The Fixed Assets system from Computer MAGIC is designed specifically for the Club environment. It is a simple to use product that allows the Purchase and Sale of Assets to be processed as part of the normal transactions of the club. All necessary journal entries for Depreciation are generated and processed automatically into the General Ledger.
The Fixed Assets system integrates with the Computer MAGIC Cash Management and General Ledger system allowing the once only handling of Supplier invoices that contain Asset Purchases.
The system can be run by non-Accounting staff internally. There is now no need to have external professionals maintain an Asset Register and generate all the necessary journal entries for Asset Depreciation, Purchase, Sale and Scrapping of Assets. This will save the club in professional fees.
Some of the features of the FIXED ASSETS system include:
File and System Details
- the system provides for 30 Asset Groups which are effectively the Asset Account groups in the club's Balance Sheet.
- there can be up to 60 Asset Locations that help divide your Asset Register into logical physical sections. It also allows for the posting to the appropriate Cost Centre Depreciation Expense Account for true Cost Centre profitability.
- both Fixed and Reducing Balance Depreciation Methods are supported.
- separate Depreciation Methods and Depreciation Rates can be held for each Asset for both Accounting and Taxation reporting.
- each Asset can have up to 255 Additions with the Original Cost, Accumulated Depreciation and Written Down Value (WDV) maintained for both the Original Asset and the Additions.
Data Input
- all Purchases of Assets are handled as the invoice is processed in Cash Management, meaning the one time handling of Asset invoices.
- Sales of Assets can be made via the daily banking routine as a Cash Sale or sold on credit to a Debtor.
- Trade-ins of Assets are handled as part of processing the Creditor invoices in the Cash Management system.
- all Asset Sales are recorded against a Clearing Account for later processing in the Fixed Asset system. This ensures that processing of the normal transactions in the Cash Management system is not delayed by determining which Asset, or part thereof, has been sold.
- the Depreciation Journal for each Period calculates the Depreciation for each Asset and updates the appropriate Accounts in the General Ledger.
- an Asset Register can be printed by Location and/or by G/L Account.
- a Depreciation Schedule can be printed using the Accounting or Taxation method and rates of depreciation.
- reports listing Purchases and Disposals for the year are available.