In Thailand, the amount that needs to be recorded as fixed assets is low, so the management of fixed assets tends to become complicated, including calculations for depreciation and setting of residual values.
Under Thailand's accounting standards, there are no specific regulations regarding the amount to be recorded for fixed assets, but it is stipulated that assets intended for use over multiple years should be recorded as fixed assets. Besides the intended usage period, the amount recorded as fixed assets will be determined independently by each company; however, it is common for many companies to classify assets with a value of 1,000 to 3,000 baht or more as fixed assets. In Thailand, the depreciation of these fixed assets is determined by the regulations of the Revenue Department (RD) using the straight-line method, calculating depreciation on a daily basis based on the useful life set for each category of fixed assets. As a result, the depreciation amount will vary from month to month. For example, depreciation for January is calculated for 31 days, for February for 28 days, and for March for 31 days. Additionally, all fixed assets must generally have a residual value set at 1 baht, so unless intentionally disposed of, the number of fixed assets will significantly increase. The disposal of fixed assets also requires following prescribed procedures in the presence of an accountant. In general accounting practice in Thailand, it is common to only perform tax accounting depreciation. Fixed Assets / FA
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basic information
The swifT Account comes standard with fixed asset management functionality. By registering fixed assets, it calculates the depreciation amount on a daily basis and automatically determines the monthly depreciation amount. There is also a feature that automatically creates accounting transfer slips based on the calculated monthly depreciation amount, making it easy to manage fixed assets without the hassle. Additionally, it includes a feature for bulk importing fixed asset information via Excel, allowing for efficient input of fixed assets in cases where large quantities are added monthly, such as in factories. For more details, please feel free to contact us.
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Company information
Tokei Densan was established in 1970 as an SI company born from the computing division of Tokyo Roki Co., Ltd., a manufacturer of automotive parts. Initially focused on the development, operation, and maintenance of ERP products for automotive parts manufacturers, it now develops products and services specialized for various industries and business operations, not limited to manufacturing. Our department (Manufacturing Systems Sales Department) is the oldest division within Tokei Densan and is a crucial part of our revenue foundation. Since its inception, it has consistently provided outsourcing and original system construction services to manufacturing customers, growing alongside the times and advancements in technology. In particular, for our main users, automotive functional parts manufacturers, we have continuously provided systems incorporating the latest technologies for over 30 years. The rich technology and know-how cultivated in this area are still utilized in system construction for a diverse range of customers, regardless of their business type or size. In 2012, we established a local subsidiary in Thailand, the center of ASEAN where Japanese companies are increasingly expanding, to support the development and implementation of business systems, primarily focusing on sales management and accounting systems, for local Japanese companies.