We were asked to automate the corporation tax process for the fixed assets register (FAR). This involved high volumes of assets that could not be handled by the tax module in their ERP to identify the correct addition, disposals and retirement of assets. The automation process developed new features to handle assets purchased in multi-currencies from numerous jurisdictions and manual adjustments. The aim of automation was to remove manual adjustments to identify the correct additions and correct disposals to calculate the capital allowances correctly.
There were some added complexities that required manual adjustments including the sale of assets to customers, the movement of assets between jurisdictions, capturing corrections to assets value incorrectly entered to the ERP, identifying end of life assets from a tax perspective, tracking the correct date of additions for Irish tax rules and removing the error of double counting assets as a result of the movement of assets between jurisdictions.