SIVECO Romania proposes the economical agents an advantageous information solution for Fixed Assets Management | SIVECO Romania

SIVECO Romania proposes the economical agents an advantageous information solution for Fixed Assets Management

Wednesday, September 17, 2003

Bucharest, 17th September 2003 - The financial-accounting information related to Fixed Assets management are essential for most organizations.

In order to meet its clients’ requests, SIVECO Romania developed, within the SIVECO Applications integrated information package, a module for managing this type of resources. Non-tangible movable assets, fixed assets such as inventory objects can be managed with this application, during their whole utilization period, starting the procurement and functioning period until the end of the functioning period - thus the user can find out any moment the fixed assets status or the operations that have affected the fixed assets over a certain time period.

"Fixed Assets component provides the users the chance to eliminate complex and often inexact calculus related to depreciation-repair reserve methods for fixed assets, creating as well a complex data structure in terms of financial-accounting elements", declares Aurora Crusti, SIVECO Applications Department Manager at SIVECO Romania. "Moreover, the way the information and their logical connection are structured, specific to the Fixed Assets component, allow an easy adaptation to all the modifications of the present regulations, without influencing the functionality of the module and information system it is part of". 

Numerous Romanian clients in different fields of activity chose to use this information solution. Among them there can be mentioned Aerostar, Citibank, Valea Jiului Autonomous Water Company (RAAVJ), SNP Petrom, Constanta Sea Harbour Administration (APMC), Raiffeisen Bank, Termoelectrica  subsidiaries .

About Fixed Assets application within SIVECO Applications

Fixed assets can be managed with this module both from a fiscal point of view and from that of the International Accounting Standards (IAS), with the possibility to compare the two depreciation elements.

 Fixed assets management in accordance with the International Accounting Standards provides a way to follow, very strictly, a fixed asset, according to the internal depreciation evaluations. There is as well the possibility to report the data to a convertible currency (USD or EURO). The possibility to follow the depreciation and fixed asset values in a historical currency that cannot be depreciated is extremely important for budgets management, as the achievements to the budget can be assisted in the same currency.

With the application developed by SIVECO Romania there can be managed all the possible transactions during the whole fixed assets life cycle: modernizations, both value and time depreciation, re-assessments (calculated automatically by the system based on the percents operated by the user).

In the end there can be obtained a history of the fixed assets with all the operations during their life cycle.

The system also offers the possibility to manage the provisions.

By using Fixed Assets module the user benefits of all necessary reports, depending on the present legislation requests, such as:  fixed assets card, reports related to monthly depreciation, reports related to gross values, inventory values. The differences between fiscal and IAS depreciation, fixed assets inventory, fixed assets balance, grouped on fixed assets types and categories, reports which generate the values in currency - the currency in which the fixed assets have been registered, the historical currency.

The integrated feature of the components within the SIVECO Applications integrated information system solves, in a logical manner, the communication between different package components, by using a common database. Thus the user can access a complete range of information, which allows him to make, very quickly, the best decisions.

Furthermore, the fact that all the components use the same graphic interface and the same windows standard, work methods and information objects, facilitate the use of the application.

Fixed Assets management component commonly relates,  within SIVECO Applications integrated information package, with the Financial-accounting, Investments and Maintenance modules (the equipments are usually the company’s fixed assets).

Fixed Assets Management application receives data from the Investments module; at the end of the investment objective the application starts running and is given an inventory number (investment number) at delivery.

The connection with the Financial-accounting management takes into account the fact that the depreciation costs are assisted on production orders, cost centers and on the project in general.  

The integration with the Maintenance application is operated by the equipment code on every fixed asset - the costs on fixed assets are taken over by the Maintenance component (both depreciation and modernization ones, if necessary).