FIXED ASSETS SPECIFICATIONS

The Fixed Asset System should provide the following capabilities:  On-line entry, inquiry and validation of all asset records and complete tracking of all assets including capital equipment, buildings, and land.

The Asset Records should include: Asset Number, Tag Number, Asset Description, Asset Location Code, Identification of exact location of assets, Serial Number, Manufacturer, Condition of Asset, Purchase Date, Purchase Cost,  Installation Date, Purchase Order Number, Vendor, Insurance Company, Fund Number, Department Number, Class, Type, Category, Useful Life, Depreciation Method Used, Accumulated Depreciation Life to Date, Current Year Depreciation, Disposal Code, Disposal Date, Sales Price, Salvage Value and General Ledger Expense Account Number.

The system shows the percentage of cost of Fixed Asset paid with: Local Funds, State Funds, Federal Funds and Revenue Sharing Funds.

The system has the option to have assigned asset numbers.

The system has the ability to Inquire to asset by Asset Number, Tag Number or Asset Description.

The system has the ability to use multiple depreciation methods.

The system calculates depreciation on monthly or annual basis.

The User Defined Option calculates the 1st years depreciation based on the number of months since purchase or takes a full year regardless of number of months since purchased.

The system has an option to calculate depreciation on purchases or installation date for each asset.

The system contains procedures for transfer of assets between departments.

The user can maintain tables of asset categories.

The system has the ability to post transactions such as transfers, retirements, and changes.

The system shows salvage values and disposal information.

The system has the ability to have a maintenance record associated with each asset giving service dates, description of service, vendor who serviced the asset and service amount charged.

The system has the ability to inquire and display maintenance for a Fixed Asset showing date of installation, date warranty expires and service contract number.

The system shall interface to the General Ledger system for automatic posting of activity.

The system shall provide the following key reports: Monthly Assets Activity Log, Monthly Disposal Update Report, Monthly or Annual Depreciation Schedule, Depreciation Update Report, General Ledger Distribution Report, Gain/Loss on Asset Sale Report and Fixed Asset Maintenance Report.

The system provides Fixed Assets Listing by: Class, Department, Fund, Location, Type, Category, Asset Number and Asset Description (Alphabetic).