Tag: Fixed

Uploading Fixed Assets into Acumatica ERP

In previous blog posts, we have learned how two ways to get fixed asset purchases into Acumatica ERP. The first was entering them manually and the other was to create the fixed asset records from purchases. Both of these methods work and are extremely efficient when entering a few fixed assets. In some situations, your company may purchase many fixed assets at the same time which would make manual entry a long laborious process. Using the built in function of Integration Services in Acumatica ERP, one can quickly create a routine that will import multiple fixed assets into the system using data from an Excel spreadsheet.

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May 22, 2015

Disposal of a Fixed Asset in Acumatica Cloud ERP

There are usually two cases in which you would write-off an asset from your accounting books. As I’m sure we have all experienced, hard drives crash and laptops and desktop computers become more useful as paperweights than office equipment. In this instance, the asset is donated or placed in the “circular file” for disposal with no resale market value. This is probably the most common scenario. To remove the asset from your accounting records, you would normally have to create an adjusting journal entry that removes the accumulated depreciation and the original acquisition cost. If the asset is fully depreciated, then the entry is fairly straightforward.

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April 14, 2015

Converting Purchases to Fixed Assets in Acumatica Cloud ERP

Acumatica Cloud ERP is one of the many ERP (enterprise resource planning) systems that contain a fixed asset module as part of the application.  Having an integrated fixed asset module automates the management of a company’s fixed assets. The automation of this allows an organization to dump their convoluted Microsoft Excel Spreadsheet or Microsoft Access Database for managing the fixed asset process. Using a spreadsheet or database to manage your fixed still leaves you with making journal entries to record monthly depreciation expense and disposal of assets when they are sold or retired. You are also subject to errors during data entry not only of the journal entry itself, but also of the initial setup of the asset in the spreadsheet or database.

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April 6, 2015

Entering a Fixed Asset in Acumatica

Merriam-Webster’s dictionary defines a Fixed Asset as a “tangible object of a permanent or long-term nature. Businesses of all sizes purchase and maintain equipment, computers, machinery, furniture, tools and other items to assist in running their enterprise. Tracking the cost, current value and the depreciation expense of these items is a vital exercise of the accounting department of a business. The accurate accounting of assets is important for annual overall profitability of the business and for accurate income tax calculation. Large organizations, as well as some smaller ones, will use some sort of fixed asset tracking software. Asset tracking software allows companies to track what assets they own, where they are located, how much they cost, the monthly or annual depreciation expense and their current value.

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February 12, 2015