We call it Asset Management, rather than Fixed Assets, because Affinity ERP Asset Management is anything but fixed. It tracks all your assets, both depreciating and non-depreciating.
Affinity Asset Management is highly flexible in the type of asset it tracks, the number of invoice lines that can be applied to each asset, and the changes you are allowed to make over the asset’s lifetime. Versatile reports allow you to track your assets as well as edits to your database. You can even amortize your funding over the life of the asset if you purchased the asset with a special grant that you want to take into income as you expense your depreciation in order to match revenues with expenses.
Fully Integrated to Materials Management and Accounts Payable
Your asset purchase starts in Affinity ERP Requisitioning, where asset requests follow a different approval path than your standard supply purchases. Once the asset has received approval from the manager of your capital budget, the transaction heads to Purchasing where the best vendor is sourced and the asset is ordered. It then flows through Receiving where it is tagged and marked for inspection, as required, and is added to your asset list. The invoice comes into Affinity ERP Accounts Payable where it is reconciled to the PO/Receiving Report, and any adjustments there are updated in your asset database.
Throughout this process, all the accounting is done based on the group your asset belongs to. This includes depreciation expense, which does not begin until the asset is put into service, and follows through until the asset is disposed; any gain or loss on disposal is recognized. You decide the depreciation term and method by asset group, including whether depreciation is charged to the department using the asset or a global cost center for your entire healthcare organization. This automated accounting allows non-accounting personnel to manage most of the asset purchase transaction—but you get to review everything at month-end. This level of oversight ensures adherence to your purchasing standards while establishing asset depreciation journal entries within the Affinity ERP General Ledger, as defined in your asset group setup.
Comprehensive Asset Database
Affinity ERP Asset Management tracks all the information needed to satisfy your reporting needs, including the total life of the asset and remaining life of the asset for depreciation purposes. It also tracks the useful life of an asset so that you can accurately forecast asset replacement costs within the capital budget—which may or may not coincide with the remaining life for depreciation purposes. Affinity Asset Management will also track the asset’s department and location, and the system has a complete asset count module in case you want to verify asset locations at any point in time. You can assign a particular asset to a capital budget or project, and track the funding source for your foundation. This level of transparency allows you to accurately and easily demonstrate what is being done with the funds your community generously provides.
All Affinity ERP reports are data sensitive, and can be output to file, printer or screen, so you get exactly the information you want, where and when you want it. This includes a Fixed Asset Continuity Schedule that can be run for any date range, by asset, asset group, General Ledger account or department, available in summary or detail. Auditors love this detailed report by account exported to Excel for the fiscal year they are auditing. It shows everything they need and takes about 30 seconds of your time to prepare. Affinity ERP Asset Management also includes detailed asset reports, audit trail reports, budget forecasting for depreciation and asset replacement reports, as well as information about how the subsystem is impacting your General Ledger.
Affinity ERP Asset Management is a powerful counterpart to Affinity’s General Ledger, Accounts Payable, Materials Management and Requisitioning. It will completely simplify and automate your Asset Management—both fixed and otherwise.