The Palladium Fixed Assets module allows you to manage 2 very distinct features. Firstly it allows you to manage and control your assets as required by legislation with the ability to process up to 5 depreciation calculations(commonly known as Asset Registers) per asset. Secondly, you can record all costs against your Assets, record the Usage per asset for a period, then run Efficiency reports per asset.
Setting Up the Assets Module
Before you start processing you need to first Setup the Assets Module. To do this you go to the Assets Module, in the maintenance section.
The create location function allows you to assign locations to assets and transfer items across locations. This also facilitates in the Asset count function.
These reason codes could be Sold or Scrapped and assist in analysing your reason for disposal.
These expense types relate to the recording of costs against an asset in order to assess the efficiency levels of an asset. This could be fuel costs in Litre or Service Fees etc.
The depreciation methods are the different methods you use to depreciate your asset. These methods include:
- Straight Line Method
- Equal Allowance Method
- Reducing Balance Method
- Immediate Write-off Method
- Variable % Method - this method will allow you to define the number of years over which to write down the asset with custom-defined percentages set per year (as seen in the screen below)
- No Depreciation Method
The Asset Types, or Groups is the way in which the respective assets are maintained in the Ledger Accounts as well as their common methods of depreciation.
We also cater for up to 5 different Depreciation Methods per asset each with the facility to report per Method, or Asset Register. Note that the Asset Registers (Depreciation Methods) can have their own custom name settings that can be found in the Control Panel >> Options >> Naming Conventions.
The Other Ledger Accounts such as Asset Cost and Repairs & Maintenance are used during the Vendor Invoice Process function when Purchasing and allocating costs to assets.