ICAEW Accredited Products Scheme Software Evaluation ...

ICAEW Accredited Products SchemeSoftware Evaluation

Asset4000 (v 2.03)

by Real Asset Management plc

Independent evaluator: Miller DaviesChartered Accountants1 Holmesdale RoadCroydon, Surrey CR0 2LR

tel: +44 (0)20 8689 6446fax: +44 (0)20 8689 6407e-mail: [email protected]

4 March 2004

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Software evaluationReal Asset Management plcAsset4000 (v 2.03)

Contents

Pages

1.0 Introduction 2 1.1 Product overview 21.2 Fixed asset management 21.3 Product summary 3

2.0 Product details 3-62.1 Analysis and reporting 6

3.0 Evaluation 63.1 Work performed 73.2 The evaluator 73.3 Suitability to user 73.4 Evaluation conclusion 83.5 Software and hardware specifications 8

4.0 Matters to consider before purchasing 94.1 Functional questions 94.2 Questions relating to software supplier 94.3 Software installation and support 10

5.0 Functional requirements questionnaire5.1 Security and continuity of processing 11-145.2 Input of transactions 15-185.3 File maintenance 19-205.4 Processing 21-225.5 Reports 23-275.6 Performance of requisite functions 28-305.7 User documentation 31-325.8 Efficiency 335.9 Integration and www facilities 345.10 Support & maintenance 35-365.11 Further questions relating to lessee disclosure 37-39


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1.0 IntroductionThe suitability of fixed asset software for each particular organisation will always be dependent upon thatorganisation's individual requirements. These requirements should therefore always be fully considered beforesoftware is acquired. The quality of the software developers and resellers should also be considered at the outset.

Fundamentally good fixed asset software should: -

- be capable of handling all fixed asset requirements of an organization, including, the provision of a secure recordof all fixed assets; recording all events in the life of an asset from cradle to grave; providing audit facilities and anaudit trail of all fixed assets; and, enabling the user to produce management reports.

- provide facilities to ensure the completeness, accuracy and continued integrity of these functions

- be effectively supported and maintained

- enable reporting on all activities.

It is also desirable that good fixed asset software should:-

- be easy to learn, understand and operate

- make best practical use of available resources

- accommodate limited changes to reflect specific user requirements.

It is essential, when such software is implemented, for appropriate support and training to be available.

1.1 Product overviewAsset4000 is a flexible solution to manage every stage of an asset’s life-cycle from acquiring to retiring. It providesaccounting teams, from SME’s to multi-national corporations, with the very latest techniques available to managecorporate fixed assets.

The module is a comprehensive system that applies the principles of historic cost accounting and current costaccounting to cater for both the commercial and public sectors.

The software caters for all asset types and is a totally tailorable depreciation tool. Organisations can choose toconsolidate multiple registers for group reporting purposes and can concurrently maintain discrete financialinformation.

1.2 Fixed asset management

Fixed Asset Management is the process of accounting for assets that are intended for long-term business use. Thecore process of Fixed Asset Management is to maintain an accurate Fixed Asset register.

A Fixed Asset register should record an asset’s description, location, cost, revaluation, estimated net value, estimateduseful life, depreciation method, accumulated depreciation and net book value.(source: Oxford Dictionary of Accounting)


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1.3 Product summary

Asset4000 provides users with a system that can control and track the changes to an asset throughout its entire life,from the moment it is entered into the system. The fully configurable module combines the flexibility to incorporateuser-definable depreciation methods with a detailed analysis of all asset events.

Important features of the software include asset imaging, parent/child relationship views, the ability to import newassets from external files and comprehensive reporting facilities.

Any number of historic cost accounting and current cost accounting books can be set up to allow for different valuesand currencies for each asset. Asset4000 is available in English, French, German, Italian and Spanish.

The company states Asset4000 complies with all Modified Historic Cost Accounting and Resource Accounting andBudgeting guidelines set by the National Audit Office. The software also complies with the NHS Capital AccountingManual. Please note the evaluation did not cover compliance in these areas.

2.0 Product details

Asset browser

The ‘Asset browser’ is a powerful search tool that shows a list of assets within the Asset Register. The browserenables a list to be restricted by specific criteria such as purchase date, category, purchase cost, etc. The selection ofranges is maintained throughout each session, making it easier to work with a subset of assets from the register.

Asset screen

When the required asset is located using the Asset Browser, full details are viewed, maintained and added through asingle input screen (the asset acquisition screen). This screen is divided into 4 logical sections: coding, description, setup and current status.

Coding

Asset4000 provides a well-defined structure (multiple user defined lines of analysis) for enhanced reportingcapabilities. Code validation options are available for each field.

Description

The Asset4000 module also provides multiple user defined description lines, used for structured text entry. Theentries in these fields are not validated in the same way as user codes, so information unique to each asset can bestored. These fields can also be used for selecting and sequencing reports.


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Set up

The details relating to the acquisition of an asset are displayed in the 'set up' area. This is split into distinct sectionsboth for information that is shared across all books and for book dependent data. Shared information includes apurchase date (when the asset was physically acquired), a capitalisation date (when the asset actually starts todepreciate) and a quantity (the number of units that make up the asset). There are also user definable asset values.

Both the numeric values and acquisition details are book dependent, taking different currencies and accounting rulesinto account. An example would be the differences in the double straight line depreciation rule between Germany andBelgium. Numeric values include purchase cost, residual value, minimum net book value, grant value, etc. Eachbook can be accessed using the note tabs at the bottom of the screen.

The depreciation acquisition percentage (e.g. 100% in the acquisition period) and the depreciation rule (straight line,reducing balance, etc.) are selected from drop down menus. The total asset life is user definable and can be displayedin years, months, quarters, etc.

Current status

Detailed information on the life used, gross value, net value, period depreciation charge and year to date depreciationfor the last period are shown within the current status area. If an asset is no longer part of the register, but still storedfor reference, the date of disposal or transfer out is shown.

Asset events

Asset4000 offers the full range of events, including relifes, revaluations, disposals, transfers in, transfers within,transfers out of the register and asset splits. All events are taken into account for the asset in the period specified. Theasset’s costs reflect the changes recorded during the asset's lifetime. A note tab on the asset record itself lists theevents that have taken place, allowing the user to see a snapshot of the asset’s event history at a glance.


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Hierarchical relationships

Relationships can be established between assets by using the ‘Parent/Children tab’. Such links are created and shownpictorially in collapsible branches (similar to the file structure used by Windows Explorer). When disposing of ortransferring a parent asset, the system offers the option to dispose of or transfer the child assets at the same time.

User-definable depreciation methods

Real Asset Management’s Asset4000 module offers unlimited methods for depreciating assets. The most commonlyused are Non Depreciating, Straight Line, Reducing Balance and Variable Rate. Each asset can be assigned a differentdepreciation method. These are defaulted from specified code selections.

A powerful calculation option makes processing depreciation simple and fast. Depreciation is calculated for a definedrange of accounting periods and assets. The ability to select one or more accounting periods for calculation allowsauthorised period re-runs and the forecasting of depreciation.

For organisations with larger registers a comprehensive depreciation log is available. Depreciation can be run once ayear as the log identifies all additions or changes to the register. Processing the log only updates the figures for theassets that have been added or changed, so the system maintains an accurate database at all times, reducingunnecessary processing at the end of each month.

All depreciation is calculated from the previous period cost record, taking any events in the current period intoaccount. Period asset costs are accessed through their own screen listing the costs for the entire life of the asset foreasy reference.

International accounting features

Real Asset Management’s Asset4000 module has a range of features including multi-book, multi-currency and multi-lingual functionality as well as compliance with both European and U.S. accounting rules, although this compliancewas not checked by Miller Davies as part of the evaluation process.

Multi-book

Any number of books can be set up to allow different sets of figures to be stored against each asset. Information suchas existing analysis codes (e.g. category, cost centre, department, company), multiple description lines, acquisition andcapitalisation dates are the same for each accounting book. Book dependent information includes the purchase cost,asset life, depreciation rules, quantity, residual values, grant values, etc.

Each book can be configured to apply either current or historic cost accounting principles by simply ticking a checkbox when setting up each book. Users can then determine which user code is used to apply indexation on current costaccounting books. A different user code can be used for each indexed book.

Transactions such as full and partial disposals, transfers, relifes, revaluations and splits can be applied across allbooks.


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Multi-currency

Each accounting book is independently configurable to meet international accounting rules and different currencyformats are easily applied.

Real Asset Management plc state that Asset4000 complies with U.S. Federal Tax Regulations, including acquisitionconventions and the Modified Accelerated Cost Recovery System (MACRS) declining balance methods ofdepreciation. European depreciation rules are applied to individual books, for example, taking into account thedifferences in the double straight line depreciation rule between Germany and Belgium.

Multi-lingual

The entire system, from menu options to information messages, is available in a number of languages, includingEnglish, French, German, Italian and Spanish. A professionally translated help file is available in each language.

The company operates an on-going review of tax regulations and International Standards through a specialist in-house department.

2.1 Analysis and reporting

Asset4000 provides a comprehensive range of user-definable report templates and over 50 standard reports, such as afull audit trail, depreciation summary, asset register list, disposed asset summary, depreciation forecast, periodtransfers, period acquisitions and physical audit reports. Users can define their own reports using Real AssetManagement’s powerful report engine. The Asset4000 module uses a common screen for all reports, making each onefamiliar and easy to use.

Reports can be produced for each accounting book set up within the system to show the status of assets at anyaccounting period. This may be the most recent one or, for example, the forecast for the end of the year. Three levelsof sequencing are available for each report. For example, a depreciation detail list could be sequenced by the assettype within each cost centre within each department.

The report can be set up to sub-total at any of the three levels. For example, a report can be sub-totalled at CostCentre level. Reports can also be set up to start a new page when the data changes. If the Page Eject check box wasticked at the Cost Centre level, a new page would be started each time the Cost Centre changed.

3.0 Evaluation

An original evaluation of this software was performed by Miller Davies during December 2000 when the product wastitled FAA2 – Fixed Asset Accounting – v 03.00. This current evaluation is in respect of an upgraded English version ofthe software which has now been re-branded as Asset4000 (v 2.03). Real Asset Management plc monitors IFRS changesfrom draft stage, in order that they are always well placed to release new versions of the software, as the new regulationscome into force.


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3.1 Work performed

In order to evaluate effectively the upgraded product Asset4000, a detailed questionnaire was agreed with the ICAEWand sent to Real Asset Management plc to complete. Miller Davies (independent evaluator) visited Real AssetManagement plc’s offices in New Cross, London during 2003 to see a detailed demonstration of all aspects of theenhanced product. The answers to the detailed questionnaire were then finalised and checked by running the programwith the assistance of a member of the Miller Davies technical staff. Responses to the questions were individuallycorroborated and the assessments were confirmed.

Following a full review of the software, the following changes/enhancements to the software were checked in detail bythe evaluator:-

- asset browser with “tree” structure (to find and view assets on the system)- drag and drop facility (selecting an asset and dragging to an appropriate icon)- reports that export directly into Excel- currency converter (allows currency conversion and the ability to retain and record assets under different currencies

and accounting principles)- manuals are now all available “on-line” in Adobe format

Once the questionnaire had been completed, the draft report was prepared and submitted to Real Asset Management plcand the ICAEW for approval.

3.2 The evaluator

A partner of Miller Davies (Chartered Accountants) performed the evaluation with a member of its IT technicaldepartment. Miller Davies has performed a number of evaluations of accounting and financial software on behalf of theICAEW Product Accreditation Scheme.

3.3 Suitability for user

Asset4000 is designed to provide finance professionals with a user-friendly and flexible asset management solution. Ifan asset register is spreadsheet based and the calculations are becoming unstable due to frequent changes, Asset4000 canprovide a function rich alternative, providing a full audit history. If an accounting system has a standard register that isnot adequate or acceptable to the finance team, then Asset4000 provides specialist software that can interface to thegeneral ledger.

Many large corporations have chosen to implement Asset4000 as a low cost alternative to modules offered by ERPsystems, and then benefit further from an advanced level of functionality. With registers ranging from 100 to 1 millionassets, Real Asset Management’s system provides for both simple and complex reporting.


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3.4 Evaluation conclusion

Asset4000 is a well-designed product that has been used by a large client base, including many blue-chip companies, forover 10 years. This latest upgrade provides further enhancements for new or existing users. The package is well writtenand is supported directly by Real Asset Management plc.

No concerns arose during the evaluation, and in our opinion, based upon the work performed in evaluating the softwareand reviewing the supplier responses to the functional requirements questionnaire, Asset4000 (v 2.03) meets therequirements for accreditation set out by the Institute of Chartered Accountants in England and Wales.

3.5 Software and hardware specifications

Development Environment:Borland Delphi

Databases:Inprise Interbase v4.n & 5.nMS SQL Server 6.5, 7.0, 2000Oracle 7.3.n, 8.0.n, 8.1.n, 9.iDB2 UDB for OS/400 and NT

Server Platforms:UNIX: SCO, System V, HPUX, Solaris, DEC UNIX...and many othersLINUX: Redhat Professional Server 7...and othersWindowsTM: NT 4.0, 2000 on Intel and AlphaNovell: NetWare 3.n, 4.n, 5.1VAX: VMSiSeries: OS/400Citrix

Protocols:TCP/IP, IPX/SPX, NetBEUI

Minimum Client PC Specification:Pentium 200 MHz or equivalentWindowsTM 95, 98, 2000, ME or NT 4.032 MB RAM100 MB HDD space available


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4.0 Matters to consider before purchasing

It is important to compile a list of technical criteria in advance of a demonstration, so that important aspects of the projectcan be covered at the initial meeting. Areas to consider: IT policy, integration with other systems, group reportingrequirements, multi-currency/language requirements, number of licences needed.

At present, the software links into general ledger systems run on Sage, Exchequer, Accpac, PS Financials and CodaDream. A link to SAP Business One is in development.

Internal housekeeping and back up procedures need to be developed by the user to ensure security of data.

Asset4000 does not hold budgets against categories of fixed assets. However, this can be achieved with a related modulenamed Forecast4000.

Asset4000 does not account for assets held under finance leases, hire purchase or operating leases.

Real Asset Management plc offers client references by sector, geographical area, company size etc.

4.1 Functional questions

Finance managers should be aware of statutory requirements, e.g. RAB compliancy within government or functionalityrequired by internal management or external auditors, e.g. flexible relifes, revaluations etc.

4.2 Questions relating to software supplier

The company was established in 1981 under the name of Britannia Software plc. The company changed its name toReal Asset Management plc on 1 October 2003. The company, ISO 9000 accredited, is one of the UK’s leadingsupplier of Fixed Asset Management solutions, with experience of over 3,000 organisations in more than 50 countries.

Today, Real Asset Management’s products are used by a range of commercial companies from SME’s to multi-nationals across a range of sectors including manufacturing, engineering, retail, leisure, food & drink, finance,pharmaceuticals, media, distribution, telecoms and publishing. In addition Real Asset Management is a dominantsupplier to public sector organisations, with the largest client base in the UK of sectors including:-

National Health Service trusts and financial shared service centresMinistry of Defence establishmentsHigher and further education organisationsCentral government departmentsHousingLocal authorities

With over 20 years experience, Real Asset Management’s strength is the ability to develop its software prior tochanges amongst both statutory and market sector requirements. By interfacing with leading general ledgers, RealAsset Management offers a solution that goes beyond simple accounting but still has the advantage of sharing assetdata with other business systems.


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4.3 Software installation and support

The product is currently sold direct by Real Asset Management plc and a number of selected Value Added Resellers(VARS). Real Asset Management plc provides the majority of the installations and training and all of the support.

Training is provided on-site or at Real Asset Management’s London offices by experienced consultants.

Annual maintenance includes upgrades, customer care and telephone support. Normal support times are Monday toFriday 8.00am to 6.00pm.

Disclaimer

Any organisation considering the purchase of Asset4000 v2.03 should consider their requirements in the light ofproposals from Real Asset Management plc or its resellers and potential suppliers of other similarly specifiedproducts. Whilst the contents of this document are presented in good faith, ICAEW cannot accept liability for actionstaken as a result of comments made herein.

Functional requirements questionnaireAsset4000 v 2.03

Question Supplier Response Evaluation Confirmation

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5.1 Security and continuity of processing

1. i) Are differentlevels of passwordsprovided to controlaccess?

ii) Is each userrequired to have apersonal password?

iii) Can a reportbe produceddetailing allcurrent users andtheir authoritylevels?

2. Do the securityfeatures cover:

i) System Access?ii) Companyaccess?iii) Menu access(ledgers)?iv) Sub menu access(ledger facility)?v) Field access?

3. Does security allowfor read andread/write accessto be specifiedseparately?

Yes

User Confirmed

No report available,however, supervisoraccess available onscreen

YesYesYes

Yes

No, however, once theperiod is closed noaccess is allowed tofinancial information.

Yes

Confirmed

Confirmed

Confirmed

ConfirmedConfirmedConfirmed

Confirmed

Confirmed

Confirmed

4. Can the menus betailored so that anindividual user canonly access thosefunctions that theyare authorised toaccess?

Yes Confirmed

5. Does the systemprovide specificlevels of passwordcontrol toauthorise masterfile amendments?

Yes Confirmed



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6. Are there specific securityprocedures (by passwords orwarnings) over the:

i) Update of ledgers?

ii) Closing of accountingperiods?iii) Deletion or archiving oftransactions?

Yes, figures provided in either reportof export format where standard useraccess password is required.

Yes

Yes

Confirmed

Confirmed

Confirmed

7. Does the system facilitateback-up of data?

How is this provided:i)Within the softwareapplication?

ii) Within the operatingsystem?

iii) Are any of theseprocedures automatic?iv) Is the user forced orprompted to back-up atcertain intervals?v) Can the intervals becustomised.

No. Backup is done via serverbackup routines or by individualsbacking up their machines.However, copies of the database canbe taken at any time.

Yes

No, Server based

No

No

Confirmed

Confirmed

Confirmed

Confirmed

Confirmed

8. Does the system facilitaterecovery procedures in theevent of system failure? (egRoll back to the lastcompleted transaction).

N/A (Server option)If a database corruption arises, acorrection facility is available.Where there is a user error, then arestore from a back-up is likely to benecessary.

Confirmed

9. If system failure occurs partway through a batch ortransaction, will the operatorhave to re-input only thebatch or transaction beinginput at the time of thefailure?

Generally, with a database problem,there is only a requirement to re-input the last transaction. For majorhardware/system problems it wouldbe advisable to go back to the lastback-up.

Confirmed



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10. Are there any featuresprovided with the software tohelp track down processingproblems?

YesError reports

Confirmed

11. Are system messages clearand are user responsesproperly structured to ensurethat erroneous key strikes donot lead to inappropriateactions?

Yes, pick lists available Confirmed

12. Is there a system log whichdetails:

i) User activity?ii) Error messages?iii) Security violations?

YesYes, report availableYes


13. Can the software handledates into the Year 2000?:

In terms of DISC PD2000-1

Rule 1 - No value for thecurrent date will cause anyinterruption in operation?

Rule 2 - Date basedfunctionality to behaveconsistently for dates priorto, during and after the Year2000.

Rule - 3 For all interfaces,data and storage, the centuryin any date must bespecified.

Rule 4 - Year 2000 to berecognised as a leap year.

Yes

Yes

Yes

Yes

Yes

Confirmed

Confirmed

Confirmed

Confirmed

Confirmed

14. Economic and MonetaryUnion:

What approach will thesupplier take towardshandling the EURO.

Multiple currency options in place,Euro is included within this.

Confirmed



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Consider requirements:

before the UK joins theEMU;

transaction period ie dual

currency in the UK;

post the transition period.

Dual currency can be run in parallel

Yes

Euro only

Confirmed

Confirmed

Confirmed



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5.2 Input of transactions

The following sections on Input of transactions, File maintenance, Processing and Reports are aimed at a fixed asset ledger.Where the transactions which impact this ledger are input in other modules, (such as purchases) the questions need to be related tothe originating input.

1. Is data input controlled byself-explanatory menuoptions (and are these menusapplication-specific)?

Yes Confirmed

2. Does the system provideinput validation checks suchas account code validation,reasonableness (limits, VATor discount checking) andvalidity checks?

Yes Confirmed

3. Does the system allow forbatch control totals? If so:

i) Are batches automaticallynumbered?

ii) Are batches forced tobalance before ledgerupdate?

iii) Does the system allow thetemporary halting of input ofa batch to allow for queriesor other activities to takepriority (eg set up a newaccount)?

Yes, however, batches are not agroup of related transactions, eachindividual transaction is given aunique number.

Yes, links to specific accountspackages are forced to balance.Generic exports balance at the usersdiscretion.

N/A, no batch processing takes place

Confirmed

Confirmed

Confirmed

iv) Is the user forced toconfirm batch totals?

Yes Confirmed

4. Is attempted entry ofunbalanced journalsrejected?

User defined Confirmed

5. Are input errors highlighted?Are they:

i) Rejected and reported onscreen?ii) Rejected and error reportsgenerated?

Yes

Yes, either an error message or ascreen list is available.

Confirmed

Confirmed



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iii) Accepted and posted tosuspense?

N/A – No Confirmed

6. Is a detailed audit trail of allinput data generated?

i) Are transactions allocateda unique reference numberby the system?

Yes Confirmed

ii) Is this trail adequatelyprotected from deletion?

Yes Confirmed

7. Where the system isintegrated with the GL, is itimpossible to allocate inputvalues directly to ledgercontrol accounts?

Yes. The system allocates inputvalues directly into nominal ledgercontrol accounts. Group codes feedinto the nominal ledger’s codingstructure.

Confirmed

8. Where the system isintegrated with the GL, doesit check that the total balanceon the ledger agrees with therespective control accounts?

N/A Confirmed

9. Does the system permit multidebit/credit journals?

Yes Confirmed

10. Are all transactionsadequately identified onscreen as to type and as todebit or credit?

Yes Confirmed

11. Can separate asset type codesbe input for each invoiceline?

Yes Confirmed

12. Can VAT be input separatelyfor each invoice line? (Thisapplies to motor vehiclesonly).

Incorporated into purchase cost,although it is possible to hold theVAT amount separately

Confirmed

13. Is there control over thecreation of new assetcategories?

Yes Confirmed

14. Does the system accept inputfiles from other computerpackages?

Yes Confirmed

15. Does the system provide a"trial-post" facility that does

Yes, reports available for futureperiods which can be reviewed prior

Confirmed



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not post transactions to theactual books, but allowsreports and on-line enquiriesto be generated as if thetransactions entries had beenposted?

to closing that period

16. i) How many categories oftangible fixed assets areavailable?

ii) How many types oftangible fixed assetmovements are available?

Infinite

Infinite

Confirmed

Confirmed

17. Can the followinginformation be recorded foreach tangible fixed asset:

i) Historic cost Yes Confirmed

ii) Accumulateddepreciation basedon historic cost

Yes Confirmed

iii) Date of revaluation Yes Confirmed

iv) Revalued cost Yes Confirmed

v) Accumulateddepreciation basedon revalued cost

Yes Confirmed

vi) Group cost

vii) Accumulateddepreciation basedon group cost

Yes (Report)

Yes (Report)

Confirmed

Confirmed

viii) Name of valuers(in the case ofrevalued assets)and year ofvaluation

Yes Confirmed

ix) Comparativefigures

Yes Confirmed

x) Value (ifsignificantlydifferent from netbook value)

Yes, via analysis codes Confirmed



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xi) Asset description(how long)

Yes 15 x 40 + 2048 Confirmed

xii) Date of acquisition Yes Confirmed

xiii) A field showingwhere purchaseprice or productioncost is for the firsttime determined asbeing the valueascribed to it bythe earliestavailable record ofthe company.

Yes Confirmed

18. How easily can non-standardtangible fixed assetadjustments be processed(such as the write down of aparticular asset)?

Very easy Confirmed



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5.3 File maintenance

1. Is the creation or amendmentof standing data (e.g. assettype depreciation rates)controlled by menu optionsand are these menusapplication-specific?

Yes Confirmed

2. Does the system provideinput validation checks? (egasset type validation bydisplaying the underlyinginformation relating to theasset type such as thedescription, completenesschecks and format checks, iechecking that the informationhas been keyed in correctly).

Yes Confirmed

3. Are input errors highlighted?Are they:

i) Rejected and reported onscreen?

ii) Rejected and error reportsgenerated?

iii) Accepted and posted tosuspense?

Yes

No

No

Confirmed

Confirmed

Confirmed

4. Does the system prevent anasset type from being deletedwhile it is still active? Arethere other constraints overthe deletion of accounts? (egmovement during the year,associated asset sub-types).

As the System holds History.

Codes that were in use are retired notdeleted. Although if there is data inthis code that is retained

Confirmed

5. How many asset types can becreated? Is it adequate topermit sufficient depth ofanalysis?

15 Levels of Drill down withunlimited codes at each level.

Confirmed

6. i) Are reports of all masterfile changes automaticallygenerated?

No, although reports can begenerated at the users discretion

Confirmed

ii) Can reports be invokedwhich identify the fieldswhich have been modified?

Yes, standard event reports available Confirmed



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iii) Would it be possible toshow that these reportsprovide a complete record ofall such changes?

iv) Do the reports show howthe fields have beenmodified? (eg before andafter).

Yes

Yes

Confirmed

Confirmed

7. i) Does the system allowselective archiving of olddata on a user-defined basis?

ii) Can this data still be usedby the report generator?

Yes but not recommended (One waybasis only, cannot re-instate –Supervisor level consideration)

Yes, separate reports are stillavailable on this data.

Confirmed

Confirmed



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5.4 Processing

1. Does the system ensure thatmenu options or programs areexecuted in the correct sequence?(e.g. Run depreciation posting priorto month end routines).

Yes Confirmed

2. Is there an audit trail of allchanges to transactions which haveupdated the ledger?

Yes Confirmed

3. Does the system provideautomatic recalculation, whereappropriate, of data input? (e.g. VATon certain vehicle asset types).

Yes Confirmed

4. Does the system warn theuser when the system is out ofbalance? Is this check done onswitching on or on ledger update?

N/A Confirmed

5. Does the system includeroutines for recovery from abnormaltermination (e.g. power cuts)?

i) Are these automated?

ii) Do they rollback to thelast completed transaction?

N/A (Server option)If a database corruption arises, acorrection facility is available.Where there is a user error, then arestore from a back-up is likely to benecessary.

Generally, with a database problem,there is only a requirement to re-input the last transaction. For majorhardware/system problems it wouldbe advisable to go back to the lastback-up.

Confirmed

Confirmed

6. i) Is there an option tocalculate depreciation by month orby year or by any other interval?

Yes Confirmed

ii) Can residual or scrapvalue be used to reduce depreciableamount?

Yes Confirmed



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7. Does the package prohibit orwarn of a depreciation charge whichwould increase accumulateddepreciation to a value exceedingcost?

Yes, the system will not allow thissituation

Confirmed



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5.5 Reports

1. Are all reports adequatelytitled and dated? (eg reportname, company name, date,period, batch, last entrynumber, period end, pagenumbers etc).

Yes Confirmed

2. Do the reports provide totalswhere applicable?

Yes Confirmed

3. Is it clear when the report hasended? (totals or endmarkers).

Yes Confirmed

4. Can reports be temporarilyretained on computer files tooptimise machine timeusage? Are such filesadequately protected fromdeletion or amendment?

Yes Confirmed

5. Is a report generatorprovided as part of thesoftware or as an optionassociated with it?

Yes, there is the facility to defineyour own reports in addition to thestandard reports

Confirmed

6. Can screen layouts, reportsand transaction formats beeasily adapted to users'requirements?

Yes Confirmed

7. Can the report generatingfacility make use of user-defined fields (includingexternal fields)?

No, although any internal userdefined fields can be used

Confirmed

8. Can a hard copy be producedof all screen enquiries?

Yes Confirmed

9. Are transaction files for allprevious periods of the yearretained in the system topermit enquiries and reports?

Yes Confirmed

10. Are full records of all input,processing and outputroutines generated? Arethese sufficient to trace alltransactions fully through thesystem?

Yes Confirmed

11. Are reports of all master file Yes Confirmed



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changes automaticallygenerated or stored for laterprinting?

12. Can all reports be reproducedafter the period end?

Yes Confirmed

13. Can full lists of master fileinformation be produced?

Yes Confirmed

14. Are all transactions on allreports identified? Do thereports show whether itemsare debit or credit and dothey give sufficient narrativeand coding to enable crossreferencing?

Yes Confirmed

15. Do standard reportingoptions give sufficientflexibility to tailor individualreports? Do these reportingfacilities permit multiplekey-sorting, variable reportintervals and optionalselection parameters?

Yes Confirmed

16. Are standard reports alwaysproduced, even when theyare nil returns

N/A Confirmed

17. Do the budget reportsprovide sufficient analysis ofvariances? Do such reportsprovide exception reporting,percentage analysis andcomparatives?

N/A Confirmed

18. Are all movements duringeach accounting periodshown on ledger detailreports? Do these reportsshow how all asset transfershave been treated?

Yes Confirmed

19. Can the fixed asset ledger besufficiently analysed by costcentres, company & period?

Yes Confirmed

20. Does the system check toensure that the fixed assetsummary reports cross-cast?

21. Does the output of thesystem facilitate propercontrol to ensure that

Yes

Yes

Confirmed

Confirmed



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decisions are notinadvertently taken on thebasis of incorrectinformation? (eg warningthat the monthly depreciationroutine has not yet been run).

22. Does the system force theproduction of month-endreports?

No, run at users discretion Confirmed

23. Are transactions lost aftermonth end or year end close,can the reports be rerun aftera period close?

Transactions are not lost andhistorical reports can be printed.

Confirmed

24. Can the reporting functionmake use of externaldatafiles?

Yes Confirmed

25. Does the report generatorhave the facility to scroll upand down when output toscreen?

Yes Confirmed

26. Can all reports be runwithout the need for period-end procedures to beinitiated?

Yes Confirmed

27. To what extent cancustomised reports be run onfixed assets data?

Comprehensive options Confirmed

28. In respect of the same assetcan the system report costand depreciation based on:

i) Revalued amounts(and years ofrevaluation,together with thename orqualification of thevaluer where thecurrent yearcontains arevaluation)

ii) Historic costamounts

iii) Prior year amounts

Yes

Yes

Confirmed

Confirmed



26

iv) One moredefinable amount.

Yes

Yes

Confirmed

Confirmed

29. Are the following customreports available for fixedassets:i) A standard

statutory accountsformat fixed assetsmovementssummary?

Yes Confirmed

ii) Report of additionsand disposals.

Yes Confirmed

iii) Reports showingtotal of depreciableassets by category.

Yes Confirmed

iv) Report showingcumulative amountof interest includedin determining theproduction cost ofany fixed asset,indicating thebalance sheet itemaffected.

If required Confirmed

30. For assets held under financelease and similar hire purchasecontracts, can the system produce:

Either Report showing, for eachmajor class of asset:

a) Gross amount

b) Accumulateddepreciation

c) Depreciationallocated for theyear

Yes

Yes

Yes

Confirmed

Confirmed

Confirmed

Or a) The net amount ofsuch assets

Yes Confirmed



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included within theoverall fixed assettotal.

b) The depreciationallocated for theyear includedwithin the overallfixed asset total.

Yes Confirmed



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5.6 Performance of requisite accounting functions

1. Does the software performthe functions which the userwants performed?

Yes Confirmed

2. Can the software be used bymore than one user at thesame time?

Yes Confirmed

3. i) Can the software supportgroups of companies/departments/branches?

(How many such branches orcompanies can besupported?)

Can they be consolidated?

ii) Can the systemconsolidate entities withdifferent charts of accounts?

Yes

Unlimited

Yes

Yes

Confirmed

Confirmed

Confirmed

Confirmed

4. Is multi currency processingavailable? (What is themaximum number ofcurrencies available?) Isconversion to sterlingautomatic?

Yes, the maximum number ofcurrencies is 99.Conversion to sterling can beautomatic if required (conversionrates must be entered first).

Confirmed

5. What number of accountingperiods are provided by thesystem?

i) Is it a minimum of 13?

ii) Can these periods beadjusted to suit different userrequirements?

iii) How many accountingperiods can be open at anyone time.

1-365 (Commonly 1,4,12,13,52)

Yes

User defined

Confirmed

Confirmed

Confirmed

iv) How many years can beopen?

v) Can a period or year be re-opened after it has beenclosed?

User defined

Yes, by select users only

Confirmed

Confirmed



29

6. Are the ends of accountingperiods determined by theuser rather than being set bythe system?

Yes Confirmed

7. i) Can data from allaccounting periods beaccessed at any givenmoment?

ii) Can previous months beaccessed for enquiries orreports?

Yes

Yes

Confirmed

Confirmed

8. i) Does the system allowposting to more than oneaccounting period at a time?

Is it possible to allocate transactions to future periods?

or to previously closed periods?

Yes

Yes

Yes, however, the period requires re-opening

Confirmed

Confirmed

Confirmed

ii) If the system allowsposting to previous or futureaccounting periods or years,does it:a) Flag to the user that this isoccurring?

b) Revise subsequentperiods accordingly?

c) Report these transactionsseparately.

Yes, although this option can beturned off.

Yes, all reports have to be re-run

No, included as standard transactions

Confirmed

Confirmed

Confirmed

9. Does the system permit useof budgets and providecomparisons betweenbudgets and actuals?

No, but this is available with aseparate module (Forecast4000).

Confirmed

10. i) What is the maximumvalue of transactions and oftotals, that can be handled bythe system?

ii) What is the maximumnumber of transactions thatcan be handled by thesystem?

9 (13) .99

Infinite

Confirmed

Confirmed



30

11. Are the control featuresprovided by the softwareadequate to support effectiveuser controls?

i) Transaction sequencing?

ii) Automatic dating oftransactions?

iii) Identification of user-idor program generating (i.e.the source) the transactions?

Yes

Yes

Yes

Yes

Confirmed

Confirmed

Confirmed

Confirmed

12. What complementary clericalprocedures (to be imposedand effectively monitored bymanagement) arerecommended by thesoftware supplier?

Standard Asset ManagementProcedures – regular control andmonitoring of period ends, archiving,audit trail, depreciation anddisposals.

Confirmed



31

5.7 User documentation

1. Is the manual clearly laid outand understandable?

Yes Confirmed

2. Is the manual comprehensiveand accurate?

Yes Confirmed

3. Is there an index to themanual?

Yes Confirmed

4. Is it easy to locate specifictopics in the manual whenrequired?

Yes Confirmed

5. Is it easy to follow throughall procedures in the manual?

Yes Confirmed

6. i) Does the manual include:

a) A tutorial section?b) A guide to basicfunctions?c) Pictures of screens?

ii) Are completed examplesincluded in the manual?

YesYes

Yes

Some

ConfirmedConfirmed

Confirmed

Confirmed

7. I) Are help screens availablerelating to the task in hand?(context sensitive help)

Yes Confirmed

i) Do they provide on-line instructions onhow to useparticular featuresof the software?

Yes Confirmed

iii) Can they be edited orprepared by the user?

No Confirmed



32

8. Does the documentationclearly specify the actions tobe taken by users at eachimportant stage ofprocessing?

Yes Confirmed

9. Will the software supplierprovide regular updates ofdocumentation in the eventof modifications orrevisions?

Yes Confirmed

10. Will the software suppliermake the detailed programdocumentation (eg filedefinitions for third partylinks) available to the user,either directly or by depositwith a third party?

If requested Confirmed



33

5.8 Efficiency

1. Are the various functions ofthe system menu-driven, orotherwise easy to initiate? Isthere a good response time inthe initiation of functions?

Yes Confirmed

2. Is data entry easily repeatedif similar to previous entry?

Yes Confirmed

3. Is there a good responsetime:i) In processing data

input?

ii) In producingrequisite reports?

iii) In updating files

iv) In producing back-up files?

v) In deletingredundantinformation fromfiles?

Yes

Yes

Yes

Yes

Yes

Confirmed

Confirmed

Confirmed

Confirmed

Confirmed

4. Does the system preventaccess to a record while it isbeing updated? Is thelocking at file or record (egasset-type) level?

Optimistic locking at record level Confirmed

5. Does the system retain a logof file updates until the nextoccasion on which therelevant information isreported or the relevant fileused in a regular controlprocedure?

Version number clearly displayed onthe screen.

Confirmed

6. Can regular reports be easilyduplicated if required?

Re - run Confirmed



34

5.9 Integration and www facilities

1. Is the ledger updatingprocess satisfactorilycontrolled by production ofupdate reports?

Yes Confirmed

2. Does the software run underan operating system which isa commonly acceptedstandard?

Yes / Windows Confirmed

3. Can more than one systemfunction be performedconcurrently?

Yes / but there are some singlefunction items

Confirmed

4. Can the software be linked toother packages eg wordprocessing, graphics,financial modelling, toprovide alternative displayand reporting facilities? Candefinable links tospreadsheets be created?

Yes through CSV and export tocertain accounting software.

Confirmed



35

5.10 Support and maintenance

1. Will the supplier or dealerprovide corrections to theprograms? Are bug fixesfree of charge - for howlong?

Yes, FOC Under Maintenanceagreement

Confirmed

2. Will the supplier or dealerprovide generalenhancements to theprograms? Will these beprovided automatically?Will they be given free ofcharge?

Yes FOC, under Maintenanceagreement

Confirmed

3. Will the supplier or dealerprovide "hot line" support toassist with immediateproblem solving? If so, atwhat cost? At what timeswill this support beavailable?

8am – 6pm Mon – Fri Confirmed

4. Is the supplier or dealercapable of giving sufficientongoing education andtraining and other support?

Yes Confirmed

5. Can the supplier, dealer orsome other organisationprovide all the hardware,software and maintenancerequirements of the user?

Provides all of the software andmaintenance, however, don’t providehardware

Confirmed

6. Is there nationwide support:

· Telephone· Modem link· Local dealers/support

YesYesYes


7. Is a warranty offered inrespect of specification of thesystem?

Covered under support agreement Confirmed

8. Will the software suppliermake the program sourcecode available to the user,either directly or by depositwith a third party (Escrow)?

Escrow Confirmed

9. Are there any unduly No Confirmed



36

restrictive conditions in thelicence for the software?

10. Would the software house beprepared to accept theInstitute of Purchasing andSupply model contract?

Yes , as required Confirmed



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5.11 Further questions relating to lessee disclosure

(i) Finance Leases and similarhire purchase contracts

Unless otherwise indicated,finance leases includesimilar hire purchasecontracts.

The software is designed to monitorfixed assets categorisation anddepreciation. The software is notdesigned to deal with finance leases.Therefore, the majority of thissection is not applicable.

1. Is the software able todetermine whether a leasedasset is a finance lease or anoperating lease based oninformation input by theuser?

Yes, analysis codes Confirmed

2. Does the program calculatethe present value of theminimum lease payment atthe inception of the leasebased on the interest rateimplicit in the lease contract?

N/A Confirmed

3. re negative finance chargesnot permitted by thesoftware, or, alternatively, istheir existence flagged to theuser?

N/A Confirmed

4. On what bases can rentalspayable be apportionedbetween finance charges andoutstanding capitalobligations?

(i) straight line(ii) sum of digits

(‘Rule of 78’)(iii) actuarial(iv) other (specify)

N/A Confirmed

5. Will the software not permita depreciation period for theasset which is longer than thelease term (finance leasesonly)?

N/A Confirmed

6. When apportioning paymentsbetween obligation and

N/A Confirmed



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finance, does the systemmake any assumptionregarding timing of payment(eg at start or at end ofpayment period)?

(a) Can the software report theoutstanding obligations inrespect of finance leases, netof future finance charges, asa separate liability, splitbetween amounts payable.

(i) within 1 year(ii) within 2 to 5 years(iii) in more than 5

years

N/A Confirmed

Alternatively, can theseamounts be disclosed asgross obligations, with futurefinance charges beingseparately deducted from thetotal?Or

(b) Where the obligations arereported within otherliabilities, can the softwarealso report an equivalentanalysis to (a) above.

N/A

N/A

Confirmed

Confirmed

7. Can the software report theaggregate finance chargesallocated for the period inrespect of finance leases?

8. Can the software make use ofthe inception date of thelease to report leases enteredinto before the period-endbut which commence afterthe period-end?

N/A

N/A

Confirmed

Confirmed

(ii) Operating leases

Operating leases are not included infixed assets but expenditure on themis charged to the profit and lossaccount.

1. Is the software able to deal N/A Confirmed



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with operating leases?2. Can the operating leases be

split in the following waysfor reporting purposes:

N/A Confirmed

(i) between(a) land and buildings

(b) other

(this is needed to disclosefuture commitments)

N/A

N/A

Confirmed

Confirmed

(ii) between

(a) plant andmachinery

(b) other

(this is needed to discloseexpenditure in the year)

N/A

N/A

Confirmed

Confirmed

Can this figure be added tothe total amount for thedepreciation charge andfinance charge for assets heldunder finance leases andreported?

N/A Confirmed

3. Can the software report theannual payments made underleases and split thesebetween those leases towhich the company iscommitted for

N/A Confirmed

(a) up to one year(b) within the second

to fifth years(c) in more than five

years

)N/A))))

Confirmed

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