| 132 Virginia Ave, Hawthorne, QLD 4171 |
| Phone: 07 3395 7733, Fax: 07 3395 7732 |
| http://www.lennox.com.au eMail: doug@lennox.com.au |
| Keeping Track of Assets |
| The LILAC Asset Register is a sub-module of the LILAC
General Ledger module which permits the user to keep
records of individual fixed assets - items of plant,
equipment, vehicles, buildings, machinery, tools etc - in
terms of their value, costs depreciation and taxation
requirements. A control account is established in the LILAC Balance Sheet for each class of asset, and a depreciation schedule is dynamically maintained in the data base, listing the asset items in each class, and allowing progressive write-down, and depreciation expensing by diminishing value or prime costs calculation as required. |
| Integration |
| Provision is made to generate the appropriate
debits and credits in the LILAC integrated
database to reflect the depreciation of each asset
for a given period - to reduce the asset value in
the balance sheet, and accrue expanse postings
in the trading ledger. Of course in the nature of the LILAC double entry system, purchase, sale, maintenance etc of assets is reflected by natural double entries with any and all of the LILAC integrated ledgers. |
| Equipment Maintenance Scheduling System |
| The book-keeping aspect of assets managed by the Asset Register module can be further extended by use of the LILAC Equipment Maintenance module. This allows the recording and management of much more extensive details about each item of plant or equipment, and the specification of scheduled maintenance requirements, and the accrual of a long-term maintenance history. |
