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Orange County <br />Needs Assessment Project <br />Page 46 <br />Fixed Assets Overview: <br />There currently is na fixed asset management application in use at the County. For asset security <br />and proper accountability, aformal system should be purchased to track both capitalized assets <br />and selected expenditures. The Government Accounting -'Standards Board (GASB) issued <br />Pronouncement #34 that requires all governments to formally account for all their infrastructure <br />assets. Fixed asset applications are often included. as a minor option for most general ledger <br />packages, and would provide an effective solution for this group of needs. . <br /> Inter nal Priori ties <br />1 bility to track physical property and real property with the <br />X <br />utomatic calculation of depreciation expense. <br />2 bility to track designated expensed property by cost and X <br />l ocation. <br />3 Obtain and post additions to fixed assets as a result of X <br /> accounts payable transactions. <br />4 ccounts payable postings automatically initiate a fixed asset <br /> screen displaying useful life, depreciation method, and X <br /> cquisition date. <br />5 utomatically prompts users to annotate asset when the asset X <br /> is taken out service. <br />6 utomatically updates the permanent fixed asset record for. X <br /> acquisition, transfer, sales, or dispositions. <br />7 upports depreciation expense calculations for designated X <br /> items. <br />8 Supports user-defined account codes for. general ledger X <br /> purposes. <br />9 utomatically assigns and tracks asset identification or,"tag," X <br /> numbers. lag numbers also may be manually entered. <br />10 bility to calculate monthly depreciation expense, and <br /> periodically update each master file using straight-line <br />X <br /> depreciation schedules and activity status (active, fully <br /> epreciated but still in use, nondepreciable; retired). <br />11 Fixed Asset Table supports the retention of fully depreciated X <br /> sets for inventory control purposes prior to disposition. <br />12 Ilows for the transfer of assets between divisions and/or X <br /> locations. <br />13 Supports user-defined classification schemes to code fixed X <br /> sets according to type (i.e., desks, cars, etc.). <br />14 Maintains online information for each asset, including: X <br />15 Fund/General Ledger Account X <br />16 Asset Type X <br />17 Location X <br />18 Responsibility X <br />19 Division X <br />20 Grant or Project number X <br />21 Purchase Date X <br />22 Purchase Amount X <br />