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eGov Assets
is a comprehensive Asset
Management System that aims to improve the asset visibility, tracking and
control for a government body’s asset base. eGov Assets allows the government to
manage its entire asset base in a single system and automates many standard
transactions through the asset lifecycle. This can reduce the costs while
improving the accuracy of the fixed-asset transactions, ultimately leading to a
more accurate representation of the government’s assets.
As with the entire eGov product suite, eGov Assets is
fully internet-enabled - this would make it possible to provide the system
to the users at all the locations within the jurisdiction of the government.
eGov Assets automates the depreciation process based on a set of pre-defined
rules which factor the asset improvements and revaluations in computing the
depreciation amount and follows that up with the automatic posting of the
financial impact of the depreciation in eGov Financials. The system also
captures the full asset lifecycle – creation, capitalization, improvements,
revaluation and finally, the disposal of the asset (either by a sale or a
write-off).
Integration
eGov Assets will be fully integrated with the full eGov
product suite. Integration with eGov Works automates the end-to-end
process starting from the conceptualization of a project (e.g. civil works) all
the way to the capitalization of assets created from the project. Integration
with eGov Procurement will support the capitalization of procured assets
(e.g. vehicles). And perhaps most significantly, integration with eGov
Financials ensures that the financial impact of transactions on an asset
(e.g. depreciation, revaluation) is immediately and accurately reflected in the
financial books.
Salient
Features of eGov Assets
·
Flexible
definition of asset categories, with attributes like depreciation rates, account
codes like the depreciation expense and revaluation reserve codes.
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Rich set of
attributes for defining assets, including asset type, asset location and
physical attributes. Plans to integrate eGov Assets with eGov GIS which would
enable the administrators and citizens visualize the geographical distribution
of the assets. In future, this could provide a valuable input to urban planners.
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Creation and
capitalization of assets on completion of Work Orders.
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Asset
Revaluation with automatic adjustments to the Asset book value, which would
automatically reflect in the Balance Sheet
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Automatic
depreciation of the assets based on pre-defined rules, 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 on
each asset throughout the lifecycle
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