Solutions for the Fixed Asset Accounting Process
Fixed Asset Accounting - business process
Investment and management of equipment and facilities
Significant recurring investment in equipment and facilities is a routine aspect of many energy business activities, and as a result, the location, value and expense of each asset must be accurately accounted for. Because equipment is routinely bought and stored for later use, inventory accounting is a key process. Equipment is moved from inventory frequently, so accurate and timely tracking of inventory is essential. The investment in assets forms the basis for depreciation expense that must be accounted for each month. Tax accountants use specific methods of tax depreciation to maximize the tax savings benefit allowed for each company.
Fixed Asset Accounting Processes and Systems
Processes and systems to efficiently manage fixed asset inventory, and calculate and report depreciation and depletion are critical to success. Key elements include:
- Inventory catalog
- Inventory tracking
- Material transfers
- Asset master
- Asset classifications
- Multiple depreciation schedule definitions, including book and tax
- Depreciation methods and rate structures
- Underground reserve estimates
- Units of production depletion
- Report additions, retirements, transfers and sales
- Mid-month, mid-quarter and half-year depreciation convention
- Depreciation expense and accumulated depreciation journal entries
Fixed Asset Accounting Software Solutions
Quorum has experience in the Fixed Asset Accounting process in design, implementation and support of configurable, sustainable, scalable information technology solutions to manage business activities efficiently and cost effectively.In addition to consulting services, we provide a full range of software solutions specific to the Fixed Asset Accounting process, including:
Quorum Enterprise-wide Software Portfolio for Fixed Asset Accounting process |
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| E&P | Midstream | Pipeline | LNG | LDC | Renewable Energy | Natural Resource | Energy Marketing | ||||||||||||||||
| Fixed Asset Accounting | Fixed Assets (FA) & Depreciation (DD&A) Accounting | ||||||||||||||||||||||
| Reporting & Business Intelligence | Multi Dimensional Reporting & Business Intelligence (BI) Solution | ||||||||||||||||||||||
