eGov Assets is a comprehensive Asset Management System that aims to improve the asset visibility, tracking and control of a department’s asset base. eGov Assets allows the management of an asset base by a single system and assesses standard transactions through an asset lifecycle. This monitors costs while improving the accuracy of municipal fixed-asset management, and leads to greater accountability of asset tabulation.
eGov Assets is completely internet-enabled to make it possible to provide the system to authorised users at various locations. eGov Assets automates depreciation of assets based on a set of pre-defined parameters. eGov Assets includes asset improvements and revaluations in computing the depreciation amount; this is followed up with an automatic posting of the financial impact of such depreciations in eGov Financials, another example of the extensive integration with the eGov Suite.
Features of eGov Assets
- Flexible definition of asset categories, with attributes like depreciation rates, account codes including depreciation expense and revaluation reserve codes.
- Rich set of attributes for defining assets, including asset type, asset location and physical attributes. Future integration to integrate of eGov Assets with eGov GIS to enable administrators and citizens to visualize the geographical distribution of municipal assets.
- Creation and capitalization of assets on completion of Work Orders in eGov Works.
- Asset Revaluation with automatic adjustments to the Asset book value, which would automatically reflect in the Balance Sheet.
- Automatic depreciation of the assets based on pre-defined parameters, followed by the automatic reflection of the depreciation in the Income/Expenditure statement
- Asset disposal, either from a sale or a write-off, followed by the automatic reflection of the transaction in the financial books (including the profit & loss incurred from the disposal)
- Creation of the Asset Register – with a summary of the entire set of operations performed during each asset’s lifecycle including: creation, capitalization, improvements, revaluation and final disposal (sale or write-off).
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