By: Anton Systems
Facility maintenance requires more than just the day-to-day interaction of work order-driven issues; it should also include the complete tracking of all the assets of the properties being managed. Assets start from the building shell and include any improvements of furniture, fixtures, and equipment (FF&E). Tracking assets can be daunting when you add up what needs to be maintained and depreciated (e.g. roofs, HVAC systems, elevators, etc.).
For a property manager to adequately track assets, it is vital to have the right tool to report on and efficiently maintain the depreciated life cycle of each asset. Proper FF&E management includes a description of each asset, with serial numbers, model numbers, purchase cost, and functionality. It also accurately depreciates value following useful life determinations. Most significantly, asset depreciation should inherently pass from facilities management to accounting departments for tax and financial reporting. Implementing a streamlined asset management system with full-featured depreciation scheduling is more than just a good idea, it is a necessity for any successful property management operation.
SS&C SKYLINE property management software with MoneySoft Fixed Asset Pro allows you to take complete control with a quick import of all assets currently housed under the fixed asset management feature. This integrated process allows the accounting department to effectively create new and update existing depreciation schedules of assets placed in service with precise date-driven import features.
The fixed asset, tracking, and depreciation capabilities within the SKYLINE property management system allow the end user to regulate asset data, including the ability to calculate depreciation for tax, financial (GAAP), state, and 3 other books. It also automatically calculates depreciation on a monthly or annual basis to create journal imports that update the SKYLINE general ledger by ownership entity.
Tax season is right around the corner; now is the time to take control of your assets and implement this effective tool. To learn how SS&C SKYLINE property management software can provide your business with the tools you need to properly manage your property assets, download our brochure or request a demonstration.