With the rapid development in Computer Technology, most
organization have embraced the use of computer resources in its
activities to enable them achieve its set down objectives. Electronic
data processing is a wonderful tool which is used extensively in
financial accounting to implore performance and accuracy.
The principle aims of a fixed asset management
information system is to create automatic, understandable and efficient
system that will eliminate the problems of determining the asset
depreciation and value of the conventional system.
The work identifies the various handicaps and
significance of fixed asset system in the introductory section, so that
proper solution could be proffered.
Moreso, the project critically evaluates some concepts of fixed asset depreciation in the review of past literature.
However, the existing system and its operation was
clearly studied to infer proper understanding of the manual approach and
justification for a system support. Hence, the new systems design that
provides the input and output specification, file analysis form, the
piecemeal for the program design.
Furthermore, the project explicit shows the algorithms
that really produce the source code and flowchart under the umbrella of
project documentation the work explains how the new system could be used
via the function keys, password, modification and finally
recommendation that will assist in system maintenance.
ORGANIZATION OF WORK
This project work is organized into seven, chapter one
introduces the fixed asset information system, depreciation, the
statement of the problem, purpose of the study, aims and objectives,
scope, constraints, assumption and definition of terms.
Chapter two tackled about reviews of related literature with emphasis on method of depreciation.
Chapter three presents the description and analysis of the existing
system. There are facts finding methods organizational structure
objective of the exiting system, input, process, out put analysis,
justification for he new system.
In chapter four, design of the new system, the output and input
specification and design procedural chart system, flow chart and system
Chapter five deals with the implementation under this title program
design. Program flow chart, source program and test run were discussed.
Chapter six discussed the documentation and chapter seven summarizes the work under recommendation and conclusion.
TABLE OF CONTENTS
Organization of work
Table of Figures
Table of Contents
Statement of Problem
Aims and Objectives
Scope of the Study
Definition of Terms
Description and Analysis
Fact Finding Methods
Objective of the Existing System
Input, Process and Output Analysis
Information Flow Diagram
Problems of the Existing System
Justification for the New System
Design of the New System
Input Specification and Design
Output Specification and Design
TABLE OF FIGURE
2.1 Analysis of sum of the year depreciation
2.2 Analysis of double declining balance depreciation
3.1 Organizational Structure
3.2 Information flow diagram
4.1 Output design for individual asst category
4.2 Output design for summary
4.3 (A – D) Input specification
fig. 4.1 Procedure chart
fig 4.2 System flowchart
fig 5.1 (A – D) Program flowchart
Fixed asset management information system is a sub-operation in
financial accounting that take care of the degeneration of asset
usefulness because of this responsibility. Asset management and
depreciation is very important in any organization.
Asset management and deprecation is a content of every balance sheet
and then proper attention should be given on how asset are depreciated
to provide complete and accurate information that will assist management
in planning and policy making.
This is why it is important to design a fixed assed management information system
STATEMENT OF THE PROBLEM
To determine the fixed asset value and depreciation in every organization has been a problem.
Hence, there are limited number of staff working in the
account department which makes the existing asset account to be
delegated to some staff by their departmental heads at the end of each
period. The handling of Asset Account by numerous staff creates positing
error omission error and inaccurate calculated results.
Apart from that, there is no adequate record storage and
disposal system which resulting in non-documentation of some existing
asset are as well as continuous recording of scrapes. However, the
method of asset depreciation being used in the existing system is
Infact, the researcher shall by the end of this project
provide a suitable solution to the pressing problems of fixed asset
value and depreciation.
PURPOSE OF THE STUDY
The fixed asset management information system is cost
effective and provides an interactive environment, makes job easier and
simpler. Thus it will help the organization to know the various assets
she have if location useful and non-useful ones, accurate recording of
these assets and moreover assist them in planning and decision-making.
This will help the company in project allocation and
proper accountability. Furthermore this project work will serve as a
reference to both private and public organizations who are researching
in this area and others that will appreciate benefit of automation.
AIMS AND OBJECTIVES
The objective of this project is to design a fixed asset
management information system that will curb the problems and
malpractices of the existing system. This automatic software facilities
online recording and modifying of assets using electronic keyboard. It
also enhances automatic depreciation of an asset, proper storage and
speedy retrieval any asset value. However, the computerized system will
provide management with various reports on depreciation expenses and
accumulated depreciation at the end of every period. Hence a graphic
operating environment is incorporated to the system so that the software
will be easy to use and maintain.
This project mainly focuses on tangible asset of the
company, via land, building, machinery vehicle and furniture. Although
land is not depreciated due to its continuous nature, other fixed assets
category depreciates and its depreciation depends strongly on the
estimated life span of asset.
Moreover, all the acclaimed expenses that increases the
cost of the asset are recorded in the estimated cost of the asset. This
is made possible using modified submenu.