Comprehensive Asset Information Leads to Better Management
Using a single window, EmpowerFA creates an electronic file containing a wide variety of information about each asset.
The General tab captures the asset ID, description and pertinent information about how the asset was acquired, including the acquisition date, manufacturer, model and serial number.
EmpowerFA’s Depreciation tab enables you to set up an unlimited number of depreciation books for each asset. In addition to standard depreciation calculations, EmpowerFA also supports calculations required for partial dispositions and adding value to an asset during the life of the asset.
The Location tab facilitates the physical counting of the asset, as well as providing information for supporting Property Tax calculations.
The Ledger Accounts tab captures all of the accounts used in posting journal entries for acquisition, depreciation, and disposition of the asset. By pre-defining the accounts, the accuracy of your journal entries are insured.
The Asset Groups tab is used to assign the asset to one of more user-defined groups. Having each asset available to multiple groups allows a single asset to be tracked in more than one way. For example and asset may be assigned to a computer equipment group, also listed under a maintenance contract and be assigned as collateral to a bank loan.
The Insurance/Replacement tab provides a way to calculate the true cost of replacing each asset, rather than relying on the more inaccurate net value of the asset.
The comprehensive asset history feature of EmpowerFA ensures a wide range of reporting about each asset is always available. Each event from acquisition, to a change in location, a change in value, a change in depreciation method, to retirement, to the journal entries created by these transactions is maintained, even after the asset is disposed of.
An important feature of EmpowerFA is the ease with which a user can obtain information to quickly answer commonly asked questions. All asset information is accessible through EmpowerFA’s many inquiries, the results of which can be printed at any time.
EmpowerFA's Physical Count module begins by creating worksheets by location for all or a selected sub-group of your assets. Once the worksheets are distributed and the asset information verified, the results are entered into EmpowerFA and an exception list of all assets not found is generated for your review. At that time, a more comprehensive effort is initiated to find the missing assets and then the final results are tallied. Upon completion of the physical count, EmpowerFA automatically updates each asset’s counted date and location.