Introduction to Fixed Assets Management and Its Purpose

Introduction to Fixed Assets Management and Its Purpose

Fixed Assets refer to long-term tangible assets that an organization uses in its operations to generate revenue over an extended period. The Fixed Assets management module in GLOWSIMS allows organizations to manage and track their physical and tangible assets efficiently. This module helps in recording purchases, disposals, depreciation, and book values of assets, ensuring transparency in asset management.

Purpose:

1. Centralized Tracking: To maintain a detailed record of all assets in one place.
2. Accurate Depreciation Calculation: Ensure compliance with accounting standards by tracking depreciation over an asset’s useful life.
3. Enhanced Financial Management: Facilitate better decision-making regarding asset purchases, disposals, and repairs.