KB20240423/01: Sage 200 Evolution – Fixed Assets module.

Fixed Assets are physical items such as desks, computers, cars, and machinery which you acquire to run your business. South African Company Law requires that you keep a register of your business’ Fixed Assets as part of its accounting records. However, business Fixed Asset management can be tedious and time consuming. As you use assets, they depreciate or become obsolete. You can legally expense depreciation in your accounts for tax purposes. Sage 200 Evolution’s Fixed Asset tracking software module takes care of all of this for you.

Managing your Fixed Assets includes the following tasks:

• Tracking each asset’s value, both from a tax and an accounting point of view.
• Depreciating assets correctly using an appropriate depreciation rate and method.
• Updating the replacement values of your Fixed Assets for insurance purposes.
• Maintaining an accurate Fixed Assets register which records information such as, date of purchase, date of disposal, purchase price, accumulated depreciation and net book value.
• The Sage 200 Evolution Fixed Assets module automates all these processes for you.
• Once you provide the initial information, the Fixed Asset management system takes over and manages your assets for you. One of the realities of Fixed Assets processing is that companies frequently change depreciation rules as legislation allows and as company policy changes. Some changes are retroactive to when you purchased the asset. Sage 200 Evolution Fixed Assets calculates its values dynamically from the start of each asset’s life, which makes retroactive changes simple. Imagine the time required to accurately program all this yourself into a spreadsheet.

*Sage Evolution Fixed Assets can be used in conjunction with the Core Sage 200 Evolution Accounting system, or can be purchased as a stand-alone product.