Item depreciation is an important concern of inventory. Rotation of stock and knowledge of which items bring the greatest returns is only accurate after you have calculated the items’ depreciation. This detail of asset management is fully integrated into SIMMS to suit your requirements while eliminating redundant data entry. Information available through this module enables you to forecast next year’s depreciation expenses by employing the Accounting Modules, allowing the allocation of the depreciation for groups of assets – or individual assets — to more than one source of funding and allowing automatic journal entries to be created.
On a per-month basis depreciation is applied from its first day in the warehouse and can be reported on monthly, quarterly or annually. Customized or standard depreciation methods can be employed, and the module complies with both GASB (Governmental Accounting Standards Board) 34 and 35 requirements, as well as allowing the protection of depreciation information amongst the users of the program.
Make your choice for accurate inventory assessment with the SIMMS Depreciation Module.