FIXED ASSET SYSTEMS

AGI has extensive experience in fixed asset systems.  Our staff has been involved in the design of complex fixed asset systems, the implementation of fixed asset systems, the review of current capitalization procedures, and the outsourcing of fixed asset systems.

Capitalizing fixed assets is a task often relegated to the property accountant in the last month of the year.  Based upon a stack of invoices, a few phone calls to various departments, and an oftentimes confusing fixed asset system handbook, the property accountant sets out upon a task envied by few and chastised by everyone.

Assets may not be assigned the correct federal tax class, the right book life, the proper insurable value code, the correct property tax code, or the proper description.   The invoices are often missing details where multiple purchases are apparent, or may not have any detail regarding the exact number of assets purchased.

AGI has provided its clients a number of services in the fixed asset area.  Among these services are:

• Creation and implementation of a fixed asset classification book and corresponding chart of accounts to assign the proper codes and classifications to assets.
• Training sessions on how to book an asset, including how to assign asset descriptions, extended descriptions, serial numbers, tag numbers, manufacturer's name, model number, etc.
• Assistance in installing new fixed asset systems, including the conversion of data from existing systems to the new system.
• Creation of asset records where vintage accounts were used in order to segregate clustered assets into individual assets.
• Review of fixed asset detail ledgers to determine if assets that are on the system are actually still in existence and are currently operational.
• Reduction of property taxes through the identification of retired or abandoned assets.
• Providing an outsource for fixed asset systems by creating the fixed asset addition, retirement, and transfer records on all assets before the transaction reports are implemented.
• Maintaining fixed asset systems, which have chosen to outsource the entire fixed asset process.

Representative Assignments

• Development of Chart of Accounts
• Review of Capitalization Procedures
• Implementation of Fixed Asset Systems
• Conversion to New Fixed Asset Systems
• Out Sourcing of Fixed Asset Systems