The South African Income Tax and Company Acts require that all businesses keep a detailed register of fixed asset. This register must include all details such as acquisition date, purchase price, asset type, serial numbers, etc. Maintaining and managing this information is an extraordinarily time-consuming function, since these assets must be depreciated according to varying sets of accounting rules which are frequently changed by legislation.
Fenya Fixed Asset add-on module is a business software management tool that assists in automating asset management and depreciation by providing the following key functions:
- Capture of all asset details, such as type, location, condition, serial numbers and depreciation rules
- Depreciating each asset according to the accounting rules that apply to its asset type, including tax, financial and useable life
- Providing retro-active depreciation should legislation cause these rules to change
- Providing a current financial, tax and useable value for each asset
- Allowing for the correct accounting for profit or loss on disposal or scrapping of these asset
- Full Integration into Pastel Partner accounting software
Since Pastel Partner is the accounting solution of choice for most South African Businesses, all of these functions are automated and provide full integration into Pastel Partner 2011, as well as into hand-held barcode scanners to allow for easy capture of asset details and locations. In addition, extensive management reporting provides all the necessary information for Enterprise Resource Planning (ERP).