Fixed Assets Accounting

The Fixed Assets Accounting process is used to handle the fixed assets, e.g., the machinery, in a company. The process also includes activities for querying and printing financial information on the fixed assets.

IFS/Fixed Assets is used for:

Managing acquisition of fixed assets.
Importing objects, i.e., transferring fixed assets that have been depreciated in another system.
Entering acquisition value adjustments per book
Managing inventory of the fixed assets.
Calculating depreciation according to plan.
Calculating tax depreciation.
Calculating costing depreciation.
Calculating cost of capital.
Managing disposal of fixed assets, sale, and scrap, including profit/loss calculation.
Moving objects, e.g., moving a fixed asset from one cost center to another in the same company.
Splitting objects, i.e., transferring part of the transactions for an object to another object in the same company.

IFS/Fixed Assets belongs to IFS Financials and is integrated with IFS/Accounting Rules, IFS/General Ledger, IFS/Internal Ledger and IFS/Invoice.

IFS/Accounting Rules is used for managing the accounting rules for creation and validation of accounting transactions. These rules include basic data about the code string and information about users, vouchers, and accounting periods. An important part of the preparation before the system is put into operation is going through the rules and the basic data that is created.

Several system events in IFS/Fixed Assets are controlled by the posting control in IFS/Accounting Rules. The transactions created in IFS/Fixed Assets are transferred to the hold table in IFS/Accounting Rules and/or IFS/Internal Ledger. The transactions are then updated to the respective ledger by the update routine in IFS/General Ledger and/or IFS/Internal Ledger.

IFS/Invoice handles the supplier invoices for the fixed assets. Manual vouchers for fixed assets can be entered in IFS/Accounting Rules. The updating routine then updates IFS/Fixed Assets for acquisitions.