Fixed Assets Tracking System

Fixed Assets Tracking System (FATS)

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