FAMS is a fixed assets management and depreciation accounting software suitable for companies in India. It takes care of provisios of Companies Act, Income-tax Act and accounting standrads
5. Company Details C reate a company which will contain Fixed Assets and Depreciation details across ALL Financial years. F or de-centralized organisations, create a company for each Branch/Region/Accounting Unit .These can be later consolidated for organisational-level reporting
6. Parameter C onfigure Parameters for Asset Auto-numbering , Creating Additional Books of Depreciations, Auto-Backup periodicity, optional validations , and depreciation calculation dimensions.
7. Accounting Years – As per Books D efine Accounting Years as per books. A ny number of years can be defined. A year can be closed to disable any alteration in transactions. F or a year, Depreciation Calculation can be allowed to be edited manually.
8. Financial Years – Income Tax D efine Financial Year as per Income Tax. T his will be used for calculating Depreciation as per Income Tax. A Financial Year can be marked Closed to avoid any alteration in future.
9. Rates as per Books D efine Depreciation Codes , methods and rates for each accounting year. S elect WDV/SLM method A ctivate Multi Shift Depreciation for a Depreciation Code D efine Double Shift / Triple Shift Depreciation Rate
10. Rates as per - Income Tax Act D efine Depreciation Blocks for each Financial Year D efine Rate for each Block T his will be used for Depreciation Calculation as per I Tax
11. Rates of Depreciation – Additional Book I n case you have opted for Additional Depreciation Books define Depreciation Code/ Method / Rate for each Accounting Year A dditional Books can be created to have Depreciation computation other than requirements of Companies Act e.g. Parent Companies policies
12. Asset Category C reate a hierarchy of categories upto 3 Levels L evel 1 and Level 2 are mandatory L evel 3 is not mandatory
13. Asset Category D efault Depreciation Code and Income Tax Block Codes can be defined 1 00% Write off amount can be defined M ax Write off % can be defined P refix for auto-Asset ID generation can be defined for each cateogry
14. Departments D efine Department Code D epartment is one of the mandatory dimension of asset record R eports can be filtered on Department
15. Cost Centres D efine Cost Centre Code C ost Centre is one of the dimension of asset record R eports can be filtered on Cost Centre
16. Vendors D efine Vendor Code and update vendor details V endor details are mandatory for asset record S eparate vendor wise report can be printed
17. Users D efine User Code and address details U ser is one of the dimension of an asset A sset under user custody letter can be generated
18. Locations C reate hierarchy of locations upto 3 levels L ocations are mandatory for asset record L ocations are one of the grouping /filter option in reports L ocations are useful in physical verification process
20. Closing Balances W hen Asset details are to be entered from a cut-off date. S creen similar to Asset Acquisition with additional field for Accumulated Dep. A lternatively Closing Balance details can be imported from MS Excel File
21. Acquisition of Assets A sset Acquisition details can be entered with ease S everal Masters can be added from within the screen e.g. Vendor, User C ontrol R repeats previous record for faster data entry A sset ID is auto-generated / manually entered based on parameter selected O ver-riding Rate / Method for an asset can be defined
22. A sset Acquisition details can be entered with ease S everal Masters can be added from within this screen C ontrol R repeats previous record for faster data entry A sset ID is auto-generated / manually entered based on parameter selected Cost Breakup A sset Cost break-up details can be entered S eparate report available for cost break-up details E asy data entry with copy/paste functions
23. A sset Acquisition details can be entered with ease S everal Masters can be added from within this screen C ontrol R repeats previous record for faster data entry A sset ID is auto-generated / manually entered based on parameter selected Asset Cost break-up details can be entered Separate report available for cost break-up details Easy data entry with copy/paste functions Quantity Details Q uickly add several records for multiple quantities M ultiple entries can be generated for 1 or user defined quantity C ustom Physical ID can be generated
24. Sale/Discarding of Assets S ale / Discarding transaction of asset is recorded in this screen P rofit / Loss as per Books is auto-computed S ale value is reduced from the I Tax Block F or several transactions , bulk sale option can be used
25. Splitting of Assets S plit an asset in 2 or more assets G enerally required when selling part of an asset Cost and Depreciation Details are split across all financial years A uto Split based on quantity
26. Depreciation Calculation – As per Books C alculate depreciation for any period – Month / Quarter / Full Year D epreciation Period continuity maintained C alculate depreciation for any category at a time O nly Last depreciation entry allowed to be modified / deleted B ulk modification of Dep. Amount thru Excel Import
27. Depreciation Calculation – Income Tax C alculate Depreciation as per Income Tax block wise S tart from any financial year by entering Opening WDV
28. Depreciation Calculation – Additional Books C alculate Depreciation for Additional Books T his is same as calculating depreciation as per Books
29. Change of Asset Category R ecord change of category of any Asset I t does not change depreciation S chedules prior to change will show Previous Category S chedules post change will show New Category
30. Reclassification of Assets-Books C hange Depreciation Code for an asset retrospectively A uto computes change in accumulated depreciation S chedules prior to change are not affected
31. Reclassification of Assets-Additional Books C hange Depreciation Code for an asset retrospectively A uto computes change in accumulated depreciation S chedules prior to change are not affected
32. Change of Method E ffect change in Method F rom WDV to SLM or vise versa A uto computes difference in accumulated depreciation S chedules prior to change are un affected
33. Change of Rates E ffect change in Rate retrospectively A uto computes difference in accumulated depreciation S chedules prior to change are un affected
34. Assets Maintenance Contracts R ecord AMC details for each asset B ulk Update for quicker data entry A MC Reminder and reports available
35. Insurance R ecord Insurance details for each asset B ulk Update for quicker data entry I nsurance Reminder and reports available
36. Physical Verification R ecord Physical Verification Details F ilters for quicker data entry R ead Bar Code Scanner file for automated verification
37. Shifting of Asset – Transfer within same unit R ecord change of Department, location , cost centre and User S chedule prior to change will show previous value S chedule post change will show new value
38. Shifting of Asset – Transfer out to different unit R ecord shifting of assets to a different unit P rint Transfer Memo T his asset can be entered by the receiving unit as “Shifted-in” Asset S uch assets are removed during consolidation