Fixed Assets - Features

General Features

The Fixed Assets System incorporates the same general features found in other products for managing records and navigating between options and pages:

• Provides a single integrated database to ensure the integrity of your records.

• Utilizes a comprehensive security system that restricts access to specified menu options on a user-by-user basis.

• Access options using folders, favorites, and keyboard shortcuts, depending on your preference.

• Keep multiple windows open while entering and maintaining records.

• Provides drop-down lists and help windows for table verified fields, enabling you to look up and select records during data entry.

• Utilizes calendar pages for selecting and entering dates.

Fixed Assets Features

The Fixed Assets System includes, but is not limited to, the following features:

• Files asset records under unique ID and improvement code combinations.

• Maintains comprehensive information on each asset, including:

  • Description

  • Department

  • Location

  • Status

  • Date Acquired

  • Vendor

  • Manufacturer and Model

  • Serial Number

  • Purchase Order

  • Check Number

  • Initial Cost

  • Salvage, Book, and Insurance Values

  • Fund Source

  • Estimated and Depreciation Life

  • Depreciation Method and Basis

  • Inventory and Disposal Dates

  • Condition

  • Insurance Value and Sale Amount

• Customize your system with user-defined fields and pages, enabling you to include additional information with each record.

• Add improvements to existing assets.

• Interfaces with the Purchasing System, ensuring that all purchases processed through Purchasing and identified as fixed assets are automatically recorded in the Fixed Assets System.

• Provides options for posting depreciation to the Fund Accounting System.

• Projects depreciation up to a full year in advance.

• Calculates and posts depreciation retroactively.

• Verifies that all depreciable assets have been depreciated in a given year before beginning depreciation for a new year.

• Generates a comprehensive range of reports, including reports consistent with The Annual Comprehensive Financial Report (ACFR) requirements.

• Complies with the Governmental Accounting Standards Board (GASB) Statement 34, which requires that the costs of fixed assets, including infrastructure, be depreciated over the life of the assets.

• Provides options for retiring assets and purging outdated records.

• Maintains an audit trail history of all additions, changes, and deletions to your asset records.

• Attach spreadsheets, reports, photographs, and other documents to your asset records.