A major requirement for accuracy in your accounting and inventory management is accurate calculation of the depreciation of items. Calculation of depreciation makes it easier for you to rotate stock to full advantage and know which items bring the greatest returns.
This detail of asset management is fully integrated into SIMMS 2013’s Inventory management software to match your needs while concurrently eliminating redundant data entry.
Information available through this module enables you to forecast next year’s depreciation expenses by employing SIMMS Accounting modules, allowing the allocation of the depreciation for groups of assets – or individual assets – to more than one source of funding.
With SIMMS 2013, you can:
• Assign depreciation-related fields either individually or globally within the system
• Calculate depreciation annually, quarterly or monthly
• Comply with both GASB (Governmental Accounting Standards Board) 34 and 35 requirements.
• Control access to depreciation data through SIMMS 2013’s built-in User Rights Protection
• Develop custom reports or use built-in reports to acquire the data you require
• Employ both standard and customized depreciation methods
• FIFO By Location warehouse data is automatically updated with each adjustment
• Generate automatic journal entries
• Implement depreciation of assets from the month of receipt
• Review your Depreciation History table, which updates automatically with each transaction
• Seamlessly integrate with the rest of SIMMS 2013’s suite of Modules
A decreasing Depreciation to Fixed Assets ratio may indicate that your company’s purchase plans for new fixed assets has stalled, and may also indicate an increasingly constrained budget or a lack in the priority of gaining new assets. Businesses in industries whose operations need large purchases of assets that will also depreciate rapidly often can record higher amounts of depreciation than companies who either do not purchase many fixed assets, or instead purchase assets that are useable much beyond the time span of their depreciation.
Keeping depreciation in mind is an important edge your company can have on your competition, and SIMMS 2013 can help you master that information. Visit www.simmssoftware.com or email firstname.lastname@example.org for more information today.