LILAC Asset Register records fixed assets - equipment, vehicles, buildings, machinery, tools etc - in terms of value, depreciation, and taxation requirements.
A control account is established in the LILAC Balance Sheet for each class of asset, a depreciation schedule allows progressive write-down, and depreciation expensing by diminishing value or prime costs calculation.
Provision is made to generate the appropriate debits and credits to reflect the depreciation of each asset for a given period - reducing asset value in the balance sheet, and accruing expense postings in the trading ledger.
Equipment Maintenance Scheduling System
Asset Register can be further extended with the use of a LILAC Equipment Maintenance schedule - recording more details of each asset - maintenance requirements, and the accrual of a long-term maintenance history.