Complete details of the assets are captured in the master, including identification number, cost, modvat availed, vendor, department and location. ¨ The details are kept for all accounting years. ¨If the FAMS is to be started from a cut-off date then there is provision to capture the cost and accumulated WDV.            

User can define categories as per the nature of assets upto three levels of hierarchy ¨Assets can be also categorized according to department, ownership, location and depreciation method ¨Various Reports can be generated based on these categories

When a new asset is added to an existing asset, user has the option to create a parent-child relationship. ¨In such a case the child asset is depreciated alongwith the parent asset.

Periodical physical verification activity and consequent report is recorded. Verification can be on the basis of department and location also.

  3 Tier Location                                                                           

Location of asset is an important aspect of record maintenance.  Companies Act makes it compulsory for the company to maintain the physical location of each asset. Three tier locations can be maintained.

¨Details about vendor AMC/Warranty are recorded for generating alerts and reminders for asset maintenance.

¨Details about insurance coverage of assets are recorded for generating alerts and reminders.

¨Provision is made for splitting of an assets into several small assets

Departments / Cost Centres within the company can be defined, which is an important aspect of record maintenance. 

Users of the asset can be recorded for record maintenance. 

¨Cost-break up of an asset can be maintained. ¨Voucher wise details of cost break-up can be assigned to single Asset ID¨Capital Work in progress account maintained for assets not put to use¨Cost of child asset (e.g. RAM Upgrade of a PC ) can be shown alongwith the parent asset

¨Modvat amount is separately captured. This is required to be shown in Form 3CD for tax audit .

¨Any foreign currency loan taken on asset is recorded. ¨Gain/Loss arising out of repayment of loan is duly capitalized

¨When asset is sold/discarded, gain or loss is automatically computed as per provisions of companies act. ¨The WDV of block is suitable reduced for income tax purpose

¨Capital Work in progress account maintained for assets not put to use

User defined rates and methods, WDV or SLM ¨Separate method can be adopted to separate categories of assets¨Provision of 100% depreciation for assets costing Less than Rs.  5000¨Yearly/Half yearly/Quarterly/monthly depreciation can be calculated

User defined Blocks of assets and rates for each financial year¨50% depreciation for assets used for < 180 days¨No depreciation when the asset is sold/discarded¨WDV made to zero when all the assets in the block are sold/discarded

When the company decides to change the rate , complete recalculation of depreciation is carried out and report generated

When the company decides to change the method from WDV to SLM or vice versa, complete recalculation of depreciation is carried out and report generated

When an asset is reclassified, depreciation is re-calculated from the date put to use and any shortfall /excess provision of depreciation is suitably adjusted

The rate/ method / Category can be changed  prospectively without affecting the previous calculations

Provision for BarCode printing

Supervisor can create any no. of users and assign password and rights to them.

15 user defined fields are provided in addition to the standard data entry fields.

Provision to define two additional methods of Dep.