The Fixed Assets module has been a standard part of BRL licensing since its inception, and we still have many clients that don’t even use it. This amazes me because when I was a Controller, the fixed-assets-in-a-spreadsheet thing drove me crazy. Invariably the spreadsheets would break, and they wouldn’t total properly, or the calculations for depreciation expense wouldn’t extend gracefully into a new year.
These are the benefits I generally see in using the Fixed Assets module:
- Well integrated into the core financial modules; no duplicate entry required.
- Decent reporting, in that it easily produces lists of assets for insurance listings, tax reporting, audit requests, etc.
- All data is stored in SQL so it will be regularly backed up.
- All calculations are done for you.
- Great audit trail for depreciation and other asset related transactions.
- There are transaction types for typical fixed asset events, and therefore creates a solid audit trail.
- It’s easy to make changes to individual depreciation attributes if needed, and the system will make appropriate transactions to reconcile changes.
The Fixed Assets module is easy to setup and use, and there’s an easy import function built into the module.
The setup may take some planning time to make sure that the various transactions are coded to the proper accounts, and to ease data entry. But once you’ve planned it out, it’s easy to implement.
The import function included in the module is easier and quicker than the Integration Manager approach, so use the Fixed Assets import utility.
You propbably already own the Fixed Assets module, so if you’re not using, go ahead and set it up, import the data, and start using it. You’ll be happy you made the effort.