Asset Management

How fixed asset management work?

  • Determine the name of the asset and its account
  • Determining the main accounts related to the asset, such as the depreciation
    account for the asset and the profit and loss account resulting from the sale, replacement, or revaluation of the asset.
  • Specify the final value of the asset, including the purchase price and the expenses paid until this asset is ready for use, in addition to determining the payment method.
  • Determine the asset location so that we can later inventory the assets according to their geographical location.
  • Specifying other details such as the purchasing date of the asset, its origin, the manufacturer, the method and date of shipment of the asset, the import license number and the customs declaration in case of import.

Operations on assets

Phenix system provides the ability to process operations on assets that affect the life of the asset, and includes the following operations:

Addition to the fixed asset

It means adding certain equipment to the asset that helps increase its productivity during the period of its use

Exclude from fixed asset

It means excluding any parts from the asset due to damage, which led to a decrease in its life and productivity

Fixed asset maintenance

It means maintenance the asset during its use

Predefined reports

Phenix system provides a set of predefined reports to assist in evaluating the work of assets, as following:

  • Asset inventory report

Shows the assets list and the purchase date and their book value.

  • Asset movement report

This report shows the asset movements during the financial period.

  • Operations report on assets

Shows in detail all the operations that took place on each asset.

  • Asset production report

Which is integrated with the Phenix Manufacturing System.

  • Asset Depreciation Report

Which shows the depreciation value deducted from each asset based on the selected depreciation method.

Phenix system compatible with all tax systems, and it is licensed and approved by many government tax authorities

Fatora platform

Zakat, Tax and Customs Authorit

Saudi Vision 2030

Supported Depreciation Methods in Phenix

The asset loses its value during the years of use, and in asset management systems it is called depreciation, which is the process of spreading an asset’s cost over the years of use

Phenix support the following Depreciation methods:

  • Straight line method
  • Declining Installment method
  • Increased installment method
  • Unit-of-production method

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