NovaTally Fixed Assets Register (FAR) is a ready to use solution developed by Nova Technosys which is an integrated Solution on Tally.

To give a glimpse of the Solutions, here by we are giving some important Process Automation / Controls / Features / Functions we have developed on Tally as Ready to use Solution for Maintaining the Fixed Assets Register to automate the FAR related Business Processes end to end using Tally along with our solution(s).

Asset Categorization - System is designed to allow the User to Create / Maintain different Asset Classifications / Categorization / Asset Grouping in the System as per the Reporting Requirements

The System also having provision for the User to configure / revise / maintain the Asset Life Duration (Asset Life Cycle Management), Depreciation, Asset Serial Numbering Rules for each Asset Classifications / Categorization / Asset Grouping

Asset Ordering Process - System having provision for the User to configure the Budget at each Cost Center Level for Asset Procurement

System is also having the Artificial Intelligence to validate the Purchase Order and decide whether there is enough Budget available for procuring the Asset and if the Budget is     available to whom the Purchase Order has to go for Approval and if the Budget is not available to whom the Purchase Order has to go for Approval and it will allow the     Purchase Order to be released only after the necessary Approval is obtained

Asset Depreciation Method - System is designed to support both Straight Line Method of Depreciation as well as Written Down Value Method of Depreciation and User can configure any one of the Depreciation Method to be followed at Company Level

Asset Depreciation Percentage - System is flexible enough to allow the User to revise the Asset Depreciation Percentage by way of modifying the Expected Asset Life Period in Straight Line Method of Depreciation and will allow the user to revise the Asset Depreciation Percentage in case of Written Down Value Method of Depreciation during the course of the Asset is maintained in the Fixed Asset Register

Asset Accounting Process - System having provision to Assetize the Asset when the Asset is received and booked through Goods Receipt Note (GRN) and following which the Purchase Bill is booked in the System

During the Assetization Process the System will automatically trigger the Assetization Transactions required in the System to update the required General Ledger Accounts

Asset Register & Asset Number Updation Process - During the Assetization Process the System will Assign an Unique Asset Number for the Asset and update the Asset Register with the Asset Particulars

System is capable of generating the Fixed Assets Register format as per Companies Act 2013

The Asset Serial Number Logic is user Configurable - Parent & Child Asset Linking and Tracking – During the Assetization Process the System will allow the User to Assetize an Asset as a Child Asset for an existing Asset (which will be considered as Parent Asset after this process)

When an Asset is Assetized as Child Asset then the Child Asset will automatically obtain the Depreciation Parameters from the Parent Asset (to which the Child Asset is linked) including the Remaining Asset Life Period except for the Residual Value for the Asset and the Depreciation Percentage is arrived automatically based on that Asset Register will be maintained for the Parent as well as for the Child Asset separately and tracked till its transferred to another Location or until the Assets are sold or retired

Asset Depreciation Process  - System using its intelligence will generate the Depreciation Entries for each Asset at the end of every month and will pass the necessary Depreciation Entries in the Books of Accounts and update the Depreciation details in the Asset Register

System is intelligent enough to calculate and stop the Depreciation calculation once the Asset has reached its Residual Value / Scrap Value automatically

Asset Transfer / Movement Monitoring - System is designed to handle the Asset Movement from One Cost Center to another Cost Center / One Custodian to another Custodian / One Location (Tally Database) to another Location (Tally Database)Asset Transfer / Movement Monitoring – System is designed to handle the Asset Movement from One Cost Center to another Cost Center / One Custodian to another Custodian / One Location (Tally Database) to another Location (Tally Database) 

System will automatically pass the necessary Accounting entries as and when it is affecting the Books of Accounts / Cost Center

Asset Useful Life Duration Change after Assetization - System is having provision for the User to Re-configure the Asset Useful Life Duration at Individual Asset Level and based on that the System will automatically calculate the Depreciation based on the revised Depreciation Percentage applicable on the basis of the updated Useful Life of the Asset 

In case the Asset Useful Life Duration is changed with retrospective effect then the System is intelligent enough to pass the necessary Accounting Transaction to reverse the Depreciation availed and update the Fixed Asset Register accordingly

Asset Residual / Scrap Value Change after Assetization - System is having provision for the User to Re-configure the Asset Residual / Scrap Value at Individual Asset Level and based on that the System will automatically calculate the Depreciation based on the revised Depreciation Percentage applicable on the basis of the updated Residual / Scrap Value of the Asset 

In case the Asset Residual / Scrap Value is changed with retrospective effect then the System is intelligent enough to pass the necessary Accounting Transaction to reverse the Depreciation availed and update the Fixed Asset Register accordingly

Asset Sale Process - Asset Sales Process will happen in the similar way like a normal Sales happening in Tally 

Asset Removal Process - System is having provision to remove the Asset from the Asset Register through Asset Removal Process 

During the Asset Removal Process the system will automatically pass the necessary Accounting entries after arriving the Profit / Loss for the Asset Sale and arrive at the the Transactions that will be affecting the Books of Accounts / Cost Center