Asset accounting software

the balance sheet reminds us every year that the accounting process consists of more than just current assets. This is because companies are also legally obliged to list their fixed assets and show them in an "asset history sheet". Errors can quickly creep in between the paragraphs and the calculation of any values. Many companies bring in specialists for the accounting software support as well. One example is the software for asset accounting, which is also included in SAP Business One.

A company's general fixed assets also include so-called "long-lived assets". If such a "long-lived asset" exceeds a certain value and is part of the performance process, it must be recognised and depreciated in the balance sheet. This reduces the value recognised in the balance sheet by the amount of depreciation recognised as an expense. This "depreciation for wear and tear", or AfA for short, can be determined using tables from the Federal Ministry of Finance. The values determined are recorded in an asset history sheet.

Versino Financial Suite for SAP Business One Finance

What does the software do for asset accounting?

An asset accounting system helps with the management, posting, valuation and listing of all assets.

In the software, every asset can be listed in a Plant map can be recorded. For example, the inventory number, acquisition cost, cost centre, useful life and depreciation type can be noted here. It is also possible to attach documents or comments. The system determines the corresponding book value. It is an advantage here if the software can already integrate the depreciation table (see info box).

Versino Financial Suite: the added value for your finance department in SAP Business One

With fixed asset accounting software, the company has the advantage of being able to Asset history sheet in different forms.
The structure in the software itself is based on balance sheet items. Items such as technical equipment and machinery are then recorded on the asset cards.

It is also possible to use the software to analyse the data recorded in the system to produce a Inventory list of fixed assets. Companies are required by law to prepare such lists every year.

The use of asset accounting software is also advantageous if the values are synchronised with the accounting of the financial accounting are to be reconciled. The system can be used to quickly determine the values and post items in the event of differences. The use of financial accounting software also makes sense in this context.

Also the Depreciation process (see info box) is integrated into a good asset accounting system. This automatically calculates posting runs at the end of the period for posting depreciation. Unscheduled depreciation is also integrated. The cost postings by cost element, Cost units and dimensions. The values recorded for the assets are included in the calculation and the depreciation postings for a period are determined directly.

In some programmes, it is also possible to view transactions in asset accounts that have not been clearly assigned to a transaction. These can then be assigned manually.