Asset Management is a new addition to theFMSsuite of software specifically for use in academies and independent schools. These types of school have a requirement to record and account for their fixed assets. They will need to identify:-
- the type of asset, for example land and buildings, computer equipment.
- the depreciation policy, for example straight line depreciation over a five year period.
- the minimum value for an item to become an asset, for example £1,000, also referred to as the asset threshold.
The introduction of the Asset Management software will enable the recording of this information. In addition it will work out depreciation on an annual basis for all assets that have been identified as requiring depreciation. Journals will automatically be posted into the general ledger to account for value of the asset and its depreciation. Depreciation is worked out on a daily basis.
A selection of reports is available to identify the assets and any activity associated with them.
The Asset Management software uses the Equipment Register part of theFMSsuite. It is important to ensure that users understand the differences between equipment and assets for accounting purposes.
Accounting for an item as an asset enables users to spread the cost of the asset over the life of the asset rather that absorbing all of the cost in one financial year.
This new addition is free to schools and only requires a patch to be applied to your database to activate this new functionality. If you are interested please contact Scomis in the normal way to request the necessary patch.
Reviewed – 16/02/2018