Fixed Assets are assets such as land, buildings, machines, office equipments, vehicles, patents, trademarks, copyrights, etc. held for the purpose of business utilization and are not held for the purpose of sale in the ordinary course of business. During each accounting period (year, quarter, month, etc.) a portion of the cost of these assets is being used up. The portion being used up is reported as Asset Depreciation on the income statement .

It is a mandatory requirement for most of the business organizations to maintain an up-to-date Fixed Assets record. It allows a company to keep track of details of each fixed asset, ensuring control and preventing misappropriation of assets. It also keeps track of the correct value of assets, which allows for computation of depreciation for tax and insurance purposes.

PACT's Fixed Assets Module allows you to track the acquisition, depreciation and retirement or disposition of fixed assets in accordance with the law and sound accounting principles. Modules outstanding features allows you to have an organized, systematic record of fixed assets in a manner that ensures that your company does not miss out on valuable depreciation deductions, pay too much on insuring assets that are off the books, or run the risk of not having enough insurance.