Fixed Assets Processing

OGsys Fixed Assets processing is used to record information relating to the maintenance of assets, including depreciation and depletion calculations. Several asset books are available to accommodate book, tax, and state depreciation. Every asset is assigned a unique code either by the user or by a system default process.

Options in the design include user defined depreciation schedules, which may be created as needed for assets that do not use the standard depreciation schedules. It may be important to track an asset because of its association with a well, in which case, a location is designated. When this occurs, the 'Units of Production' method of depreciation can be used. A depletion function is provided allowing the tracking of sales and production history.

The efficiencies gained by using this program are that it calculates depreciation in flexible periods using standard conventions, supports up to four 'books' per company (IRS, AMT, STATE, INTERNAL), has full general ledger integration, provides for multiple depreciation methods supported (MACRS, S/L, DDB, etc.), and offers Units of Production methods for well related assets.