Business-Solutions
Fixed assets and custodies
Overview
Fixed assets and custodies
Fixed assets are characterized by a special nature as they have a tangible physical entity, and they are acquired for use not for sale, and also the useful life for fixed assets remains for years and their values should be reduced periodically in order to reflect the current values. NAMA supports all fixed asset phases including purchasing, periodic depreciation, transferring, replacement, maintaining, and disposal.
NAMA supports dealing with some assets as custodies with employees in addition to monitoring them via comprehensive documents cycle.
Features
Comprehensive file for each asset
NAMA supports a comprehensive file for each asset including its serial number, location, insurance information, custody, warranty terms, in addition to a large number of accounts including the asset account, depreciation account, and accumulative depreciation account. Via this file, NAMA also, displays instantaneous information for asset according to its documents such as purchasing value, production date, the current status of its depreciation, the information of the asset as a custody with full statement for the assigned employees from the acquisition to the disposal of assets, and statistical data for the asset such as useful life, remaining life, and the date of last depreciation. NAMA also supports attaching infinite number of attachments for the asset such as the Certificate of warranty, contract of purchase, and any number of asset pictures and remarks .
Organizational environment for assets
While implementing NAMA system, the organization of the entity is defined including the companies, branches, sectors, departments, and analysis sets. user can define these regulatory titles as cost centers; consequently, each asset in the company may have four cost centers. This concept provides great flexibility for assets accounts and regulatory issues. This way, user does not have to define building account for each branch, sector, department. rather; one building account could be defined and affected taking into account the different cost centers. in addition to the regulatory environment; NAMA supports a comprehensive file for the fixed assets types such as cars, machines, equipments..and so on, as well as another file allocated to fixed assets locations. This close-knit regulatory environment gives a great flexibility for transferring assets and custodies and launching fixed assets reports using existing regulatory parameters.
Full integration with the other NAMA systems
Fixed assets integrate with account system. For example, the system allows defining many accounts for each asset including asset account, depreciation account, and accumulative depreciation account. For another example fixed assets system integrates with human resources as user can define the asset as a custody with any of the company employees.
Simulation for actual procedures
NAMA supports all fixed assets procedures via a comprehensive documentary cycle. where it supports the following procedures:
Purchasing assets
NAMA supports the purchasing cycle for fixed assets via some documents related to fixed assets such as “Fixed Asset Purchase Document”, “Fixed Asset Purchase Request”, and “Fixed Asset Purchase Order”. via a purchase document, you can buy an asset or a group of assets taking into account the commonly recognized purchasing principles such as supplier name, purchases man, currency, asset value, the information of shipping and billing, in addition to information related to the fixed asset system such as useful life, salvage value, and the asset location.
Recording existing fixed assets
when transforming from manual work or other systems to NAMA, you can record an existing fixed asset via a fixed asset opening document including all fixed asset information such as “Depreciation start date”, “useful life”, “salvage value”,..etc. After recording the opening asset, NAMA monitors all fixed assets transactions such as depreciation, transferring, maintenance, and disposal of the fixed asset.
Transferring assets between the entity locations
NAMA supports transferring fixed assets between different locations at the level of companies, branches, sectors, and departments in order to closing the expenses of the fixed asset in the first location and posting the remaining and depreciation in the accounts of the other location. The regulatory environment provided by NAMA supports transferring the fixed assets efficiently, where you can keep the fixed asset account with changing the cost centers (such as company, branch, department, sector, and analysis set).
Re-Evaluating Fixed assets
NAMA supports adding or excluding any of fixed asset components; consequently, increasing or decreasing the asset value and re-evaluating the useful life and the salvage value for the asset.
Efficient mechanism for depreciation and disposal
NAMA supports an efficient system for fixed asset depreciation, where you can depreciate a group of assets all at once, as well as disposing of any asset; consequently affecting on Profit and Loss account by the difference between the disposal value and the salvage value.
Fixed assets maintenance system
NAMA supports an efficient and flexible system for fixed assets maintenance via the following mechanisms:
Different maintenance types
NAMA supports defining infinite number of different maintenance types according to the fixed asset nature. for example, you can define a maintenance type named “maintenance for 1000 Kilometer” for the cars that exceeded 1000 kilo, and another maintenance type named (complete overhaul), and (half overhaul). user can define also many types of equipments maintenance such as (maintenance for 100 tons, maintenance for 200 tons, and so on ).
Planed Schedule for fixed assets maintenance
NAMA supports maintenance schedule for fixed assets, where you can define dates and times within which fixed assets should be maintained. NAMA supports displaying notification messages for assets to be maintained according to maintenance schedule in order to set machines in standby mode for maintenance.
Monitoring maintenance process
NAMA supports defining check lists for assuring the quality of maintenance process, where the quality controller has to answer the check lists to assure the maintenance process.
Custodies system
Some expenses such as computers, mobiles and uniforms may not be considered as fixed assets; rather, they could be considered as custodies with employees. NAMA supports employees custodies with actual simulation of reality.
Comprehensive file for custody
NAMA supports defining infinite number of custodies types such as equipments, clothes, stationery..etc. Via custody file, user can record all custody information such as value, serial number, warranty data..etc. user can also distribute the responsibility of the custody on several employees by different proportions and receipt dates.
Documentary cycle for all custody issues
NAMA supports all documents required for custodies such as purchasing the custody, delivering it to employees, transferring it to another employee, and disposal of the custody with recording the disposal value.