Fixed Asset Management

What is xTuple Fixed Asset Management?

The Fixed Asset Management bundled add-on covers the lifecycle of an organization's Fixed Assets including the purchase and recording of the Fixed Asset register, depreciation of assets, maintenance of assets, through to the disposition of an asset at the end of its life.

What is a Fixed Asset?

Also known as property, plant and equipment, a "Fixed Asset" is a term used in accounting for assets which cannot easily convert into cash. Compared with current assets such as cash or bank accounts, which are described as liquid assets, only tangible assets are referred to as fixed.

The Fixed Asset Management bundle adds multiple capabilities to xTuple.

• Fixed Asset package
• Register of Fixed Assets
• Detailed information about the number and value of Assets, compared to generic entries in a General Ledger (G/L) asset account
• Define differing types and classes of Fixed Assets
• G/L account determination for assets linked to each Asset Type
• Define Depreciation methodology for assets linked to each type - None, Diminishing Value or Straight Line
• Define description, brand, serial number, barcode, location, associated transactions, purchase place and purchase date
• Define warranty period and warranty expiry date for each asset
• Define asset cost and residual value
• Define Installation Date of the asset
• Define Retirement date and Disposition at which point the asset is sold or written off
• Define the Asset Life
• Fixed Asset Depreciation package
• Integrates with the General Ledger
• Automates the calculation and posting of depreciation, with greater visibility over the value of Fixed Assets by each asset
• Account for Fixed Assets purchases via the Bank or Accounts Payable (AP); it will be accounted for in the G/L and/or AP
• Sell or scrap Fixed Assets also posts the appropriate G/L transactions
• Define depreciation method and calculation percentages by Asset Type, automatically calculates monthly or annual depreciation expense, posts directly to the G/L
• Manage Asset Value, Accumulated Depreciation, Gain/Loss on Sale, Depreciation Expense and Scrap Expense
• Use Connect add-on to automatically schedule Depreciation expense calculations
• Requires Fixed Asset extension to be installed first
• Fixed Asset Maintenance package
• Brings Planned and Preventative Maintenance to the xTuple ERP system
• Allows organizations to plan maintenance into the future and schedule preventative maintenance on Assets
• Includes Unplanned Maintenance
• Create Maintenance Orders either automatically via the scheduler or manually for each Asset, including detailed work instructions and maintenance parts required
• Expense parts thereby reducing inventory of those parts and post expense to the G/L to track maintenance costs
• Screen of detailed history of maintenance scheduled and performed on each Fixed Asset
• Use Connect add-on to automatically schedule Planned Maintenance Orders
• Requires Fixed Asset extension to be installed first