Bassets Fixed Asset Software - Optional Modules

445 Accounting

Most companies end their year on December 31st or the last calendar day of some other month. There are other companies, for example, whose year end will be the last Saturday in some month. Generally speaking, these companies will divide each quarter of the year into three monthly periods consisting of two (2) four (4) week “months” of 28 days each and one (1) five (5) week “month” of 35 days, hence the name 4-4-5 Week Accounting Periods. This grouping of monthly periods can also be set up as 5-4-4 weeks or 4-5-4 weeks, but 4-4-5 seems to be the most common arrangement.

The heart of this module is a calendar that allows the user to enter the first and last day of each accounting period. For example, if the first day of the year was January 02 and the last day of the first accounting period was January 29, we would have a four (4) week period of 28 days. The 13 Period Accounting module is the same as the 4-4-5 Week Period Accounting except that the tax year will consist of 13, 28 day accounting periods.

Construction in Progress
This companion module, also known as the Invoice and Procurement Tracking Module, enables the user to collect invoices associated with a specific project. Upon the completion of the project, the user can consolidate all or selected invoices into one or more asset records in The Bassets Fixed Asset System.

This consolidation feature provides for up to a 12 level hierarchy or consolidation tree to consolidate invoices that match a specific selection criteria into an asset record. The consolidation feature provides a complete audit trail and consolidation undo feature.

Those companies that build their own assets, such as stores in the retail industry or tools and machinery in the manufacturing sector use this module. Other companies will use the Invoice and Procurement tracking module to allocate the expense of an internal project, such as a computer application, over a period of time between multiple departments or other entities within the organization.

The enhancements to this module include:

•	An improved Audit Trail at the asset record level with the addition of a CIP Tab that lists all of the invoices consolidated to create the asset. The user would be able to view detailed information about a particular invoice with a simple mouse click.
•	Image capability has been added to CIP to catalog and view invoices and other documents relating to a particular invoice record.
•	Improved invoice consolidation with an added unconsolidate function.
•	Budget to actual by project.

Expense Allocation
Some companies need to distribute depreciation expense dollar amounts to divisions or cost centers within their corporation. The expense allocation module easily accomplishes this through the use of allocation pools. An allocation pool is defined and a charge back percentage is assigned to each division. One or more projects can then distribute expense based on the percentages.

During reporting, standard reports can display depreciation amounts by asset or further break down the expense based on the associated allocation pool of each asset. The reports can be sorted and subtotaled in many ways to display extensive allocation detail or consolidated summary information.

Foreign Currency Conversion
This module allows for an unlimited number of currencies to be tracked in Bassets. Each asset is assigned a functional currency. Reports can then be generated in either reporting or functional currency.

The system allows for monthly exchange rates for each currency. The exchange rate used in calculations is determined by the month of acquisition. Additional functionality is provided to handle Hyper-inflationary countries. Non Hyper-inflationary countries can utilize a year-end or weighted average rate.

G/L Interface
The G/L Interface module allows the user to run a procedure to export monthly depreciation to an output file sorted and totaled by G/L Code for both Debit and Credit. The G/L Interface enables the user to select the data fields to export, define the type of file they want to export to, and the month they would like to run the export for.

To define the output file, the user would select the necessary data fields in the order required. For each data field, the user can set the length, number of decimals and/or default value.

Once all the fields have been properly defined, you may proceed with the export.

You have the ability to:

•	Select the period for which monthly depreciation will be processed
•	Select the export type (choices include spreadsheet, text and database)
•	Enter the name and path of the output file
•	Select one of five different transaction types

Lease Asset Tracker
This companion module to the Bassets Fixed Asset System enables the user to maintain basic lease information about leased Assets. The available lease information is: Lessee/Lessor, type of lease, contract, expiration and option dates, term of lease, payment frequency, purchase amount, maintenance and lease fees, contract interest and total contract amount. The lease data is available in the custom report writer for the user to generate reports.

Units of Production
This optional module provides the user with the ability to depreciate assets based on the production of that asset rather than a specified number of years. There are also two versions of the Units of Production module, one for manufacturing operations and one for the mining industry.

A/P Import
The Accounts Payable Import module allows the import of invoice detail to either the Bassets CIP module or directly to the asset table. When importing to CIP, each invoice creates one associated CIP record. These can later be consolidated into one or more asset records.

The import procedure, which processes invoices directly to assets will create asset records and build the associated depreciation schedules based upon predefined defaults. This includes the use of General Ledger or Class codes to determine the correct asset life.

Barcode Asset Inventory Control
This optional module to the Bassets Fixed Asset System enables the user to perform a physical inventory of capital assets and compare the collected inventory data with the capital asset records maintained in The Bassets Fixed Asset System.

The Bar Code module will interface with any barcode scanner capable of down loading its collected data to a PC. The module will also read any data collection database designed to suit the needs of any customer.

When the inventory data collected by the bar code scanner is processed by Bassets, the user will select one of two process options. The first option, Compare Only will compare the external data to the Bassets data files and generate an error report when the external asset information does not compare with the matching Bassets asset data or when a matching asset, either Bassets or external is not found. The second option, Update any Changes will compare the external and Bassets data, but will update the Bassets data record to match the external data. An error report is generated when a Bassets asset record is updated to match the external data or when a matching asset, either Bassets or external is not found.