What are the benefits of using the Fixed Assets module in Hinawi ERP Software?
The module helps track purchases, maintenance, depreciation, and disposal, improving efficiency, transparency, and financial control.
How do I register a new or used item in the module?
You can easily register items through the designated creation tab by entering details such as name, code, description, and classification.
What reports does the Fixed Assets module provide?
The module offers reports, including resource lists, depreciation by item, monthly and annual summaries, and reports on disposed items.
How can I manage maintenance in the module?
The maintenance tab handles tasks such as creating and tracking work orders, managing complaints, and issuing related invoices.
How does the module handle transfers between locations and departments?
Items can be transferred between locations, departments, or projects, with complete tracking and automatic depreciation recalculation based on the new location.
How can I dispose of unused items?
The module can record disposals, calculate the remaining value, and generate accounting entries for profit or loss, ensuring financial accuracy.
What is Depreciation?
Depreciation is the process of allocating a resource’s cost over its useful life, gradually reducing its value due to wear and tear or obsolescence.
What is Straight Line Depreciation?
Straight-line depreciation is a method that allocates a resource’s cost evenly over its useful life, recording the same expense each year until full depreciation or salvage value is reached.
What is Accumulated Depreciation?
Accumulated depreciation is the total depreciation recorded over time, subtracted from the original cost of a resource in financial records.
How is the Fixed Assets module integrated with other modules in Hinawi ERP Software?
It integrates seamlessly with accounting, garage, HR, payroll, and property management modules, ensuring smooth resource management across the system.
What is the importance of module settings in resource management?
Module settings allow for customization of the system, including options for depreciation methods, custom fields, and profit/loss accounts for sales.
How do businesses determine salvage value?
Salvage value is estimated based on the resource’s condition, expected useful life, and potential resale value.
What is the Accounting Treatment for the Revaluation of Fixed Assets?
Revaluations adjust a resource to reflect its current market value, recording the difference in a revaluation reserve and updating future depreciation accordingly.
How does the module improve control?
The module enhances control by tracking operations, providing monitoring reports, and issuing alerts for data deficiencies or incomplete procedures.
What happens when an item is sold or disposed of?
When an item is sold or disposed of, the difference between its sale price and net book value is recorded as a gain or loss, and the item is removed from the records.
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