Questions to Client Replies / Comments UK Replies / Comments US Bullet Points / Notes Gaps (Prima faci)

via goods inwards receipts and PO

How do you match purchase order information to AP
invoice information?
How do you match vendor information to your fixed
assets systems when purchasing assets?
Do you want to be able to update or change the
accounting distribution information for line items in your
purchase orders?
What is the basis for your vendor category breakdown? metallic/sourced product/internal
Are vendors categorized for reporting purposes?
Are vendors categorized for financial tracking
purposes?
What are the requirements for reporting tax payments
(e.g. company, rate or tax authority)?
How do you record taxes within the GL?
Is there a requirement to support multiple bank
accounts?
Is there a requirement to support foreign currency bank
accounts?
via goods inwards receipts and PO order-
Vendor invoice processed using APID screen.
Enter vendor #, invoice #, invoice date and PO
#. Correct PO located enter qty, unit price as
per invoice, details calculated, result invoice
matched to PO.
Fixed Assets are treated in the same way as
goods purchase. PO raised and vendor
invoice matched as above. Spreadsheet is
updated upon receipt of vendor invoice.
yes
grouped for deflation reporting into
electronics/EMD/indirect/metallic/metals/non-
yes
yes
K Rajini Rao:
Discuss in detail as to the
application of the use tax
VAT- monthly returns and business rates
annual invoice paid over 10 months.
System generated from AP and manual
journals - GL vat input a/c
yes
yes
order-Vendor invoice processed using
APID screen. Enter vendor #, invoice #,
invoice date and PO #. Correct PO
located enter qty, unit price as per
invoice, details calculated, result invoice
matched to PO.
Fixed Assets are treated in the same
way as goods purchase. PO raised
and vendor invoice matched as above.
Spreadsheet is updated upon receipt of
vendor invoice.
yes
alphabetical by vendor name, numerical
by vendor ID no.
no
no
Sales tax is paid when billed. If no tax
is billed we accrue tax and pay a use
tax to the state
tax invoices posted to specific G/L
accounts
no
no

What disbursement (document) types are currently Vendor invoice, expense reports, debit
processed through these bank accounts? Direct Debits, Standing Orders, BACS, TT memos and vendor credit memos
purchasing manager authorises terms ie:
How are your current payment terms structured? 30days- 60 days 2% 20 days, Net 75 days
Do you use percentage due or amount due? amount due amount due
K Rajini Rao:
Are due dates calculated based on a specific day of the If the due date is calculated
based on a specific day of
month or on a number of days from the payment terms number of- how
the month days are from payment terms
date? specific day of the month date
payment terms 30 -60 days

Is there a provision for discounts within the current

payment terms? yes yes
How are discount dates calculated - based on a
specific day of the month or on a number of days from number of days from payment terms
the payment terms date? number of days from payment terms date date
Is there a requirement to use multiple discount levels at
present or in the future? yes no
10-15 per month, payments made mainly via
How many checks do you write/produce per period? BACS approx. 100 per week
request bank to place "stop", adjust ledger no policy. request bank to place "stop",
What is your policy to cancel checks? accordingly adjust ledger accordingly
Is there a requirement to use Wire Transfers? yes yes
Is there a requirement to process Manual Payments? If
so, is a separate bank account used? yes, but a separate bank account is not used no
Is there a requirement to process Partial Payments? no no
Is there a requirement to process Pre-Payments? yes COD shipments

Is there a requirement to process Recurring Payments? yes no

Advance payment is processed via APDS to
What is the current procedure for vendor advances? the appropriate vendor a/c in AP n/a
How are vendor advances reconciled when the invoice Invoice is processed to vendor a/c and
is submitted? matched to advance payment via APPA. n/a
Do you have a priority system for payments? no no
What is your current payment cycle? (How often do you Every 2 weeks 1 small ie: Expenses, Couriers
print checks?) & 1 large Main Suppliers once per week
If recurring payments are used, what is the normal
period cycle for these payments? monthly n/a
Are all invoices paid in local currency? No. Paid in GB pounds, Euros & Dollars yes
Is/will there be a requirement to use multiple
currencies? yes yes
Do you have a minimum or maximum payment amount
per check? no no
no policy. Check with bank to ascertain
What is the policy/procedures for handling stop Check with bank to ascertain cheque is not cheque is not cashed. Write cheque
payments? cashed. Write cheque back to ledger. back to ledger.
Void payments are written back using APCV
What is the policy /procedures for handling void screen reference to cheque and cash set A/P voids in fourth shift (APCV), then
payments if they have been recorded? number. voids in Fleet windows
Void manual cheques are attached to
What is the policy /procedures for handling void counterfoil in cheque book as physical no policy. A/P voids in fourth shift
payments if they have not been recorded? evidence. (APCV), then voids in Fleet windows
Do you pay any vendors on a priority basis according to
funds available? no no
Is there a requirement to prioritise payments? no no
Who enters invoices and how often? Accounts Payable clerk - daily A/P - daily
Do you receive invoices at a central location? yes yes
How do you physically store invoices once entered into
the computer? filed in vendor order in folders file cabinet
Are invoices billed to distinct companies, cost centers
or other? yes Billed to distinct companies
How many invoices per period do you enter? 250/300 month approx. 150 per week
Do you have security requirements on who can enter
data (invoice processing, payment processing, and
check processing)? yes yes
How are invoices identified (numbered)? vendor’s vendors invoice number, then vendor
invoice number, date, or next allocated number? invoice number date if number not avail.
How many liability accounts do you use? 2 22
Can you identify any frequently used expense
distributions within your current system (for example,
rent or telephone payments)? yes rent, phone, operating leases
Are these recurring expenses for fixed or varying rent is fixed, phone varies, operating
amounts? varying and fixed leases fixed
Is there a requirement to match invoices to related Yes, but not with utility bills, although readings
purchase orders? are checked yes
pack slip comes from stockroom,
How are you currently matching invoices to purchase matched to invoice, matched in fourth
orders? See line 3 above shift to PO
Will some invoices never have purchase orders? yes yes
Should invoices be matched completely, partially or
both? both completely
Do you perform 2, 3, or 4 way matching of invoices? 3 3 way
Do you currently have any tolerance levels for
matching? (Price Tolerance, Quantity Ordered Yes. For certain custom manfactured items ,
Tolerance, Quantity Received Tolerance, or Tax eg: cartons, labels, metal machine parts +/-
Tolerance?) 10% yes
Would you like to approve your invoices on-line, by
batch or have both options? both both
What is the internal approval process for an invoice in Matched against PO or signed off by a proper department manager signs off
your organization at present? Director. based on Matrix
Are there situations where an invoice needs to be
placed on hold and then manually released? yes yes

Describe the approval process when invoices need to Manual held invoices would need to be A/P puts on hold in fourth shift, releases
be placed on hold and manually released? approved by the Purchasing Manager from hold upon mgr. Approval
Where an invoice needs to be placed on hold and then
manually released, can these invoices be "posted" to
the General Ledger? yes yes
How often do you "post" information to your General
ledger? daily daily
Do you use Cash or Accrual Based Accounting? Accrual based accounting Accrual
Do you post (or wish to post) in detail or in summary to
the general ledger? detail detail
When do you start your AP close? 3 days prior to GE fiscal month end last Wednesday of the month
Do you have any documentation on your AP close? yes yes

Do you allow posting invoices back to prior periods? no no

Is there a requirement to track duplicate vendor
information within the Payables system? yes no
What other audit requirements are needed? duplicate invoices/payments
Do you need to restrict access to certain functions? yes Yes
grouped for deflation reporting into
electronics/EMD/indirect/metallic/metals/non-
Which vendors should be grouped and why? metallic/sourced product/internal
For the purpose of Invoice Aging Reports, what aging monthly aging, monthly unvouched
periods are currently in use? current, 1-30, 31-60, 61-90. 90+ aging

Is there a need to define any additional aging periods? no no

Do you have to pay other businesses in different Set of
Books within the same GL no Yes
Will you need to make payments to businesses in
different GL set of books yes Yes
Is there a requirement to process employee expense
reports? yes yes
Is there a standard employee expense claim form? yes yes
employee fills out form, gets mgr
What is the current process to generate expense expenses are picked up on the monthly approval, A/P cuts check. Plus GE
payments to employees? payment run Online Expensing.
How frequently are employee expense claims
processed? monthly as needed, typically weekly

How many employee expense claims are processed? 10 3-4 per month
Are these expense claims assigned a special pay
priority - high or low? (Before/after other vendor
payments for example.) high no

What is the current procedure for employee advances? n/a no advances

How are these reconciled when the expense claim is
submitted? n/a Approved by manager and Finance
Do your employees have company credit cards? no yes
How are company credit cards handled? n/a Through standard GE processes
Questions to Client Replies / Comments UK Replies / Comments US

What types of customers do you have? Cash and credit customers Distributors, end users and other GE companies

How do you group your customers for credit limits/credit checks? we don’t group them N/A
How do you group your customers for statements? alphabetical N/A
How do you group your customers for interest charges for late
payments? don't charge currently We do not charge interest charges
How do you group your customers for payment rules? as per our credit terms N/A
How many customers do you have? 300/340 3500

Payment of the price and VAT shall be be due on or

before delivery unless otherwise agreed when it shall be
What type of payment terms do you provide? within thirty days of the date of the invoice Varies
Do you provide split term payment terms? no No
Do you provide discount payment terms? no No
Do you automatically number new customers as they are
created? yes but this is done manually Yes
Do you automatically number customer business purposes as
they are created? no No

Do you create reciprocal customer relationships whenever you

create a relationship between customers for tracking purposes? no Yes
Do you send customers statements? yes Yes, Charlotte send statements
Do you have multiple "remit tos"? yes Yes

How are multiple "remit tos" determined for each customer?
What credit information is tracked for each customer?
Do you have a prospect system separate from the receivables
customers?
Who has access to your customer database?
amount is split between cust accounts Checks to one remit to, wire each to another
trade references D&B rating, credit limit, days to pay
yes, but maintained on Microsoft Word Yes
sales office personnel Sales, Customer Service, Finance

the process IVMC is run within 4th shift after the item the process IVMC is run within 4th shift after the item has
has been shipped, this notifies 4thshift that an invoice been shipped, this notifies 4thshift that an invoice needs to
How do you receive notice to create/generate an invoice to bill a needs to be raised. The invoice is then printed when an be raised. The invoice is then printed when an invoice run
customer? invoice run is performed. is performed.
Do you regularly invoice customers for the same items? yes Yes
Do you use standard invoice lines with default pricing and default
accounting information? yes Yes
Do you ever use invoice forms and/or the invoice entry process yes, invoices and credits are also used to move
for transactions other than billing customers? cash/credit notes between customer accounts No. Use preprinted invoice
Do you use Debit Memos? no No
How are Debit Memos accounted for? n/a N/A
Why are Debit Memos used? n/a N/A
What items appear on Debit Memos? n/a N/A
Do you use Customer Account Credit Memos? yes Yes

How are Customer Account Credit Memos used? to represent returned items, price corr'n, discounts etc… Customer Service issues Credit memo
To credit returned material or correct errors on the
Why are Customer Account Credit Memos used? to correct invoices, move cash, to clear SIWO customers account
amt, reason for raising credit, Credit note number, date,
What items appear on Customer Account Credit Memos? tax, cust no., cust name and address returned product, credit for price variance, freight, sales tax
Do you enter invoices in batches? yes Yes
How are batch invoices defined? system generated batch no. System defined
What are the units of measure you use when you bill customers
for products and/or services? each as standard Qty and unit price
Do you require taxes to be established for use when preparing
invoices? yes Yes
Do you validate the tax rate against a Customer’s Ship To
address when preparing invoices? yes No, defaults to sold to
Do you bill customers in a foreign currency? yes Yes
Are there any other foreign currency issues regarding invoice
generation? no euro
How many invoice types do you have? 2 1
How frequently do you invoice your customers? daily daily

How do you track sales revenue on invoices? How is it reported? arir report/sale & orders report Revenue is tracked by product line
UPS, DHL, FedEx, Freight Forwarder or Customer
What different shipping methods do you use? Post, courier, air freight, sea freight selected carrier
How do you number your invoices? numerically, system generated numemric
Do you have standard default line items that you use? yes No
Do you have standard default line items that you use or are most
lines free format? both No
What type of units of measure do you use? each as standard qty and price
Do you have different price schedules dependent on customer or
volumes? yes Yes
How often are sales orders invoiced? 3 times a day daily
What is the criteria to invoice? order must have been shipped shipment

What items appear on your invoices (inventory? non-inventory?) both both

Who maintains your valid payment terms? What are they? Credit control, 30 days of the date of invoice GEI and Charlotte varies
What paper stock is used to print the invoices? pre printed continual 3 part Preprinted invoice forms
Where are the invoices printed? How many printers and where on one dot matrix printer in same office, yes pre-printed GEI, 1 printer used and it located in Customer Service, Yes
are they? Pre-printed forms? forms we use preprinted forms

For payments by check: GE General Eastern Instruments

What remit to address is assigned for your invoices? GE Protimeter Plc address 12126 Collections Center Drive Chicago, IL 60693
Do you assign shipping charges for your invoices? yes Yes
How are shipping charges calculated? majority fixed Calculated from shipping machine

How do you calculate your tax charges? What are the rates? system generated tax rates are enter into the system by customer
How do you keep your tax rate information up to date? through 4th shift maintenance Tax rates are changed when needed
Why are credit memos used? to amend invoices, move cash or SIWO To enter returns and correct errors on invoices
How are the revenue, receivable, freight and tax accounts revenue is by product line, freight and tax go to the correct
configured for each invoice type? general ledger coding format of xx-xx-xx-xxxx freight or tax account
How are adjustments to closed periods handled? processed in next period Adjustments made in current period
Do you ever recognize revenue from a single transaction over
multiple periods? no Yes, these are service contracts
% per month example if 12 month contract we recogize
When do you recognize revenue? at time of shipment to customer 1/12 per month
How many General Ledger accounts do you distribute to? 3 35
create debtor at time of shipment/review daily until
When do you create or recognize outstanding receivables? cleared by payment When product is shipped an invoice is generated
Do you distribute earned and unearned revenue? What are the
GL accounts? only earned revenue/document sales revenue a/c nos. Yes, service contracts
Do you have unbilled receivables? vat/interest on GE cashpool No

Is revenue assignment associated with sales people information? no Yes

Do you assign non-revenue credit to sales people? no No

How do you maintain and assign salespeople to customers? n/a At the order line item level
Do you track Sales Territory Information? weekly pole reports Yes
How is Sales Territory Information for tracking purposes derived?
(for example, customer, salesperson, and so on) sales by country reports Rep Code
Do you maintain mandatory and/or optional reviews in your
orders cycle for credit risk, legal compliance, and/or other
approvals? yes, credit checks etc.. This is performed by Charlotte
Do you have sales representatives? How many? yes, 3 15 external reps.
How do you breakup territory for sales? n/a By geographic region
How do you assign commissions? we don't by product and rep code

Do you automatically determine the general ledger accounts for

specific transactions (for example, receivables, freight, tax,
unearned revenue, unbilled receivables, and so on) during
Invoice Entry? yes Yes

How do you enter/manage a credit amount owed to the customer credit bal. shows on cust acc. and is refunded upon a place against customer AR Balance if not used within 6
by your company? request in writing months it is moved to the Customer Advance account
How do you enter/manage a credit amount owed to your
company by the customer request a refund in writing N/A
Do you send customers statements? yes Yes
Do you ever adjust receivables? no, except throught bad debt write off Yes
How do you adjust receivables? through bad debt write off Credit memos, write-offs

depends on write offs, the system will automatically write

Do you limit the amounts when adjusting receivables? off a debit balance less than .99p Yes
customers are placed into buckets depending on age of
What do your agings look like? debt See attached
Do you have multiple "remit tos"? yes Yes
How are multiple "remit tos" determined for a customer? amount is split between cust accounts By payment method
What credit information is tracked for each customer? aging credit limit and payment history
Do you charge finance charges? not at present No
How do you charge finance charges? n/a N/A
Do you send dunning letters to customers? yes Yes
Do collectors actively call customers on delinquent items? yes Yes
What is the process for tracking actions to collect on delinquent
accounts? a manual diary system is kept Notes on item and or account
Is the process for tracking actions to collect on delinquent
accounts automated? manual Follow up flags can be set to automate process

Do terms and conditions of customer agreements and/or payment

terms change based upon the status of their accounts? no Yes
Do you monitor your collectors performance? yes Yes

What metrics are used to monitor collections performance?
How do you monitor customer account status?
Do you have a separate aging for collectors?
past dues as a % of total debt
through the artb, exported into excel and data sorted.
This is done on a weekly basis, and customers are
chased on a daily basis
no
Past due > 60 days, Total past due, collection effciency %
Check the system and pull reports
We have separate portfolios and customers accounts can
be aged by portfolio
Do you use Debit Memos? no No
How are Debit Memos accounted for? n/a N/A
Why are Debit Memos used? n/a N/A
What items appear on Debit Memos? n/a N/A
Do you use Customer Account Credit Memos? see line 29 Yes
Credit memo is applied against outstanding invoice or
How are Customer Account Credit Memos accounted for? see line 30 invoices

Why are Customer Account Credit Memos used? see line 31 To credit returns, price variances, freight or sales tax
What items appear on Customer Account Credit Memos? see line 32 part number, description and amount
How are adjustments to closed periods handled? see line 62 N/A
How do your customers generally pay invoices?single check --
single invoicesingle check -- multiple invoicesmultiple checks --
multiple invoices all Both

Do you use more than one bank account and/or cash account? no Yes

Do you have customers who pay other customers’ invoices? no Yes

Do you use lockboxes? no Yes
How many lockboxes do you use? n/a 1
What types of payments are received and input? (for example,
check, cash, and so on) cheque, cash, credit/debit cards, bacs, tt's checks, credit cards, ach's, wires

Checks received into bank lockbox. ACH/Wires into

post, bank statement, c/c report. Items are manually
How do you receive and input payments? entered onto system
Do you receive deposits and/or prepayments? we receive pre payments
Do you receive non-customer related payments? yes
How are non-customer related payments accounted for? manually entered onto system
differenct bank account, credit cards via ACH - checks are
keyed by bank and transmitted nightly to our system
Yes
Yes
manual journal entry when check hits lockbox

How do you handle payments without remittance information? refer to AR ledger call the customer

Barclays are notified and investigate the payment on our

How do you handle payments from unknown sources?
What are your policies and procedures about adjusting
payments?
behalf (for all bacs/or transfer payments) Cheques that
are received with no customer detail what so ever are
return to the bank on which they are drawn against, with
a covering letter explaining why call the bank
we don't adjust payments N/A
What are your policies and procedures about reversing
payments? duplicated entries are reversed after verification Payments are only reversed if cash is misapplied
How often do you adjust payments? n/a N/A
How often do you reverse payments? infrequently Not often
How many payments do you receive in a month? between 750 to 900 2000
How many checks are returned by the bank in a period? none, 2 received in last year 1 every 3 to 4 months

What are the reasons for checks being returned by the bank? insufficient funds NSF
Who applies cash? Credit controller Cash app team
Keyed by bank and file transmitted nightly, balance is
How is cash applied? manually applied manually by cash team
Do you create chargebacks (Debit Items) for customer
deductions? no Yes
How do you enter/manage a credit amount owed to the customer Credit remains on AR for 6 months then move to the
by your company? see line 79 Customer Advance Account
How do you enter/manage a credit amount owed to your
company by the customer see line 80 N/A
Do you send dunning letters to customers? see line 91 Yes
Do you default other information (payment terms, shipping, tax) at
the Customer Level? no Yes, payment terms and sales tax
Can this information be changed and updated at the time of order
entry? yes Yes
Do you require hard copy of the customer purchase order prior to
order entry? yes Yes

Do you do check customer credit prior to entering an order? system automatically checks Yes
Do you take orders only from approved customers? yes Yes

Do you use the invoice as a ship confirmation to the customer? yes Yes
Do you allow partial payments of invoices? no Yes
When do you send the invoice. With each shipment? yes Yes
we only have the facility to have one billing address per
custome account although we are able to have a number
How many "bill-to’s" do you maintain for each customer? of ship to addresses 1 bill to

no we have a separate shipping note that is sent with the

Do you use the invoice as a ship confirmation to the customer? goods, invoices are posted separate to the goods
Will credit memos be issued automatically upon return, or will you Credit memos are issued only after the returned product
have special procedures for credit memos? credits are manually raised after approval has been evaluated by Quality
 goodsin return docket with customer correspondence is
How does the credit department get the return goods information? passed to customer service for the credit to be raised From our RMA System
Is a hard copy credit memo issued? yes Yes

How do you group your customers for credit limits, credit checks? see line 4 N/A
How do you group your customers for statements? see line 5 N/A
How do you group your customers for interest charges for late
payments? no Do not charge interest or finance charges
How do you group your customers for payment rules? by age of debt Signed Contracts or PO
Do you send customers statements? see line15 Yes
Do you receive deposits and/or prepayments? see line 116 Yes
Bullet Points / Notes Gaps (Prima faci)

is it not by creation of the "ship" transaction in f/shift??

examples??
Autoinvoice to be scheduled ???
what are they?

International Sales Rep Balances

What are the adjustments

What are the adjustment and approval limits

reference line no.

reference line no.

reference line no.

reference line no.
reference line no.

What is ACH. Are the credit card payments also coming in through the bank transmission or Lockbox
reference line no.

reference line no.

reference line no.
reference line no.
reference line no.

reference line no.

reference line no.
Questions to Client Replies / Comments UK Replies / Comments US

How do you maintain your Fixed Asset Accounting
data?
Which operations/processes do you want to streamline
for Fixed Asset Accounting?
Which operations/processes do you want to eliminate
for Fixed Asset Accounting?
asset details maintained on spreadsheet, accounted for in
summary level within 4th shift general ledger
manual interface between spreadsheet and computer
system
manual interface between spreadsheet and computer
system
Manually using Best Fixed Assets
Need to understand what Oracle is capable of
handling
Need to review current process to proposed process

Are there any time-intensive Fixed Asset Accounting

operations/processes that need to be addressed? no Yes
How do you close an accounting period for Fixed Asset Add new Fixed assets to Best and perform monthly
Accounting? in line with our accounting proceedures depr. Reports
Is the schedule to close an accounting period for Fixed
Asset Accounting documented? yes No
How long does it take to close an accounting period for
Fixed Asset Accounting? I/2 hour 30 minutes
How long should it take to close an accounting period
for Fixed Asset Accounting? few minutes Don't Know
Is closing an accounting period for Fixed Asset
Accounting a hard close or a soft close? hard close Soft
How are adjustments to closed periods for Fixed Asset
Accounting handled? processed in the next period N/A
How do you open an accounting period for Fixed Asset
Accounting? in line with our accounting proceedures N/A
Is the schedule to open an accounting period for Fixed
Asset Accounting documented? yes No
How long does it take to open an accounting period for
Fixed Asset Accounting? ????????? N/A

Who performs the tasks associated with opening an

accounting period for Fixed Asset Accounting? Finance Manager Controller

Who performs the tasks associated with closing an

accounting period for Fixed Asset Accounting? Finance Manager Controller

Where in your accounting cycle do you run standard

reports and statements for Fixed Asset Accounting? at month end End
What business performance statistics do you monitor
for Fixed Asset Accounting? none None
What are your Fixed Asset Accounting reporting
requirements with respect to summary or detail
formats? Provide report listing. asset purchases/disposals/depreciation Detail Reporting of depr and asset value

What reports do you currently generate to meet your

Fixed Asset Accounting reporting requirements?
Provide examples of each. Include source (could be
manual), user, frequency, or number of copies. asset purchases/disposals/depreciation complete asset listing

Is there any Fixed Asset Accounting reporting

requirement that your current set of reports does not
meet? no No

Are your asset categories unique for each combination

of asset cost account in your general ledger,
depreciation method, useful life and prorate
convention? yes Yes

Are fixed assets which use the same asset account in

your general ledger, ever split into more than one group
for accounting or tax depreciation purposes? no
Do you group fixed assets which use different asset
accounts for reporting purposes? no Yes
Yes, Office Equip, Leasehold Impr., Production & Lab,
Do you have a special name (alias) for each category? no Tooling, Computer, CIP

How is your corporate and tax information stored now? ???????????? Best FA System
What systems are you using to store asset, vendor,
employee and location information now? 4th shift, excel, word Hard copy of invoices, Asset Tags

What is the current accuracy of your asset information? 100% 100%

long leasehold land &buildings(over period of

lease)/plant&machinery(3 to 7 years)/fitting &equipment(4
What are your prorate conventions? to 8 years/ motor vehicles(5 years) N/A
Do you have any depreciation ceilings? For luxury
items? no No
What are your Investment Tax Credit rates, recapture
rates and ceiling rates? ??????? N/A
What are your depreciation methods? straight line GE Policy
What are your useful lives? see line 30 GE Policy
How do you account for prior period additions,
retirements or other transactions in your general
ledger? prior period transactions form part of the brought balances No prior period adjustments
Do you depreciate leased items, or leasehold
improvements? yes Yes
How many fixed assets does your company own? How
are they numbered? 650 250 and the numbering seq. is 000XXX
Do you need to track fixed assets that are not
depreciated? no Yes
Do you track different information for different types of
fixed assets? no Yes
Description, serial #, asset location, date, depr
What basic information about each asset do you store? type, value, date of purchase, vendor method, etc.

Are your fixed assets located in several countries? no Yes

How do you number your fixed assets? sequentially 000XXX
Do you have physical tags on your fixed assets? yes Yes
Do you track leased assets using Oracle Assets? no No
What is your oldest date placed in service for your fixed
assets? 15 years 1990
Do you have standard depreciation for your fixed
assets? yes Yes

Do you associate your fixed assets with vendors? yes No

Do you use multiple currencies when purchasing,
depreciating, reporting or posting financial information
about you fixed assets? yes No
What system do you use presently to do your fixed
asset accounting? see above Best Fixed Assets
What systems do you use to track and inventory your
fixed assets? 4th shift, excel, Best Fixed Assets

Does your current system track asset possession by

employee, department, or cost center? cost center/dept No
What are your monthly reporting requirements? asset purchases/disposals/depreciation Original Amt, monthly Depr, total depr, NBV
Where are your fixed assets located? in premises at Marlow and at subcontractors(tooling) Wilmington, UK, Hann

How do you report property values for tax purposes? n/a Yes

Do you have special names for each location (aliases)? no Yes

Do you assign fixed assets to employees? yes No
In what countries are your fixed assets located? United Kingdom USA, UK, Germany
Explain the accounting structure and reporting methods each class of asset has a unique general ledger code for
used to consolidate your asset cost and depreciation balance sheet cost and depreciation and for p&l a/c
expenses? depreciation Manually entered into system from CIP account
Do you post your asset financial information in
summary or detail to your general ledger? in summary Summary
How many corporate depreciation books do you
maintain? If more than one, why? one 1

How many different tax depreciation books do you

maintain in each of your companies? How are they
used? one 1
Do you adjust depreciation in your tax books? no Yes
Do you maintain any other types of depreciation or
asset valuation books? no No

How often do you calculate depreciation for corporate

accounting, tax, and capital budgeting purposes? monthly Every Quarter
How many fixed assets do you purchase each
accounting period? between 1 and 5 Varies

How often do you transfer large numbers of fixed assets

from one person, cost center, or location to another? never rarely

How often, and for what reasons, do you change fixed

asset depreciation method or life for a single asset? never If Corporate changes useful life or depr. Method
How often do you change the useful life, depreciation
method, or prorate convention of all fixed assets in a
category? never Rarely
How many retirements do you do per period? between 1 and 3 Varies

Do you amortize adjustments made in the prior period

over the remaining useful life of the asset or do you
expense the catch- up depreciation in the current
period? expense catch up in current period Expense catch-up in current month

Do you want your fixed assets automatically added from

your feeder Accounts Payable system? yes Yes
What Accounts Payable system do you use? 4th shift 4th Shift
Do you ever retire fixed assets in the same period they
were purchased? no No
How often do you perform physical inventories of your
fixed assets? annually Once every 5 years
Do you cycle count your assets? no No
Bullet Points / Notes Gaps (Prima faci)