DESIGN AND IMPLEMENTATION OF A FIXED ASSET MANAGEMENT INFORMATION SYSTEM (A CASE STUDY OF UNITED AFRICAN COMPANY OF NIGERIA (UACN) DEVELOPMENT COMPANY PLC LAGOS)
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DESIGN AND
IMPLEMENTATION OF A FIXED ASSET MANAGEMENT INFORMATION SYSTEM
(A CASE STUDY OF
UNITED AFRICAN COMPANY OF NIGERIA (UACN) DEVELOPMENT COMPANY PLC LAGOS)
ABSTRACT
With the rapid development in Computer Technology, most organization have
embraced the use of computer resources in its activities to enable them achieve
its set down objectives. Electronic data processing is a wonderful tool which
is used extensively in financial accounting to implore performance and
accuracy.
The principle aims of a fixed asset management information system is to create
automatic, understandable and efficient system that will eliminate the problems
of determining the asset depreciation and value of the conventional system.
The work identifies the various handicaps and significance of fixed asset
system in the introductory section, so that proper solution could be proffered.
Moreso, the project critically evaluates some concepts of fixed asset
depreciation in the review of past literature.
However, the existing system and its operation was clearly studied to infer
proper understanding of the manual approach and justification for a system
support. Hence, the new systems design that provides the input and output specification,
file analysis form, the piecemeal for the program design.
Furthermore, the project explicit shows the algorithms that really produce the
source code and flowchart under the umbrella of project documentation the work
explains how the new system could be used via the function keys, password,
modification and finally recommendation that will assist in system maintenance.
ORGANIZATION OF WORK
This project work is organized into seven, chapter one introduces the fixed
asset information system, depreciation, the statement of the problem, purpose
of the study, aims and objectives, scope, constraints, assumption and
definition of terms.
Chapter two tackled
about reviews of related literature with emphasis on method of depreciation.
Chapter three
presents the description and analysis of the existing system. There are facts
finding methods organizational structure objective of the exiting system,
input, process, out put analysis, justification for he new system.
In chapter four, design
of the new system, the output and input specification and design procedural
chart system, flow chart and system requirement.
Chapter five deals
with the implementation under this title program design. Program flow chart,
source program and test run were discussed.
Chapter six discussed
the documentation and chapter seven summarizes the work under recommendation
and conclusion.
TABLE OF CONTENTS
Title Page
Abstract
Organization of work
Table of Figures
Table
of Contents
CHAPTER ONE
Introduction
Statement of Problem
Aims and Objectives
Scope of the Study
Constraints
Assumption
Definition of Terms
CHAPTER TWO
Literature Review
CHAPTER THREE
Description and Analysis
Fact Finding Methods
Organizational Structure
Objective of the Existing System
Input, Process and Output Analysis
Information Flow Diagram
Problems of the Existing System
Justification for the New System
CHAPTER FOUR
Design of the New System
Input Specification and Design
Output Specification and Design
File Design
Procedure Chart
System Flowchart
System Requirements
CHAPTER FIVE
Implementation
Program Design
Program Flowchart
Pseudo codes
Source Program
Text Run
CHAPTER SIX
Documentation
CHAPTER SEVEN
Recommendation
Conclusion
References
TABLE OF FIGURE
2.1
Analysis of sum of the year depreciation
2.2
Analysis of double declining balance depreciation
3.1
Organizational Structure
3.2
Information flow diagram
4.1
Output design for individual asst category
4.2
Output design for summary
4.3
(A – D) Input specification
fig. 4.1 Procedure chart
fig 4.2 System flowchart
fig 5.1 (A – D) Program
flowchart
CHAPTER ONE
INTRODUCTION
Fixed asset
management information system is a sub-operation in financial accounting that
take care of the degeneration of asset usefulness because of this
responsibility. Asset management and depreciation is very important in any
organization.
Asset management and
deprecation is a content of every balance sheet and then proper attention
should be given on how asset are depreciated to provide complete and accurate
information that will assist management in planning and policy making.
This is why it is
important to design a fixed assed management information system
STATEMENT OF THE
PROBLEM
To
determine the fixed asset value and depreciation in every organization has been
a problem.
Hence, there are limited number of staff working in the account department
which makes the existing asset account to be delegated to some staff by their
departmental heads at the end of each period. The handling of Asset Account by
numerous staff creates positing error omission error and inaccurate calculated
results.
Apart from that, there is no adequate record storage and disposal system which
resulting in non-documentation of some existing asset are as well as continuous
recording of scrapes. However, the method of asset depreciation being used in
the existing system is ineffective.
Infact, the researcher shall by the end of this project provide a suitable
solution to the pressing problems of fixed asset value and depreciation.
PURPOSE OF THE STUDY
The
fixed asset management information system is cost effective and provides an
interactive environment, makes job easier and simpler. Thus it will help the
organization to know the various assets she have if location useful and
non-useful ones, accurate recording of these assets and moreover assist them in
planning and decision-making.
This will help the company in project allocation and proper accountability.
Furthermore this project work will serve as a reference to both private and
public organizations who are researching in this area and others that will appreciate
benefit of automation.
AIMS AND OBJECTIVES
The
objective of this project is to design a fixed asset management information
system that will curb the problems and malpractices of the existing system.
This automatic software facilities online recording and modifying of assets
using electronic keyboard. It also enhances automatic depreciation of an asset,
proper storage and speedy retrieval any asset value. However, the computerized
system will provide management with various reports on depreciation expenses
and accumulated depreciation at the end of every period. Hence a graphic
operating environment is incorporated to the system so that the software will
be easy to use and maintain.
SCOPE
This
project mainly focuses on tangible asset of the company, via land, building,
machinery vehicle and furniture. Although land is not depreciated due to its
continuous nature, other fixed assets category depreciates and its depreciation
depends strongly on the estimated life span of asset.
Moreover, all the acclaimed expenses that increases the cost of the asset are
recorded in the estimated cost of the asset. This is made possible using
modified submenu.
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