Summit’s Fixed Asset module facilitates the accurate maintenance of your capital asset inventories, allowing you to verify your asset values are reported correctly on your financial statement. You can easily record changes to your fixed assets from recording acquisitions and depreciations to selling or retiring an asset.
The Fixed Assets module also provides you with the flexibility to define a wide variety of depreciation methods and asset life lengths to match the different types of assets your city owns, including: straight-line, declining and double-declining balance, and sum-of-the-year’s digits. Summit also handles non-depreciable assets as well.
The Asset Report lists the assets in location order, simplifying physical inventorying. You can adjust for lost or stolen items, keeping your inventory correct. Extensive information is available online and by reports, allowing you to answer common questions, such as: where an item is located, who is assigned to an item, what items are insured and with which insurance carrier, and what items need to be replaced in the upcoming budget year.
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