Yardi’s Fixed Assets module allows you to apply a depreciation formula to the purchase price of a fixed asset over time, depending on the accounting practices used by your organization.
Yardi's Fixed Assets Module
The Yardi Fixed Assets module allows you to apply a depreciation formula to the purchase price of a fixed asset over time, depending on the accounting practices used by your organization. Fixed assets are tangible items you use to run your business; depreciation is the practice of “spreading” the expense over the item’s usable life. This module is especially useful for organizations with many fixed assets – like property and equipment – that are difficult to track via spreadsheet. This GAAP-compliant module will simplify your year-end reporting process. Additional features of the and benefits of the Yardi Fixed Assets module include:
- Several ways within the system to create a fixed asset (including manually); making your transition to the module flexible; ETL functionality can also be used to transfer assets from another system or spreadsheet directly into Yardi
- Fixed Asset-specific reports; the ability to assign fixed assets to groups for reporting purposes; the ability to automate the creation of assets based on GL account mapping
- Scheduled or manual posting of journal entries based on the depreciation method you’ve selected
- Automatic posting of journal entries based on disposition, sale, transfer, impairment, or reclassification of an asset
- Warranty tracking directly in the system (associated with the fixed asset)
Configuring this module entails setting up: accounts and options, depreciation methods and conventions, and asset types. Because there are multiple ways to create a fixed asset in the system, it is important to establish group permissions allowing users the ability to create and assign attributes to an asset. This module gives you the ability to change the “post” button on a fixed asset transaction (like sale or disposition) to “send for approval,” for certain user groups.
Several reports allow a bird’s eye view of your assets that have been entered into the system, the posted depreciation, the placed in-service date, and the depreciation schedule that is being used. From the Depreciation Summary report, you can then drill down into an asset’s individual record.
From here, we can investigate the specific journal entries associated with depreciation and determine if everything has posted correctly.
The Yardi Fixed Assets module also offers several useful analytic tools for completing IRS Form 4562.
- When viewing an asset’s book value, you can also assign a personal use percentage
- 4562 Part 5 Section A and Section B reports automatically calculate values that can be input into both forms; the Section 179 report summarizes your elections and bonus depreciation (for assets with a qualifying Section 179 expense)
- Larger portfolios are more likely to have many fixed assets – think things like vehicles and equipment. Because fixed assets are treated differently from an accounting perspective, it is helpful to have this module as it reduces the amount of accounting you’ll have to do outside of Yardi
- The Yardi Fixed Assets module increases efficiency by automatically linking fixed assets to corresponding journal entries and invoices
- Reporting capabilities of Yardi make it possible to monitor your fixed assets – how much depreciation they’ve accumulated, etc.
- The Yardi Fixed Assets module calculates Journal Entries like unrealized gain/loss automatically, reducing errors
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