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Fixed Assets

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The module is needed to be an integrated part of the ledger/procurement to manage , control and depreciate all the major equipment, buildings , and facilities.
The application should accommodate an unlimited number of assets. The application should adhere to either standard or hospital defined methods of depreciation ;
Furthermore the application should monitor and control assets in four statuses: initial, active , retired , and proposed.
Active and/or proposed assets may be incorporated into the budget, with budget projections automatically forwarded to the general ledger application.

 
The following has been extracted from a recent RFP. I've included it here for your reference. It may prove useful for anyone preparing such a document.
Please feel free to comment on this list, and propose any items that you think should have been included in this list. 

Fixed Assets

Description
The module is needed to be an integrated part of the ledger/procurement to manage , control and depreciate all the major equipment, buildings , and facilities.
The application should accommodate an unlimited number of assets. The application should adhere to either standard or hospital defined methods of depreciation ;
Furthermore the application should monitor and control assets in four statuses: initial, active , retired , and proposed.
Active and/or proposed assets may be incorporated into the budget, with budget projections automatically forwarded to the general ledger application.


>>> General
 
1   Initialize assets for purchasing via a link from the materials management and accounts payable applications
2   Maintain organization-defined categories of assets to enhance reporting and inquiry capabilities
3   Update costs of assets to reflect capital improvement
4   Track non-depreciating assets ( expensed items and land ) ; Track an unlimited number of comments to document changes made to an asset during its lifetime
5   Support user-defined fields in asset master file

>>> Asset Assessment
 
6   Support user-definable asset coding scheme by function, services, structure, cost center , or operational group
7   Maintain separate asset data for tax and managerial purposes
8   Maintain historical asset data
9   Provide ability to track leased assets
10   Provide ability to track leasehold improvements to leased assets
11   Maintain cost of improvements to existing asset as component of asset value
12   Provide ability to maintain a single asset for a multi-faceted project
13   Provide ability to backdate assets additions for the purpose of catching up on depreciation
14   Support ‘global’ ( or mass ) changes, adds or copies to assets meeting user-specified criteria
15   Ability to reflect any re-valuations of assets
16   Provide ability to group related assets into single composite asset
17   Maintain information about individual asset within a composite asset
18   Provide ability to distribute depreciation to multiple accounts
19   Provide ability to change asset’s basis and depreciation method
20   Provide ability to amortize or expense adjustments
21   Provide ability to capitalize or expense an asset
22   Provide ability to use multiple depreciation schedules
23   Provide ability to calculate and record the difference between book and tax depreciation
24   Add and track Capitalized assets
25   Bar code assets
26   Automatically assign new assets a unique tag number
27   Maintain parent/child relationships between assets
28   Assign asset components to a parent asset , and cater for special numbering
29   Capitalize an asset as New asset , Asset in capital stores

>>> Fixed Assets Records
 
30   Company / Fund
31   Asset number , type , category , and description
32   Asset tag number and controls
33   Asset sub-components
34   Asset location
35   Acquisition data and start depreciation dates
36   Cost and depreciation method
37   Vendor identification , Manufacturer , serial number and model number
38   Lessor and lease number for leased assets
39   Owned or leased
40   New or used
41   In-use or not-in-use
42   Type of property
43   Original and current cost
44   Original purchase order number, original vendor
45   Acquisition date, cost and AP reference
46   Tax basis cost at acquisition
47   Depreciation expense account
48   Depreciation balance, depreciation methods – book and tax
49   Transfer date
50   Depreciation balance at date of transfer – book and tax
51   Disposal date and value
52   Tax basis: disposal value
53   Gain/loss: book and tax
54   Purge or restore archived data
55   Spare parts and manuals

>>> Asset Categories
 
56   Asset categories : major , minor
57   Major categories to include : a) Buildings b) Plant and equipment c) Motor vehicles d) Office equipment e) Hospital equipment
58   Define asset sub-categories
59   Define asset types as : a) Tangible – fixed b) Tangible – moveable c) Intangible

>>> Asset Transactions
 
60   Online access to fixed asset transaction records
61   Online asset tracking
62   Leased property detail
63   Current costs
64   Maintenance cost information by item
65   Historical / constant / current amount reporting
66   Capital lease obligations/payments reporting
67   Operating lease payments reporting
68   Retirement reversals
69   Insurance appraisal values carried
70   Construction-in-progress reporting
71   Amortize or expense adjustments to cost, depreciation method, salvage value
72   Update or change depreciation information for a group of assets
73   Transfer assets options: fully or partially, current period or retroactively, reinstatements, with proceeds , with trade-in

>>> Depreciation data
Depreciation data to include :
74   Salvage Value
75   Depreciation method
76   Life in years and months
77   Adjusted depreciation rate

>>> Depreciation Rules
 
78   Provide ability to calculate life-to-date depreciation for asset
79   User define depreciation calendars
80   Depreciation options : year-to-date , period-by-period
81   Rule-based user-definable depreciation
82   User defined prorating and retirement conventions
83   Standard and user-controlled depreciation methods
84   Automatic calculation of depreciation changes at period end
85   Capability to add new depreciation methods
86   First year conventions: half year, actual months, months after, modified half year, full year
87   Provide ability to calculate life-to-date depreciation for asset
88   Provide the flexibility to change the depreciation method, rate, and departmental breakdown during the life of an asset
89   Ability to track multiple depreciation values for an asset
90   Sample posting allowing users to view General Ledger posting and its effect on depreciation before the posting actually takes place
91   Depreciation expenses charged to department or departments based on a specified percentage
92   Ability to create user-defined depreciation tables ( such as ACRS )
93   Proration based upon the month or half year convention ( in the fiscal year )
94   The capability to determine, upon implementation, depreciation from a user-specified month
95   Prospective depreciation reporting for any future month or year
96   Retirement of assets, including retire type ( discarded, theft ) and date

>>> Depreciation Methods
 
97   Standard and user-controlled depreciation methods
98   Depreciation method options : straight line , declining balance , sum of year’s digits, units of production, flat rate
99   Depreciation method list : by asset , type, department
100   Automatic calculation of depreciation changes at period end
101   Capability to add new depreciation methods
102   Switch from accelerated to straight line at user option

>>> Depreciation Books
 
103   Multi-company / multi division
104   Asset books in any currency
105   User-defined depreciation books
106   Unlimited books on Assets
107   Unlimited asset tracking in multiple books
108   Multiple books defined for each GL entity
109   Different currency or calendar per book
110   Limitation to just one entity book for GL posting
111   Expended items entered for property control purposes
112   Automatic GL update at period end
113   Automatic update of fixed assets system from AP entry
114   Automatic validation of manual FA entry from AP records
115   Automatic update of FA records based on transfers/disposals journal entries
116   Exception report : FA/AP reconciliation

>>> Revaluation and Interest Calculation
 
117   Revaluation by individual asset or grouped assets
118   Calculation of deferred depreciation for past years
119   Computation of interest on the average capital investment for specific period
120   Interest transaction generated in the general ledger

>>> Transfer Assets
 
121   Provide ability to transfer assets between companies , entities, locations, custodians, etc..
122   Provide ability to transfer partial assets
123   Support retroactively transfer of assets including charge of associated depreciation to appropriate departments or accounts
124   Transfer asset : location
125   Transfer asset :cost center
126   Transfer into capital stores
127   Change asset category ( and all rules and depreciation to be recalculated )
128   Change asset cost , residual value or asset life
129   Revalue asset
130   Retire asset
131   Provide ability to mass transfer

>>> Retire Assets
 
132   Provide ability to retire assets fully or partially
133   Provide ability to retire assets by units or by cost
134   Provide ability to retire assets currently or retroactively
135   Provide ability to calculate asset value gain or loss on retirement
136   Support reinstatement of retired assets

>>> Queries
 
137   Support on-line inquiry of asset’s purchasing, financial, depreciation and tax information
138   Support online access to assets by : asset serial number or id , type , location
139   Support online access to assets by: general ledger account
140   Track assets by number, description, type, tag number, location, PO, invoice, lease
141   Provide ability to display all transactions related to an asset

>>> Reports
 
142   Print detailed asset master file report
143   Print master file change audit trail report
144   Print asset additions and deletions
145   Print assets transfer report of assets physically moved among departments or entities
146   Print asset dispositions report
147   Print detailed asset retirement report
148   Print plant and equipment register with services contract, warranty information and notification dates
149   Print asset recap showing cost, salvage value, accumulated depreciation, current depreciation and book value
150   Print depreciation expense detail reports
151   Print depreciation expense summary reports
152   Print depreciation projection reports
153   Print property tax reports
154   Store and report replacement costs for insurance purposes
155   Ability to report on depreciation book for different periods
156   Transaction reports: period additions, transfers, disposals, depreciation – asset/type/department
157   Transaction reports : gains/losses – asset/type/department
158   Maintain independent tax data per asset
159   Adjust tax depreciation reserve for prior fiscal years
160   Default depreciation rules by date placed in service
161   Depreciation cost and expense ceilings
162   Calculation of book and tax gain/loss on disposal
163   Calculation of tax adjustments on disposal
164   Deferred depreciation option
165   Adjusted current earnings reporting
166   Gains and losses calculation for disposition of property

>>> Integration
 
167   Interface depreciation journal entries to the general ledger system
168   Create and post accounting entries for asset transactions
169   Accounts Payable
170   Purchasing


Last Updated ( Tuesday, 28 October 2008 01:04 )  

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