Introduction
As a business, you own various assets, be it furniture, computers, vehicles, or even intangible items. Managing these assets efficiently is critical for your operations and financial planning. The Asset Management feature in Empress provides a streamlined way to track, manage, and account for your valuable assets.
Getting Started with Asset Management
Accessing your Assets is as simple as navigating to the following path:
Home > Assets > Assets > Asset
Setting Up Your Assets in Empress
Before you start using the Asset Management feature, you need to set some prerequisites:
- Create an Item with ‘Is Fixed Asset’ enabled.
- Determine an Asset Category for classification.
Creating Assets
Once your prerequisites are set, you can start creating assets in Empress. Under the Item settings, ensure that ‘Maintain Stock’ is unchecked and ‘Is Fixed Asset’ is checked. Empress offers two ways to create assets:
Auto Creation of Assets
Empress can automatically create assets when you submit a Purchase Receipt. You can enable this feature by checking the ‘Auto Create Assets on Purchase’ box in the Item settings. You will need to provide the location of the asset when submitting the Purchase Receipt.
Manual Creation of Assets
If you prefer to have more control over your assets, you can choose to create them manually. To do this, ensure the ‘Auto Create Assets on Purchase’ is unchecked in the Item settings. After purchasing the item, go to the Assets list and click on New. Fill in the required fields related to the asset and click Save and Submit.
Remember, you need to create a separate asset record for each item you have bought. For instance, if you purchase five computers, you will need to create five separate asset records.
Managing Composite and Existing Assets
In some cases, you may want to create a combined asset from multiple items, such as a computer system compiled from a monitor, keyboard, and more. Empress offers a feature called Composite Assets for this purpose. Mark the ‘is_composite_asset’ checkbox to create a composite asset.
If you’re transitioning from another system to Empress, you’ll need to import your existing assets. You can do this by creating an asset record and checking the “Is Existing Asset” checkbox. You will need to provide details about the purchase amount, date, depreciation, and more.
Key Features of Asset Management
Depreciation
Depreciation is the decrease in value of an asset over time. Empress allows you to choose the frequency, total number, and method of depreciation. You can also set the date from which the depreciation will start, the expected value after its useful life, and the rate of depreciation.
Depreciation Schedule
Once you submit an asset, you can view its Depreciation Schedule. This table provides details about the depreciation amount, the amount that has been depreciated, and the journal entry.
Insurance Details
If your asset is insured, you can store relevant information such as the policy number, insurer, insured value, and insurance dates.
Accounting Entries
Empress automatically manages accounting entries related to your assets. When you submit an asset, the system credits the “Capital Work in Progress” account and debits the corresponding asset account.
Maintenance
If your assets require regular maintenance, you can record this by ticking the ‘Maintenance Required’ checkbox.
After Submitting an Asset
Once an asset is submitted, you have the option to transfer, scrap, or sell the asset. You can also adjust its value and make a depreciation entry.
The Asset Management feature in Empress simplifies the process of managing your valuable assets. By keeping track of your assets, you can make informed business decisions and ensure seamless operations. For further assistance, please refer to our user-friendly guides or reach out to our support team.