The GM-X Fixed Assets subsystem handles the tracking, maintenance and depreciation or amortization of capital assets. 

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Asset Tracking

  • Suitable for all types of intangible and tangible assets including patents, trademarks, intellectual property, capital leases, long-term investments, land, buildings, plant and equipment, machinery, vehicles and heavy equipment, and furniture, fixtures and fittings
  • Asset Master with asset tag auto-identification capability using bar code labels or GS1-compliant radio frequency identification (RFID) tags
  • Optional asset identification using GS1 Global Individual Asset Identifier (GIAI) and Global Returnable Asset Identifier (GRAI) standards to assure global uniqueness, and to make the bar codes or RFID tags readable by standard scanners or readers
  • Optional ability to record an asset’s original manufacturer (make), model and manufacturer’s serial number
  • Optional assignment of assets to user-definable groups
  • Fully integrated with the GM-X Project and Work Effort subsystems to track assets under construction, accumulate costs and capitalize the accumulated costs when assets are placed into service
  • Tracks each asset’s acquisition cost and, for tangible assets, the salvage value in the currency paid
  • Fully integrated with the GM-X Accounts PayableInventoryOrder and Shipment subsystems for linking asset acquisitions to specific supplier invoices, advance shipment notifications (ASN) and/or inventory withdrawals  
  • Tracks each asset’s construction start date, capitalization date and license expiration date as applicable
  • Tracks each asset’s useful life in months
  • Ability to track asset locations in real time using geographic coordinates from global positioning system (GPS) devices
  • Ability to link the Asset Master to a moveable container defined within the GM-X Inventory subsystem
  • Ability to track an asset’s location by linking it to a facility or container defined within the GM-X Inventory subsystem
  • Fully integrated with the GM-X Party subsystem to locate assets within geographic areas; and to maintain contact mechanisms (postal addresses, telephone numbers and other contact points) within specific time intervals for any purpose
  • For vehicles comprising delivery fleets, optional ability to link the Asset Master to a specific vehicle defined within the GM-X Shipment subsystem
  • Asset check-out and check-in capabilities track the persons or organizations to whom assets have been loaned out, rented or leased, including the dates and times when the asset was checked out and is scheduled to be returned
  • Ability to record missing assets detected during fixed assets cycle counts, and to record when missing assets are found
  • Ability to record faults when they occur, and categorize faults by type and severity (Catastrophic, Severe, High, Medium, Low or None)
  • Ability to record the start and end of downtime for faults, maintenance, repairs and overhauls
  • Ability to split assets into one or more new assets
  • Optional ability to schedule appraisals, and to upload and view appraisal documents using the GM-X Alert subystem
  • Ability to record impairments for each asset
  • Ability to record asset retirements
  • Asset disposal, individually or in groups, with automatic recognition of any revenue realized from disposals
  • Asset status monitoring in real time
  • Optional review and approval of asset status changes using the using the GM-X Workflow subsystem
  • Maintains the full status change history throughout each asset’s entire lifecycle
  • Maintains the complete history of events throughout each asset’s entire lifecycle

Asset Ownership

  • Multiple persons or organizations can share the ownership of a single asset on a pro-rata basis of the asset’s original acquisition cost and, for tangible assets, its original salvage value
  • For each owner, tracks each asset’s business use percentage, acquisition cost, accumulated impairment costs and, for tangible assets, the salvage value in the owner’s functional currency
  • Each owner of a shared asset depreciates or amortizes its pro-rata share of the asset independently from the other owners, using the depreciation books and methods which conform to the owner’s particular accounting standards and tax regulations     
  • Ability to transfer assets from one owner to another

Depreciation and Amortization

  • Supports multiple depreciation or amortization books for each asset and owner, when the depreciation or amortization choices allowed by tax authorities differ from those allowed under the relevant generally accepted accounting principles (GAAP) or international financial reporting standards (IFRS)
  • Automatically calculates and accumulates depreciation or amortization expenses by asset, owner and book
  • Built-in depreciation or amortization methods including straight line; sum of the year’s digits; 125%, 150%, 175% or double declining balance with optional straight line cross-over; fixed percent on declining balance with optional straight line cross-over; units of production and fixed percent of cost
  • Supports the Modified Accelerated Cost Recovery System (MACRS) for United States tax books
  • For MACRS, option to group assets into general asset accounts having the same life, method of depreciation, convention, additional first year depreciation percentage, and year (or quarter or month) placed in service
  • Optionally supports the Alternative Depreciation System (ADS) for United States tax books
  • Optionally supports the Class Life Asset Depreciation Range (ADR) system for United States tax books, using vintage accounts to group assets having the same class and year placed in service
  • User-definable depreciation formulas for specific assets, asset groups, general asset accounts and vintage accounts
  • Automatically calculates and accumulates depreciation or amortization expenses by general asset account or vintage account, owner and book for grouped assets
  • User-definable rules governing maximum deduction amounts and bonus depreciation percentages for specific assets, asset groups, general asset accounts and vintage accounts, as allowed or required by GAAP, IFRS or tax authorities
  • Available conventions for calculating first-year depreciation include mid month, mid first quarter, mid second quarter, mid third quarter, mid fourth quarter, half year or actual date placed into service, as allowed or required by GAAP, IFRS or tax authorities
  • Option to fully expense asset books during the year of acquisition if allowed by GAAP, IFRS or tax authorities (for example, Section 179 deductions in the United States)

Asset Maintenance

  • Any number of service types can be defined for maintenance, repairs and overhauls (MRO)
  • Option to define any service type as warranty work provided either by original equipment manufacturers (OEM) or extended warranty contracts
  • Ability to identify any number of service types for each asset, with starting date and optional ending date for each asset and service type
  • Optional ability to record the maintenance fee to be paid between the starting and ending date for each asset and service type
  • Each of an asset’s service types is classified as Corrective, Preventive or Predictive
  • The OEM’s recommended time interval as well as operating cycles may be specified for each of an asset’s Preventive service types
  • Fully integrated with the GM-X Product subsystem to optionally link each of an asset’s service types to a service, price and cost; and to optionally identify the kitting bill of materials and revision for spare parts, consumables and tooling required to perform the service
  • Optional ability to upload and view any number of maintenance and warranty contract documents as well as maintenance manuals for each asset using the GM-X Alert subystem
  • Optionally identifies the person or organization responsible for servicing each asset, as well as the service contract number
  • Fully integrated with the GM-X Work Effort subsystem to track actual time, costs and expenses for each maintenance or service activity undertaken
  • Tracks the date each asset was last repaired
  • Tracks each asset’s cumulative operating cycles since it was placed into service
  • Tracks each asset’s operating cycles since preventive maintenance was last performed, for scheduling the next preventive maintenance  

Reporting and Analytics

  • Fully integrated with the GM-X General LedgerAccounts PayableBlockchain and Audit subsystems to automatically post asset acquisitions, depreciation, transfers, splits, impairments and disposals to each fiscal period
  • Extract Asset Master List to spreadsheet
  • Extract Missing Assets Report to spreadsheet
  • Extract Service Due Report to spreadsheet
  • Extract Depreciation Schedules and Projections by Asset to spreadsheet
  • Extract Fixed Asset Event History to spreadsheet