Software to manage fixed assets accounting, including depreciation and inventory management specifically for energy
Quorum Fixed Assets (FA) & Depreciation Accounting (DD&A) is a software solution designed to maintain industry-specific fixed asset basis and manage book and tax DD&A calculations and journal entries.
- 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) |
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Input Data
- Detail assets
- Grouped assets
- Asset classifications
- Depreciation rate schedules
- Book schedule templates
- Tax schedule templates
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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
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Processes
- Asset classification
- Depreciation calculation
- Service date layering
- Schedule generation
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Deliverables
- Book DD&A schedules
- Tax DD&A schedules
- Book DD&A journal entries
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Output Data
- Depreciation for the period
- DD&A subledger
- Journal entries
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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
Quorum Fixed Assets (FA) & Depreciation Accounting (DD&A) is used by
various industry participants (large and small) in several sectors across the oil and gas, renewable energy and natural resource value chain.