
Open the draft, check the cost, the custodian and the place, typed such as Main Kitchen or Block C Counter, and press Confirm. The depreciation board is worked out to the end of the asset's life.
When a freezer moves to another outlet or an oven gets a costly new burner, 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.

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 the 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, so it follows your Entity's financial year
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

Code numbered FA/year/, name, serial number, category, cost, salvage value, Bought On and In Use From
Custodian (a user, such as a kitchen manager), Where (typed) and an analytic account per outlet if you like
States: Draft, Running, Paused, Fully Depreciated, Disposed; book value always shown

Changes and disposal

Add Value (Improvement), Revalue, Impair, Change Remaining Life, Pause, Resume, Move / New Custodian
Each change is kept on the Changes tab with the date, from, to and who made it. The board is worked out again from that day
A paused asset, such as a counter closed for the vacation, stops depreciating; resuming carries on with the months that were left
Dispose as Sold (Sold For, the buyer, Make the Invoice: on to start with) or Scrapped. Depreciation is posted up to the day, part month by days

From the store

A product category can name a Fixed Asset Category
Receiving serial-numbered products of it makes a draft asset per serial, at the received cost, with the stock location the serial is in
Keep such categories on manual stock valuation so the value is not counted twice

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.

Kitchen or outlet 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 Feast Manager 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 Feast Manager 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 counter, kitchen or store tablets
Not linked to the outlets and kitchens of Food Service: Where is typed on each asset
Not linked to the equipment of the food safety records: a fridge logged for temperature is not its fixed asset
Not in SmartMy Feast: a tax book for income-tax depreciation by block, 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)
Per product category: Fixed Asset Category, for assets from goods received
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. They also get a to-do in the back office. App push is built in and not switched on yet.

Questions

We bought six steam cookers on one bill. Do we enter each one?

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

Can a freezer received in the store become an asset?

Yes, when its product category names a Fixed Asset Category and the item has a serial number. Each serial received makes a draft asset.

Can we see assets for each kitchen?

Group the register by Where to see each kitchen or outlet. For value by outlet, give each asset the outlet's analytic account.

Does it work out income-tax depreciation?

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

Can a manager scrap a broken oven alone?

Dispose makes a request that waits for the Asset change chain. Add a level with the owner to see every sale and scrapping.

Related features

ASSETSAsset care, and assets issued and returnedGive a tablet to a cashier, a food trolley to a counter or a hot case to a catering client. 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 cold room, oven and dishwasher. The person looking after it is told 30 days before each ends.ASSETSPhysical verification of assetsCount the ovens, freezers, tables and counter equipment of each kitchen and outlet by scanning their QR tags. See at once which were found, which are missing, which turned up somewhere else and which are not in the register.ACROSS SMARTMY FEASTApproval chainsDecide who approves what in your canteen. It may be a void or discount at the counter, a guest meal or a promotion. Or an indent, a purchase request, a stock count difference or wastage. Each kind has its own chain per Entity, with levels and amounts, and small requests can go through at once.KITCHEN PRODUCTIONTemperature logs, checklists and food samplesKeep the kitchen's food safety records in one place. These are fridge and freezer temperatures with their allowed range, and daily, weekly and monthly checklists made by themselves. Also food samples kept for 72 hours. A reading out of range or a failed check reaches the kitchen managers at once.

See it with your own menu.

Tell us how many outlets you run and how people pay today. We will show you a day in your mess or canteen on SmartMy Feast.

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