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FIXED ASSETS
Fixed assets are physical items such
as desks, computers, cars, machinery, and so on, which you acquire to run
your business. As you use assets, they depreciate or become obsolete. You
can legally expense depreciation in your accounts for tax purposes.
MANAGING YOUR FIXED ASSETS INCLUDES THE FOLLOWING TASKS:
1. Tracking each asset’s value, both
from a tax and an accounting point of view
2. Depreciating assets
correctly using an appropriate depreciation rate and method
3.
Updating the replacement values of your fixed assets for insurance
purposes
4. Accurately recording any sale, disposal or loss of assets
5. Maintaining an accurate fixed assets register which records
information such as: date of purchase; date of disposal; purchase price;
accumulated depreciation; net book value etc.
The Pastel Evolution
Fixed Assets module automates all these processes. Once you provide the
initial information, the system takes over and manages your assets for
you.
One of the realities of fixed assets processing is that
companies frequently change depreciation rules as legislation allows and
as company policy changes. Some changes are retroactive to when you
purchased the asset. Sage Pastel Evolution Fixed Assets calculates its
values dynamically from the start of each asset’s life, which makes
retroactive changes simple. Imagine the time required to accurately
programme all this yourself into a spreadsheet!
Sage Pastel
Evolution Fixed Assets can be used in conjunction with the core Sage
Pastel Evolution Accounting system or can be purchased as a stand-alone
product.