Prodigious FAMS is designed to manage all the movable or non-movable assets of an organization. The system captures all details of a fixed asset during its life cycle, which includes information on purchase, depreciation, maintenance, sale & disposal. The system also keeps track of movement of assets from one location to the other. The system is fully integrated with the Financial Management System.
Product Overview and Salient Features:
The application is parameter based and the user has to set the parameters based on the requirements of the organisation.
These parameters are used to define
- the number generation pattern for the documents generated in the system
- the PO authorization levels & details
- the parameters for the cost sheet
- the depreciation parameters
The following masters are available with the system and are required to be set once at the time of initial setup.
- Group Master
This master has the names of all the possible groups of assets in the organisations. All the existing and new assets are classified in these groups.
- Location Master
This is the master of all possible locations where the assets could be located or are present as of now.
- Vendor Master
This is the list of all the vendors with whom the organisation has dealt with till now or would like to deal in future. New entries can be added to this list as and when required.
- Client Master
This is the list of all the clients who have purchased / rented assets from the organisation.
- Depreciation Method
Here the user can list various types of depreciation methods, which the organisation is using or possibly may use in future for the calculation of depreciation of its assets. The system has the provision to define new depreciation methods if required. Different depreciation methods can be used for taxation and financial accounting. The depreciation method used for each asset could also be different.
- Asset Definition
Here the user can define new assets purchased by the organisation. User can also view / edit the existing assets in the organisation. The various components of an asset can also be defined here.
- Asset Detail
Here the user can enter the details of the assets like the asset number, depreciation details, vendor, PO number & date, GRN number & date, serial & model number of equipment, specifications, installation date and charges, maintenance details & schedule, etc. The system also has the functionality to record the details of asset in progress, and keep track of the budgeted amount and the actual amount spent.
The complete process of purchasing of assets is available in the module. This includes the floating of enquiry to prospective vendors, receiving and evaluation of quotations from the vendors. Three types of purchase orders are available with the system (General PO, rate contract, hire purchase scheme). The user can also view / edit the existing PO’s based on the PO status and user rights.
- Sale of Assets
The system has the provision of selling / renting of the assets. The system can receive and evaluate bids for the sale of assets and generate a sales order after proper validation.
- Disposal of Assets
The system has the provision to manage the write off and disposal of assets after the organisation has decided to scrap an asset.
- Third party issue and receipt of assets
Assets are often issued to outside parties either on rent or for repair and maintenance. During the process of maintenance value addition to the asset may also take place. At times the assets may be lost or broken while it is out of the organisation. The system handles all these situations.
- Goods Received Note
GRN is prepared for all the assets, which are received by the organisation. Once the GRN is prepared and validated, only then is the asset updated in the inventory. The GRN can be made on the basis of,
a. Purchase Orders
b. Cash purchases &
c. Credit purchases.
- Clubbing & De-clubbing of assets
The system has the functionality of clubbing and de-clubbing of the assets. The user can club two or more assets to form one new asset. Similarly the system also provides the functionality to de-club the asset into different assets.
Maintenance of Assets:
Assets maintenance is an important function, which has to be taken care of by the system. The system has extensive maintenance features.
The user can enter into a maintenance contract with a vendor and define the maintenance schedule. The maintenance schedule could be of four types viz. a. Contract, b. Casual, c. Preventive, d. Regular. The maintenance details of the asset can be recorded in the system.
Depreciation / Appreciation:
One can view the depreciation or appreciation details of all the assets of the organization based on the depreciation or appreciation methods chosen for the assets. User can define the method(s) it would like to use for various Assets. The method thus defined can be checked for calculation before actually being put to use. The system also has the possibility of applying two types of depreciation methods to the same set of assets, one for tax purposes and the other for financial accounting purposes.
All the assets of the organisation are displayed in a tree structure and the user can select any one of them to view the tax and financial accounting depreciation details.
Ability to audit all transactions.
Ability to control accesses through user identification and password.
No transactions once posted can be deleted or altered. A new document reversing the entries will have to be made.