Introduction
Fixed asset management information system is a sub-operation in financial accounting that take care of the degeneration of asset usefulness because of this responsibility. Asset management and depreciation is very important in any organization.
Asset management and deprecation is a content of every balance sheet and then proper attention should be given on how asset are depreciated to provide complete and accurate information that will assist management in planning and policy making.
This is why it is important to design a fixed assed management information system
Statement Of The Problem
To determine the fixed asset value and depreciation in every organization has been a problem.
Hence, there are limited number of staff working in the account department which makes the existing asset account to be delegated to some staff by their departmental heads at the end of each period. The handling of Asset Account by numerous staff creates positing error omission error and inaccurate calculated results.
Apart from that, there is no adequate record storage and disposal system which resulting in non-documentation of some existing asset are as well as continuous recording of scrapes. However, the method of asset depreciation being used in the existing system is ineffective.
Infact, the researcher shall by the end of this project provide a suitable solution to the pressing problems of fixed asset value and depreciation.
Purpose Of The Study
The fixed asset management information system is cost effective and provides an interactive environment, makes job easier and simpler. Thus it will help the organization to know the various assets she have if location useful and non-useful ones, accurate recording of these assets and moreover assist them in planning and decision-making.
This will help the company in project allocation and proper accountability. Furthermore this project work will serve as a reference to both private and public organizations who are researching in this area and others that will appreciate benefit of automation.
Aims And Objectives
The objective of this project is to design a fixed asset management information system that will curb the problems and malpractices of the existing system. This automatic software facilities online recording and modifying of assets using electronic keyboard. It also enhances automatic depreciation of an asset, proper storage and speedy retrieval any asset value. However, the computerized system will provide management with various reports on depreciation expenses and accumulated depreciation at the end of every period. Hence a graphic operating environment is incorporated to the system so that the software will be easy to use and maintain.
Scope
This project mainly focuses on tangible asset of the company, via land, building, machinery vehicle and furniture. Although land is not depreciated due to its continuous nature, other fixed assets category depreciates and its depreciation depends strongly on the estimated life span of asset.
Moreover, all the acclaimed expenses that increases the cost of the asset are recorded in the estimated cost of the asset. This is made possible using modified submenu.
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