Projects in Pipeline - Assets

Muncipal Assets is a comprehensive Asset Management System that aims to improve the asset visibility,tracking and control for a government body's asset base. Muncipal Assets allows the government to manage its entire asset base in a single system and automates many standard transactions through the asset lifecycle. This can reduce the costs while improving the accuracy of the fixed-asset transactions, ultimately leading to a more accurate representation of the government's assets.

As with the entire muncipal product suite, Muncipal Assets is fully internet-enabled- this would make it possible to provide the system to the users at all the locations within the jurisdiction of the government. Muncipal Assets automates the depreciation process based on a set of pre-defined rules which factor the asset improvements and revaluations in computing the depreciation amount and follows that up with the automatic posting of the financial impact of the depreciation in Muncipal Financials. The system also captures the full asset lifecycle-creation,capitalization,improvements, revaluation and finally, the disposal of the asset(either by a sale or a write-off).

Integration Muncipal Assets will be fully integrated with the full muncipal product suite. Integration with muncipal Works automates the end-to-end process starting from the conceptualization of a project (e.g. civil works) all the way to the capitalization of assets created from the project. Integration with Muncipal Procurement supports the capitalization of procured assets (e.g. vehicles). And perhaps most significantly, integration with Muncipal Financials ensures that the financial impact of transactions on an asset (e.g. depreciation, revaluation) is immediately and accurately reflected in the financial books.

Salient Features of Muncipal Works

  • Flexible definition of asset categories, with attributes like depreciation rates, account codes like the depreciation expense and revaluation reserve codes
  • Rich set of attributes for defining assets, including asset type, asset location and physical attributes. Plans to integrate Muncipal Assets with Muncipal GIS which would enable the administrators and citizens visualize the geographical distribution of the assets. In future, this could provide a valuable input to urban planners
  • Creation and capitalization of assets on completion of Work Orders
  • Asset Revaluation with automatic adjustments to the Asset book value, which would automatically reflect in the Balance Sheet
  • Automatic depreciation of the assets based on pre-defined rules, followed by the automatic reflection of the depreciation in the Income/Expenditure statement
  • Asset disposal, either from a sale or a write-off, followed by the automatic reflection of the transaction in the financial books (including the profit/loss incurred from the disposal)
  • In the next release, a Maintenance/Repair/Operations (MRO) module will be added to keep a track of all the activities involved and costs incurred in managing the asset through its lifecycle
  • Creation of the Asset Register-with a summary of the entire set of operations performed on each asset throughout the lifecycle
  • The following will be provided as part of the Public Disclosure Platform:
    • Asset Register, classified by Asset Type
    • Asset MRO schedule and expenditure

Public Disclosure Platform

  • Progress of Works
  • Expenditure (budgeted vs. actual) incurred on each Work
  • Liabilities/payments by Contractor
  • Schedule of Rates
  • Quality Reports by Work/Contractor
  • Measurement Book Entries (Estimated vs. Agreed vs. Actuals)