FATS is a reflection of RapidSoft’s diverse
skills and expertise. FATS has been designed in conjunction
with experts in the field of accountancy and tax. It is a user-friendly
software package which has been created to keep track of all
fixed assets within any organization. It has been created to
the highest standards observing the following requirements:
Generally Accepted Accounting Practice (GAAP)
Companies Act and Close Corporation Act
South African Revenue Service (SARS)
FATS is an electronic fixed asset register and
is focused on tracking the financial and tax values of each
asset. It has the following features incorporated into it:
Opening and closing historical cost, accumulated
depreciation and book values
Asset revaluations
Additions and disposals during the year including
profit/loss on disposal
Depreciation during the year
Capital Gains Tax (CGT)
The system allows for inquiries to be made easily
and for reports and printouts to be generated to view the position
of fixed assets within any business. FATS facilitates the following
functions:
Bookkeeping – auditors and accountants
require a fixed asset register
Tax – SARS requires that fixed assets are
recorded and depreciated for tax purposes.
Insurance companies – require regular listings
of fixed assets
Valuations – where a business is to be
sold, a list of assets is always required
FATS is a completely integrated package and a
must have for any business.
