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Fixed Assets Package Requirements QuestionnaireCraig Borysowich Mar 28, 2010 | Comments (0)

This template provides a starting point for determining customer requirements within a specific application area. Customize the template with project specific questions.

1. Books

1.1. How many different companies in your organization own fixed assets?

1.2. In what countries are your fixed assets located?

1.3. Explain the accounting structure and reporting methods you use to consolidate your asset cost and depreciation expenses.

1.4. How many corporate depreciation books do you maintain? If more than one, why?

1.5. How many different tax depreciation books do you maintain in each of your companies? How are they used?

1.6. Do you adjust depreciation in your tax books?

1.7. Do you maintain any other types of depreciation or asset valuation books?

1.8. Describe your capital budgeting requirements.

2. Assets

2.1. Approximately, how many fixed assets does your company own?

2.2. What types of fixed assets do you track:

2.2.1. capitalized?

2.2.2. expensed?

2.2.3. construction in process (CIP)?

2.2.4. other?

2.3. What basic information do you record for fixed assets? Is there anything you record which might be considered unusual?

2.4. Do you use multiple currencies when purchasing, depreciating, reporting or posting financial information about your fixed assets?

2.5. How do you number your fixed assets?

2.6. Do you have physical tags on your fixed assets?

2.7. Do you need to track leased assets?

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2.8. Do you track asset possession by employee, department, or cost center?

2.9. Do you need to track fixed assets that are not depreciated?

2.10. What property types and classes do you use?

2.10.1. personal (e.g., U.S tax class 1245)?

2.10.2. real (e.g., U.S tax class 1250)?

2.10.3. residential?

2.10.4. other?

2.11. How do you categorize your fixed assets?

3. Transactions

3.1. How many fixed assets do you purchase on average each month?

3.2. How often do you transfer large numbers of fixed assets from one person, cost center or location to another?

3.3. How often, and for what reasons, do you change fixed asset depreciation method or life for a single asset?

3.4. How often do you change the useful life, depreciation method, or prorate convention of all fixed assets in a category?

3.5. Do you amortize adjustments made in the prior accounting period over the remaining useful life of the asset or do you expense the catch-up depreciation in the current period?

3.6. How many retirements do you do on average each month?

3.7. Do you retire fixed assets in the same period they were purchased?

3.8. How often do you perform physical inventories of your fixed assets?

3.9. Do you cycle count your assets?

3.10. Do you want your fixed assets to be automatically added to your fixed assets system from your feeder accounts payable system?

4. Depreciation Calculations

4.1. What depreciation methods do you use:

4.1.1. flat rate?

4.1.2. life based?

4.1.3. units of production (based on how much you use the asset)?

4.1.4. other, such as:

4.1.4.1. straight-line?

4.1.4.2. sum of the years digits?

4.1.4.3. 200 percent declining balance (with straight-line switch)?

4.1.4.4. 150 percent declining balance (with straight-line switch)?

4.1.4.5. ACRS (accelerated cost recovery system)?

4.1.4.6. MACRS (modified accelerated cost recovery system)?

4.1.4.7. fixed percent on declining balance - diminishing value?

4.1.4.8. ACE (adjusted current earnings)?

4.2. What are your prorate conventions (used to determine how much depreciation to take in the first and last year of an asset's life):

4.2.1. actual months?

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4.2.2. half-year convention?

4.2.3. standard modified half-year convention?

4.2.4. alternate modified half-year convention?

4.2.5. following month?

4.2.6. ACRS half-year convention?

4.2.7. mid-month convention?

4.2.8. mid-quarter convention?

4.2.9. other?

4.3. How often do you calculate depreciation for corporate accounting, tax and capital budgeting purposes?

4.4. Do you depreciate leased items, or leasehold improvements?

4.5. Do you have any depreciation ceilings? How are luxury items treated?

4.6. What price indexes do you use for asset revaluation upon retirement for calculating gains and losses?

4.7. Do you use investment tax credit (ITC) rates, ITC recapture rates and ITC ceiling rates?

4.8. Do you use ITC for any fixed assets still in service?

5. Inquiries

5.1. What types of on-line inquiries are required:

5.1.1. display all assets assigned to a location?

5.1.2. display all assets assigned to an employee?

5.1.3. display all assets belonging to a particular lease?

5.1.4. display all assets purchased from a particular vendor or against a particular purchase order or invoice?

5.1.5. view all transactions performed on an asset or group of assets?

5.1.6. view transactions for any depreciation book and accounting period?

5.1.7. view an asset's purchasing information?

5.1.8. view an asset's financial information?

5.1.9. other?

6. Reports

6.1. What standard reports do you use:

6.1.1. accounting reports - transaction registers for asset additions, transfers, retirements and adjustments?

6.1.2. responsibility reports - asset management reports by division, department, cost center, location or employee to manage all property and equipment?

6.1.3. tax reports - includes standard tax reports such as reserve ledger reports and property tax reports?

6.1.4. budget reports - used to compare projected capital equipment expenditures with your actual expenditures?

6.1.5. other?

6.2. Are they any other special reporting requirements?

7. Interfaces



7.1. What internal systems are interfaced with fixed assets:

7.1.1. purchasing?

7.1.2. accounts payable?

7.1.3. inventory?

7.1.4. general ledger?

7.1.5. human resources?

7.1.6. production information?

7.1.7. other?

7.2. Are there interfaces with any external systems?

8. Other

8.1. At what point do you identify a purchased item as a fixed asset - at requisitioning, purchasing, invoicing, receipt, payment or other?

8.2. List up to five best features of the current system.

8.3. List up to five deficiencies of the current system.

8.4. Are they any other special requirements that have not been discussed?

9. Volumes

9.1. How many assets do you have?

9.2. How many sets of depreciation books do you maintain?

9.3. What is the average number of transactions per asset per year?

9.4. For how many years is asset data kept on-line?

9.5. How many assets are retired each year?

9.6. How many assets are shared between departments?

9.7. What is the average number of departments sharing an asset?

9.8. How many assets are transferred each year?

9.9. How many periods are in your accounting calendar?

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