Fixed Assets (FA) & Depreciation Accounting (DD&A) - Software Solution

Software to manage fixed assets accounting, including depreciation and inventory management specifically for energy

• Maintain company assets and associated classifications for book and tax accounting
• Control accounting for fixed assets over the entire lifecycle from acquisition / depreciation and revaluation to disposal
• Ensure compliance with evolving tax and accounting regulations while continuing to record and update status

Quorum Fixed Asset (FA) & Depreciation Accounting (DD&A)

Input Data Detail assets Grouped assets Asset classifications Depreciation rate schedules Book schedule templates Tax schedule templates

Information Managed User-defined & book DD&A Asset description Classification Useful life Investment basis Depreciation Additions, retirements, transfers, sales In-service data layers Book schedules Depreciation methods   Processes Asset classification Depreciation calculation Service date layering Schedule generation Deliverables Book DD&A schedules Tax DD&A schedules Book DD&A journal entries

Output Data Depreciation for the period DD&A subledger Journal entries

Why Quorum Fixed Assets (FA) & Depreciation Accounting (DD&A)?  

• User-defined asset master with asset classifications
• Detail or group asset tracking for specific and / or summary asset management
• Automatic rate schedule calculations with user override capability
• Book DD&A controls separate from tax DD&A controls
• Unlimited user-defined book and tax schedules
• Separate report columns for additions, retirements, transfers and sales
• Online review of DD&A sub-ledger
• Quorum Accounts Payable and journal entry enables identification of retirement, transfers or sales
• Integrity of design ensures control compliance and support for audit
• Support for variety of pre-configured and ad-hoc reports, as well as business intelligence
• Support for integration into other relevant systems including transaction systems
• A component of Quorum's enterprise wide energy software solution portfolio - can be deployed stand-alone or integrated with other enterprise solutions