Uganda, Kenya, Rwanda, and other East and Sub-Saharan countries are some of the biggest developing countries and SunSystems (Sun System) has played an important role in their growth. In this post, we discuss how Infor Sun Systems can be and has been deployed by various businesses worldwide and those in Uganda, Kenya, and the rest of the East African region for fixed asset management.
Kenya, Ugandan, and Sub-Saharan companies spend a fortune on assets. It is imperative that they are accounted for, monitored, and managed in the most efficient manner possible. This is where the efficient Infor SunSystems Fixed Assets Accounting module comes into play.
Infor SunSystems (Sun System) Fixed Assets Accounting module supports multiple currencies and depreciation methods that can be recorded in different asset ledgers for complete flexibility. In addition, depreciation methods can vary in the same asset ledger, enabling you to cater to local and taxation requirements in a single transaction.
East African businesses have been able to take financial control of their organization’s assets with the Infor SunSystems Fixed Assets Accounting module. It fully integrates with SunSystems Accounting and SunSystems Purchasing modules for streamlined financial processing, enabling users to link asset records to purchase transactions. SunSystems (Sun systems) Fixed Assets Accounting supports multiple currencies and depreciation methods that can be recorded in different asset ledgers. In addition, depreciation methods can vary even within the same asset ledger, allowing you to account for local and taxation requirements in a single transaction.
- Depreciation can be calculated automatically; depreciation transactions can be generated and posted automatically to the relevant profit and loss and balance sheet accounts in the financial ledgers
- Asset quantities and values are automatically updated as ledger transactions are entered to record asset acquisitions or disposals
- Assets can be grouped into classes to facilitate easy management of different asset types, allowing you to maintain specific business rules for asset group types
- Depreciation locking and the ability to recalculate the useful life of assets make it easier to manage corporate asset policies
Features of Infor SunSystems Fixed Assets Accounting module;
Asset details recording
SunSystems Fixed Assets Accounting has enabled East African businesses to store a comprehensive set of attributes to effectively monitor and manage assets, including;
- Asset codes combined with multiple analysis dimensions to facilitate analysis by category or location
- Various transaction types, including additions, disposals, part disposals, enhancements, and depreciations
- Multiple note records for each asset
- Support for asset values such as gross, net, final, and accumulated depreciation
The fixed asset register allows you to maintain depreciation details for each asset in three currencies: transaction currency, base currency, and reporting currency. The transaction currency can vary from one asset record to the next and can be maintained even when assets are physically located in different regions or countries.
Flexible depreciation methods
Different depreciation methods can be applied by asset type, according to business policies. SunSystems (Sun Systems) Fixed Asset Accounting supports the following depreciation types:
- Straight line
- Sum of digits
- Declining balance
- From a specific day
- Advanced and reduction (straight-line variants)
Depreciation timing allows you to apportion the depreciation calculated over the periods in the year using a predefined ratio.
Budgets can be set up to maintain different valuations for each asset and different depreciation methods can be applied for budgeting, forecasting, and reporting purposes.
- Analyze the effect of changing the depreciation method or life of an asset, or maintain a current cost valuation
- Set up budget assets in a budget ledger; budget assets contain the same information as the actual assets, but are held in a separate budget ledger; a budget asset still contains all of the available static data (such as asset status, depreciation periods, and posting accounts, gross value, accumulated depreciation, and net book value)
- Include budget asset values in two currencies; you can define a budget asset that uses different depreciation methods and currencies to the equivalent actual asset; by specifying a particular asset within a budget ledger, you can maintain a second set of information on the asset alongside the actual information (such as for forecasting)
- Assign up to ten budget ledgers per business unit
SunSystems Fixed Asset Accounting can automatically post the relevant profit and loss and balance sheet transactions, so you only need to enter the sale proceeds prior to the disposal of an asset. Asset disposal generates the relevant postings, reports the postings, and optionally removes the asset details after disposal at two levels:
- Remove the asset code from the transaction
- Remove the asset code from the transaction and delete the asset record, diary, and analysis information
Advanced processing features
SunSystems contains a number of advanced asset processing capabilities, including:
- Analysis apportioning—Define asset subcodes or posting presets to apportion the total depreciation for an asset across different analysis codes using a predefined factor
- Asset revaluation—Calculate asset revaluation and meet the needs of most inflationary situations
- Flexible cleardown routines—Keep transaction details as long as needed
Other Sunsystems modules
Infor SunSystems has additional modules that include corporate allocations, requisitioning, purchasing, sales order processing, and inventory management. These modules allow organizations to expand operations in a seamless fashion and leverage extended business capabilities.