Transaction Processing

The Fixed Assets module allows for the tracking and posting of depreciation, insurance expense allocation, interest expense allocation, and license expense allocation transactions. Through the processing menu, you can create the depreciation batch, run the calculations, review the amounts and post the figures to the General Ledger.

Monthly Update Procedure

The monthly update is used for financial accounting. It creates General Ledger and Equipment Costing transactions and updates accumulated depreciation and net asset value for each asset.

Prepare Batch

Use the Prepare Batch screen to create a batch of depreciation transactions to be processed in the module. The module uses the batch facility to accumulate transactions records into distinct groups for any given day.

Calculate Depreciation and Expense Allocations

The Calculate Monthly Expenses screen is used to create depreciation and expense allocation calculation transactions based on the selection criteria.

Print Edit List

The Print Edit List screen is used to review transactions before they are posted to the General Ledger or Equipment Costing module.

Edit Depreciation and Expense Allocations

The Edit Monthly Expenses screen allows the user to add new record or change the calculated amounts for existing records.

Post Batch

Posting a batch updates the accumulators in the Fixed Assets module and creates transactions and updates in the General Ledger and Equipment Costing modules.

Annual Reporting and Update

The annual reporting and update procedure is used to collect information for income tax reporting purposes. It provides the raw information to be put into the Canadian form 1388.

1. CCA Report

Print a report summarizing the capital cost allowance calculations by CCA class and, optionally, asset.

2. Update Capital Cost

Save the updated capital cost for each asset.