Process of feeding Tangible Assets and Intangible Assets.

eXBace || Process of feeding Tangible Assets and Intangible Assets.

Assets encompass everything owned by a company. Tangible assets, which are physical, comprise cash, inventory, vehicles, equipment, buildings, and investments. In contrast, intangible assets, existing without physical form, include items such as accounts receivable, pre-paid expenses, patents, and goodwill.

To understand the value of an asset, it’s important to understand its potential long-term benefits. Often, intangible assets are of greater long-term value than tangible assets because tangible assets are used up more quickly. For example, the patent for new technology could continue to generate money for decades, while the products based on that patent might have value in inventory for only a short time.

Process for data entry:

Balance sheet >> Tangible assets and Intangible assets.

Step 1:

Open the exbace Software, Go to Transaction  Notes of Balance Sheet → Tangible assets given in menu bar

Step 2:

To enter the tangible asset detail, click on Add Record “Disclosure of tangible assets [Table]” 

Enter detail with the parent-child method; this is the most prevalent method of modeling for presentation, definition and calculation linkbases. In this modeling technique, individual elements are organized in a tree-like structure. This structure allows representation of information using parent-child relationships wherein each parent can have many children, but each child has only one parent.

An example is shown below on the screen:

Detail should be entered only in the child table and is not required to enter details in the parent table, the total of all child members, will appear in parent table automatically.

Step 3:

The details of tangible assets should be entered into two parts: 'Gross carrying amount [Member]' and 'Accumulated depreciation and impairment [Member]'. This means that every asset should have two tables.

Process to enter detail in "Gross Carrying Amount [Member] " Table:

  • Gross Carrying value is a measure of value for a company’s assets.
  • Gross Carrying value is typically measured as the original cost of the asset, 
  • Some assets, such as land, are not considered depreciable. 
  • Rates of depreciation for an asset are influenced by the calculations of the company by which it is owned.

Mention below details in "Gross Carrying Amount [Member] " Table:

  • Balance at the beginning of a period
  • Additions other than through business combinations tangible assets
  • Acquisitions through business combinations tangible assets
  • Acquisitions through business combinations tangible assets
  • Revaluation increase (decrease) tangible assets
  • Increase (decrease) through net exchange differences tangible assets
  • Other adjustments tangible assets
  • Total Changes in tangible assets (Mandatory)
  • Tangible assets at the end of the period (Mandatory)

Can not enter detail in gray color box, this options will enable in case of Accumulated depreciation and impairment [Member]

The process to enter detail in “Accumulated depreciation and impairment [Member]" Table:

  • Balance at the beginning of a period
  • Depreciation tangible assets
  • The impairment loss recognized in profit or loss tangible assets
  • Reversal of impairment loss recognized in profit or loss tangible assets
  • Disposals tangible assets through demergers
  • Disposals tangible assets, others
  • Other adjustments tangible assets, others
  • Total other adjustments tangible assets
  • Total changes in tangible assets (Mandatory)
  • Tangible assets at end of period (Mandatory)

Note – Every time Accumulated depreciation amount should be less than or equal to the Gross carrying amount

Step 6:

Now the tangible assets netblock details would be updated in the balance sheet automatically. 

The same process follows for Intangible assets details.  

    • Related Articles

    • Unable to feed the details for Balance sheet or profit and loss in the exbace software

      XBRL or extensible Business Reporting Language is a software standard that was developed to improve the way in which financial data was communicated, making it easier to compile and share this data. Notably, eXtensible Business Reporting Language is ...
    • exbace validation error "Tangible Assets Should be greater then or equal to zero"

      exbace validation error  "Tangible Assets Should be greater then or equal to zero"  Solution  The solution to this error is that the value of your "Gross carrying amount" should not be less than "Accumulated depreciation and impairment",  If this ...
    • CMA/FM Tools || How to Feed Depreciation Chart

      How to Feed Depreciation Chart In Cma: What is Depreciation: The concept of depreciation serves to gradually allocate the cost of an asset over its useful life. It's a necessary deduction in the profit and loss statements of entities employing ...
    • exbace validation error regarding 'Borrowing'items

      exbace validation error regarding -Summation of 'Borrowing'items As on '31/03/2020 'does not match the value of 'LongTermBorrowing 'in FinancialStatement Possible Resolution: - Check Borrowing value in Balance sheet and in Borrowings table ...
    • eXBace || Table Converter

      When preparing an XBRL return, users may face difficulty entering data in a tabular format. This occurs because tabular format data may not appear correctly in the report, and the Validation Tool may not validate the report. As a solution, users are ...