Fixed Asset Management with Gravity Software

schedule a demo with Gravity Software
x

See how Gravity compares to leading cloud accounting solutions. Request a demo.

  • Streamline your Fixed Asset Management with Gravity Software
  • Streamline your Fixed Asset Management with Gravity Software

    Gravity Software’s Fixed Asset Management is an advanced module built into our multi-entity accounting solution. Whether you're managing assets across a single entity or multiple locations, Gravity Software simplifies the complexity of asset tracking, depreciation management, and reporting.

    As a complete cloud-based accounting software, Gravity Software ensures efficiency, accuracy, and tax-compliant depreciation tracking, all while seamlessly integrating with your existing financial systems. Whether you’re managing assets for a single entity or multiple locations, Gravity helps you stay organized, compliant, and on track across locations

    Ready to see how Gravity Software can transform your fixed asset management?

    Request a demo with Gravity to learn how our multi-entity accounting software can enhance your fixed asset management across multiple entities.

  • Fixed Asset Management features and Demo Video
  • Fixed Asset Management features and Demo Video

    Fixed Assets Management – Part of Gravity's multi-entity accounting software.

    Gravity Software’s Fixed Asset Management module , part of our powerful multi-entity accounting solution, offers a comprehensive set of features designed to streamline your asset tracking and depreciation processes.

    • Accurate asset tracking: Easily track and manage asset records, including location, acquisition cost, and depreciation schedules.
    • Multiple depreciation books: Create different books to track depreciation for financial and tax reporting purposes, including internal books for general ledger, federal tax, state tax, and property tax.
    • Flexible depreciation calculation: Calculate depreciation for each asset using a variety of methods, such as straight-line, declining balance, and custom methods.
    • Seamless integration:  Full integration into Gravity's core financials, ensuring automatic asset tracking from acquisition to retirement. Fixed Asset Management is fully integrated within Gravity Software and does not integrate with other accounting systems
    • Asset retirement: Manage asset retirements and calculate gains or losses for disposal, with proper recording for tax and financial reporting.
    • Comprehensive reporting: Generate detailed depreciation and asset reports for internal use and compliance purposes.

    These features integrate seamlessly into Gravity’s core financials, allowing you to manage multiple entities and their assets effortlessly.

    Want to see how Gravity Software’s Fixed Asset Management works? Watch our Fixed Assets Management demo video to explore the powerful features and capabilities that can simplify your asset tracking and depreciation process.

    creenshot of Gravity Software's Fixed Asset Management module showing asset tracking and depreciation features.

    Ready to simplify your asset management?

    Experience firsthand how Gravity Software’s multi-entity accounting solution can optimize your fixed asset management—schedule a demo today!

  • Why choose Gravity Software for Fixed Assets
  • Why choose Gravity Software for Fixed Assets

    Gravity Software – Trusted solution for fixed asset management and accounting.

    Gravity Software – A trusted solution for fixed asset management and accounting

    Gravity Software’s Fixed Asset Management module is built as part of our comprehensive financial management solution. Whether you’re managing assets for a single entity or across multiple locations, Gravity Software ensures smooth integration, precise asset tracking, depreciation management, and seamless reporting. As part of our multi-entity accounting software solution, it simplifies accounting workflows and reduces errors, giving you a complete view of your asset portfolio.

    • Ease of use: Our intuitive interface makes managing fixed assets simple, reducing the time and effort required.
    • Advanced features: With tools for asset tracking, depreciation calculation, and retirement, we cover all your fixed asset needs in one solution.
    • Cost savings: Streamline your asset management process, reduce errors, and cut down on the costs associated with manual tracking.
    • Seamless integration: Easily integrate with your existing financial systems, allowing for automatic asset tracking and reporting.

    Ready to transform your fixed asset management?

    Schedule a demo with Gravity Software to see how our multi-entity accounting solution can streamline your fixed asset management and help you manage assets across multiple entities.

  • What clients are saying
  • What clients are saying

    Tera Carpenter, VP of Finance and HR at Dr. Tavel Family Eye Care, sharing her experience with Gravity Software.

    "With Gravity Software, we’ve drastically reduced our month-end close time from over 30 days to just 10-15 days. The system is easy to use, and the ability to streamline processes like bank reconciliation and triple-net lease calculations has saved us countless hours. What’s even better is that everything is updated in real-time, which allows us to focus on more strategic tasks like financial analysis and budgeting. Gravity Software has truly transformed our accounting processes."

    Tera Carpenter, VP of Finance and HR, Dr. Tavel Family Eye Care

     

    Read the Full Case Study

    Discover how Dr. Tavel Family Eye Care transformed their accounting processes with Gravity Software. Learn how they reduced their month-end close time, improved multi-entity accounting, and streamlined financial tasks.

  • Explore valuable resources to help your business grow
  • Explore valuable resources to help your business grow

    G2 'Users Love Us' badge – Recognizing Gravity Software for high customer satisfaction with an average rating of 4.0 stars or higher.

    At Gravity Software, we believe in empowering businesses with the knowledge and tools needed to make smarter financial decisions. Our resource section provides you with insightful articles, case studies, guides, and tips to help you optimize your accounting processes, improve efficiency, and stay ahead of the competition. Whether you're looking to transition to a new accounting system or need strategies for managing multi-entity businesses, you’ll find valuable content to support your growth journey.

    Explore the resources below to learn how Gravity Software can help you streamline your operations and achieve your financial goals.

    7-Minute Highlights Demo
    Watch a quick 7-minute demo to see how Gravity Software can transform your accounting and financial management.
    Direct ACH Payment
    Easily process ACH payments with Gravity Software, streamlining your payment workflows and improving efficiency with seamless bank integration. (US and Canada)
    AI in Accounting
    Explore how AI-powered accounting solutions can automate tasks, improve accuracy, and drive efficiency in your financial processes.
    AI-Powered AP Automation
    Leverage AI to automate your accounts payable processes, reducing errors and saving time while improving efficiency and control.
    Microsoft Power Platform for Accounting
    Discover how integrating Microsoft Power Platform with your accounting processes enhances flexibility, automation, and data-driven decision-making.
    Remote Check Printing
    Print and manage checks remotely with Gravity Software, enabling secure, efficient check processing from anywhere. (US only)
    Save on Cloud Accounting
    Explore how CFOs can optimize their cloud accounting software investment with cost-effective strategies, from understanding true costs to forecasting future needs and identifying discounts.
    Multi-Entity Accounting Guide
    Explore our comprehensive guide to managing multi-entity accounting with Gravity Software, designed to streamline consolidation, reporting, and financial management across multiple entities.
    See Gravity in Action
    Book a personalized demo with Gravity Software and discover how our multi-entity accounting solution can simplify your fixed asset management across multiple entities.
  • Frequently
    Asked Questions
  • Frequently
    Asked Questions

    Salesperson ready to assist with your questions about Gravity's cloud-based accounting software.

    We understand that transitioning to a new fixed asset management system can raise important questions. To help, we've compiled a list of the most common inquiries about Gravity Software’s Fixed Asset Management module. Whether you're curious about how to get started, how depreciation is handled, or the integration capabilities, our FAQ section has you covered. If you don’t see your question here, feel free to reach out to our team directly.

    See how Gravity’s multi-entity accounting software can transform your fixed asset management—schedule a demo today!

    arrow

    What is the Fixed Assets module in Gravity Software?

    The Fixed Assets Module in Gravity Software helps organizations manage and depreciate long-term fixed assets. This module allows users to create, track, and manage asset records, apply various depreciation methods, and generate reports for financial and tax purposes. It supports multiple asset books, including those for internal, federal, state, and property tax reporting.

    Can I manage fixed assets across multiple entities in Gravity Software?

    Yes! Gravity’s Fixed Asset Management is designed to seamlessly integrate with our multi-entity accounting software, allowing you to track and manage assets across multiple locations and entities.

    How do I create fixed asset records in Gravity Software?

    You can create fixed asset records in Gravity Software in three ways:

    • From Voucher Lines: When entering vouchers in the expense area, mark non-inventory voucher lines as fixed assets. These items will appear in the acquisition wizard.
    • Directly in Fixed Assets with Journal Entries: Manually create an asset with a corresponding journal entry if necessary.
    • Directly in Fixed Assets without Journal Entries: Create assets directly without journal entries if they’ve already been recorded in your general ledger.

    What are Fixed Asset Books in Gravity Software?

    Fixed Asset Books allow you to track depreciation for different purposes, such as financial reporting or tax compliance. Each asset can have multiple depreciation books. The primary book, labeled "Internal (Post to GL) - FA-X", posts depreciation to the General Ledger, while additional books for federal, state, or property tax purposes can be created and maintained.

    How is depreciation calculated in the Fixed Asset Module?

    Depreciation in the Fixed Asset Module is calculated using various methods, including:

    • Straight Line: Equal depreciation expense each year.
    • Declining Balance (150% and 200%): Higher depreciation in the earlier years, decreasing over time.
    • Manual: Custom depreciation method set by the user.
      You can also select the half-year convention for automatic depreciation in the first and last years.

    What types of assets can I track with Gravity Software’s Fixed Asset Module?

    The Fixed Asset Module supports various asset types, including:

    • New Assets
    • Leased Assets
    • Used Assets
    • Other Assets
    Each asset type has specific tracking fields, such as acquisition cost, salvage value, and depreciation method.

    Can I track multiple depreciation methods for one asset?

    Yes, Gravity Software allows you to track multiple depreciation methods for the same asset across different books. For example, you can use the Straight Line method for internal financial reporting and the Declining Balance method for tax purposes, providing flexibility for various accounting and regulatory requirements.

    How does asset retirement work in Gravity Software?

    When an asset is retired, the system’s Retirement Wizard is used to record the disposal. It calculates any gains or losses and updates the fixed asset records accordingly. The proceeds from the sale or retirement of the asset can be tracked and posted to the appropriate accounts.

    Can I generate depreciation reports in Gravity Software?

    Yes, Gravity Software offers comprehensive Fixed Asset Reports. These reports provide detailed information about asset depreciation for specific periods, books, and accounts. You can generate monthly depreciation reports for financial and tax purposes, ensuring compliance and accurate financial reporting.

    How do I post depreciation to the General Ledger?

    To post depreciation to the General Ledger, first, ensure that the Fixed Asset Books and Depreciation Lines are set up. Then, use the Background Post option from the menu to post depreciation for all assets or individual assets. You can specify the fiscal period and apply the posting date as needed.

    What accounts are required for setting up Fixed Assets?

    When setting up Fixed Assets, the following accounts are needed:

    • Asset Account: Where the asset’s cost is recorded.
    • Accumulated Depreciation Account: Tracks the depreciation of the asset over time.
    • Depreciation Expense Account: Records monthly depreciation expenses.
    • Proceeds Account (for asset retirement): Used to track proceeds from asset disposal.
      These accounts are automatically configured during the setup process, but you can adjust them as needed.

    Can I use Gravity Software’s Fixed Asset Module for tax reporting?

    Yes, the Fixed Asset Module supports tax reporting needs by allowing you to create separate depreciation books for federal and state tax purposes. You can apply the appropriate depreciation methods and track depreciation specifically for tax reporting, ensuring compliance with relevant regulations.

    What is the "Acquisition Wizard" in the Fixed Asset Module?

    The Acquisition Wizard in Gravity Software helps you create and manage fixed asset records efficiently. It allows users to create assets from voucher lines or enter asset information manually. The wizard simplifies the acquisition process by linking relevant vouchers for audit purposes and enabling the creation of journal entries if required.

    Is there any flexibility in how depreciation is calculated?

    Yes, Gravity Software provides flexibility in how depreciation is calculated. You can select between several methods, including straight-line depreciation, declining balance, and manual calculation. You also have the option to choose a half-year convention to simplify the depreciation process.

    Can I customize the fields for each Fixed Asset record?

    While some fields, such as the Fixed Asset ID, are system-generated, you can customize other fields such as Description, Acquisition Cost, Type (New, Leased, Used), and Asset Life. These fields allow you to track specific asset details important for accounting and insurance purposes.

    How do I ensure tax compliance with the Fixed Asset Module?

    To ensure tax compliance, you can create separate depreciation books for federal and state tax reporting. The Fixed Asset Module supports various tax-specific depreciation methods and provides the ability to calculate and track depreciation separately for tax purposes, ensuring that assets are reported correctly on tax filings.

    Get started with Gravity Software today!

    schedule a demo with Gravity Software