Sage 200 Evolution

What is Fixed Assets Accounting?

Accounting for all the tangible assets a business requires to run their business is called Fixed Asset Accounting. This includes all the physical items such as desks, vehicles, property, plant, and equipment that cannot be easily converted into cash but has a quantifiable value. The more you use your assets, the more they become obsolete and this can be legally expensed on your financials for taxation purposes.

How to manage your company’s fixed assets?

You need to track the value of each asset for both accounting and taxation purposes. The South African Revenue Services (SARS) requires that you depreciate your fixed assets using a reasonable depreciation rate and method. Fixed assets include all property, plant, and equipment (PP&E), and excluded all intangible assets. An asset’s carrying amount is usually not included on your balance sheet and must be calculated. It is generally lower than the asset’s current market value. It’s also important to consider that the asset’s current market value may be higher or lower than the initial cost of the asset.

For insurance purposes, you may also want to update the replacement value of your assets on a regular basis. In situations where you may have sold or disposed of a fixed asset, you are required to record it accurately.

With software like the Sage Fixed Assets Accounting Module, you can maintain an accurate fixed assets register that records information such as date of purchase, date of disposal, purchase price, accumulated depreciation, net book value, profit or loss on the sale, etc.

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fixed assets accounting infographic

The Sage Evolution Fixed Assets module automates all of these processes. Once you provide the initial information, the system takes over and manages your assets for you within the related financial statements (balance sheet), freeing up time for you to focus on other business operations.

Choosing Sage Evolution, Pastel Partner, or Stand-Alone Fixed Assets Accounting Module

  • Sage Evolution Fixed Assets. You have the option to install the fixed assets module seamlessly into your Sage 200 Evolution ERP software. The system will transfer the data directly into your General Ledger module.
  • Pastel Partner Fixed Assets. You will be required to install the  Fixed Assets module as a stand-alone. This will enable you to link the module directly to your Pastel Partner (Version 9 or above).
  • Sage Fixed Assets Stand-Alone Module. You can also install the module as a stand-alone option and manually enter your General Ledger codes that correspond to your accounting system. You then derive the values to post to the General Ledger via the Sage Evolution Fixed Assets reports
using fixed assets accounting in sage evolution or pastel partner

Simplified Asset Registry

Simplify your asset registry by grouping identical assets into one record. The Sage 200 Evolution Fixed Assets module allows you to sell or dispose of one or more of those asset units with the option to split them into one or more assets.

Group Assets Together

The fixed assets module has master and sub-assets functionality. The sub-assets enables you to group assets together. In a scenario where you buy a canopy for a delivery vehicle, you can set the canopy as a sub-asset of the specific vehicle, making it easier to manage.

Linking Assets to Asset Types

Each asset type includes the book and tax depreciation methods assigned to the asset. It also includes your GL integration details. Simply set your asset types, and enjoy the ability to link an asset to an asset type whenever you process a new asset.

Where Assets are Located

The Sage Evolution Fixed Assets add-on module allows you to set where each asset is physically located according to three optional analysis codes. Namely by the cost centre, by the department, or by the location.

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how to manage fixed assets accounting using software

Sage Evolution Fixed Assets Module

The days of physically tracking fixed assets are over. The Sage Evolution Fixed Assets Accounting module allows you to group and link fixed assets in a logical way so that your asset records mirror your physical assets as closely as possible. Companies purchase fixed assets all the time. Make sure yours are accurately accounted for.

This applies to simple assets like chairs and desks as well as more complex assets like vehicles and machinery, furniture, and fixtures. Manage your assets efficiently from day one and through the entire life of the asset. Keep track of all computer equipment during any reporting period, and account for wear and tear. Easily track the depreciation expense from the date of asset purchase no matter whether you trade in goods or services. Investing in a robust fixed assets management system is highly beneficial in the long term. Whether it’s office equipment, plant, or machinery. Choose this solution for accurate depreciation reporting on your income statement.

Looking to simplifying your Fixed Assets Accounting?


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