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.
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:
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.