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FIXED ASSETS |
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The Fixed asset module takes care of the following:
1.Asset capitalizing limit
2.Asset with nil value for control purposes.
3.Asset category for financial reporting and Tax computing purposes.
4.Asset Location:
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By business division-Life and General
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By business sub division-Ordinary life group life
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By dept in each sub division or cost center-Underwriting Claims Stores etc.
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By location in each dept.-in the residence of some person.
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Name of the user
5.Depreciation rates for tax and financial reporting purposes
6.Limit allowable for computation of depreciation on tax assets.
7.Asset description-make brand year of manufacture other important details.
8.Asset serial number
9.Date of purchase-Purchase order no invoice no doc no Cheque no
10.Date of transfer to another location
11.Date of sale/disposal/theft etc.
12.Profit and loss on sale/disposal and trade in of asset
13.Insurance details for each asset
14.Claims on insurance when fire or theft occurs
15.Calculation of deferred tax at year-end.
16.Budget of capital items by department and calculation of budgeted
depreciation.
17.Financial authority for approval of purchase of an asset.
18.MIS reports.
19.Company policy on disposal of assets.
20.Service contract and Maintenance details.
21.Warranty details and its expiry period.
22.Revaluation details.
23.Physical inventory by Internal Audit and findings.
24.Splitting of asset value between two cost centers.
25.Maintaining separate books for tax and financial accounting.
26.Monthly management report depreciation calculation.
27.Notional depreciation beyond the asset life period.
28.Investment credit or allowance for tax purposes.
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Last updated:01.06.2007
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