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

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)

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

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.

Fixed assets & depreciation accounting is a key function of the Fixed Assets (FA) Accounting business process. Quorum provides other software solutions to support this and other related business processes.

Contact Quorum Business Solutions to learn more about the Quorum Fixed Assets (FA) & Depreciation Accounting (DD&A) software solution.

Tags: E&P Solutions, Oil & Gas Software