Asset Accounting

Norming’s Asset Accounting module provides the basic functionality for processing asset accounting transactions, including acquisition, depreciation, adjustment, disposal and impairment.

You also have the ability to merge and split assets.

Acquisition

  • Converts PJC transactions to assets.
  • Converts P/O receipts or invoices to assets.
  • Converts I/C internal usage to assets.
  • Converts A/P invoice to acquisition entry.
  • Creates A/P invoice or Misc. payment from acquisition batch.

Depreciation

  • Provides up to 5 books for tracking asset depreciation.
  • Runs depreciation for a range of assets for any number of periods.
  • Depreciation calculation uses standard or user-defined formula.
  • Depreciation Projection facilitates the financial planning.
  • The depreciation can be reversed to any period of past years.

Impairment

  • Impairment can be captured to comply with IFRS and GAAP principles.
  • Impairment reversal is enabled

Adjustment

  • Changes asset value or salvage value.
  • Changes asset year depreciation.
  • Transfers assets between cost centers, locations, etc.
  • Changes asset life, depreciation method and rate.

Disposal

  • Disposes asset at user-specified proceeds with user-defined proceeds account.
  • Creates A/R invoice or I/C receipt for asset disposal batch.
  • Bulk disposal is enabled.
  • Partial disposal is enabled.
  • Disposal transaction can be reversed.

Merge/Split

  • One asset can be split to multiple assets.
  • Multiple assets can be merged to one asset.
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