InfoBits Fixed Assets Management System is a complete solution which includes everything you need to account for the valuable assets used to run your business – from software and IT assets, to vehicles, tools, medical equipment, and much more. Tracking your organization’s assets just got easier with the InfoBits Asset Management System. InfoBits FAMS comes with comprehensive 10 hours of one-on-one online training that will help you master the software in no time.
Based on the asset type, the system automatically determines the appropriate depreciation method, asset life, and tax convention.
Commonly tracked assets include:
Maintains up to four books per asset to track different methods of depreciation to meet different reporting requirements. The depreciation calculations required for each book can be performed simultaneously for each asset. One book can be designated to automatically generate depreciation journal entries in the General Ledger component.
All major depreciation methods including MACRS, ACRS, Declining Balance and Straight-Line, are supported. Each asset class, subclass and group can have an associated default depreciation method to speed up setting up new assets.
Calculate depreciation for an individual asset or group of assets based on asset group, asset class or subclass, and asset location. Run the depreciation calculation for all books or a subset of the books by checking the appropriate box. Depreciation transactions can be posted in preview modewhich allows the review of all depreciation calculations before a final posting. Depreciation transactions can be voided to allow the correction of invalid information entered on the asset record.
Asset tracking is a huge part of asset management, and with INFOBITS FAM systems, the entire process is made simpler. With the help of barcoding technology, managers can get real-time data about all of their items, including tracking costs, identifying potential issues and making timely adjustments to maintenance schedules according to both immediate and long-term needs.
Preventive maintenance is all about making sure that the fixed assets function properly and have a prolonged lifespan. It helps make the processes of creating schedules, procedure tracking and setting up maintenance routines much easier, automatically generating schedules and notifying managers about any necessary actions.
Requisition and purchase order are fully integrated with Fixed Assets. Individuals can create requisitions for the purchase of fixed assets. Requisitions can be approved by manager. Items which have been approved are transferred to purchase orders. After the fixed assets have been partially or fully received an automated process can create one or more fixed assets.
Seamlessly integrates with the General Ledger component. Automatically generates Journal Entries for depreciation in General Ledger.