Fixed Asset Accounting - business process

Solutions for
the Fixed Asset
Accounting
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: