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LABOUR OF LOVE
eGovernments Foundation A Window Into Nilekani’s Mind
Economic Times Bangalore (16 July 2009)
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eGov Assets is a comprehensive Asset Management System that aims to improve the asset visibility, tracking and control for a government body’s asset base. eGov 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 eGov product suite, eGov 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. eGov 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 eGov 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
eGov Assets will be fully integrated with the full eGov product suite. Integration with eGov 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 eGov Procurement will support the capitalization of procured assets (e.g. vehicles). And perhaps most significantly, integration with eGov 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 eGov Assets
- 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 eGov Assets with eGov 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)
- Creation of the Asset Register – with a summary of the entire set of operations performed on each asset throughout the lifecycle
If your city would benefit by eGov products, please contact us by sending an email to contact@governation.com