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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
FOLLOW
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?
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?
http://it.toolbox.com/blogs/enterprise-solutions/fixed-assets-package-requirements-questi... 11/18/2015
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SS F
R
eed Directory
2.10.3. residential?
Blogs
GO
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. ACR
S (accelerated cost recovery system)?
4.1.4.6. MACR
S (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?
http://it.toolbox.com/blogs/enterprise-solutions/fixed-assets-package-requirements-questi... 11/18/2015
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http://it.toolbox.com/blogs/enterprise-solutions/fixed-assets-package-requirements-questi... 11/18/2015
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Teamwork Projects
Wrike
Wrike
Asana
Asana
LiquidPlanner
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