Fixed Asset Questionnaire

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The document appears to be an evaluation questionnaire for fixed asset software. It covers various functional requirements that the software should meet across different sections like security, input/processing, reporting etc.

The document is an evaluation questionnaire to assess a fixed asset software product. It aims to evaluate the software against various functional requirements.

The main sections covered in the document include matters to consider before purchase, evaluation conclusion, and a technical evaluation questionnaire covering various functional requirements across different sections.

ICAEW Accredited Products Scheme

[Fixed Asset Evaluation]


[Company Name]
[Product Name Version number]

[Company /Product logo]

Evaluation carried out by: [Name of Evaluator]


Date completed:
Signed:

FA_ Questionnaire V1.0

Contents
Section

Page

Summary
1.1 Introduction
1.2 Concept of software under evaluation

Approach to evaluation
2.1 Objective
2.2 Approach, including work performed
2.3 Software/hardware utilised
2.4 Report structure

Matters to consider before purchase


3.1 General overview
3.2 Supplier background
3.3 Product background and Suitability for user
3.4 Typical implementation
3.5 Vertical applications
3.6 Minimum recommended hardware specification
3.7 Operating system supported
3.8 Databases supported
3.9 Support/ installation/partners network
3.10 Software installation & support
3.11 Limitations

Evaluation conclusion

Disclaimer
5

Technical Evaluation Questionnaire Functional Requirements


5.1 Security and Continuity of Processing
5.2 Input of transactions
5.3 File maintenance
5.4 Processing
5.5 Reports
5.6 Performance of requisite accounting functions
5.7 User Documentation
5.8 Efficiency
5.9 Integration facilities
5.10 Support and maintenance
5.11 Finance Leases
5.12 Operating leases

The Prologue section 1- 4 should follow.

Functional requirements questionnaire


Product:
Version:
Question
5.1
1.

Supplier Response

Security and Continuity of Processing


i) Are different levels
of passwords provided
to control access?
ii) Is each user required
to have a personal
password?
iii) Can a report be
produced detailing all
current users and their
authority levels?

2.

Do the security features


cover:
i) System Access?
ii) Company access?
iii) Menu access
(ledgers)?
iv) Sub menu access
(ledger facility)?
v) Field access?

3.

Does security allow for


read and read/write
access to be specified
separately?

4.

Can the menus be


tailored so that an
individual user can only
access those functions
that they are authorised
to access?

5.

Does the system provide


specific levels of
password control to
authorise master file
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amendments?
6.

Supplier Response

Are there specific


security procedures (by
passwords or warnings)
over the:
i)

Update of
ledgers?

ii) Closing of
accounting periods?
iii) Deletion or
archiving of
transactions?
7.

Does the system


facilitate back up of
data?
How is this provided:
i)Within the software
application?
ii) Within the operating
system?
iii) Are any of these
procedures automatic?
iv) Is the user forced or
prompted to back-up at
certain intervals?
v) Can the intervals be
customised.

8.

Does the system


facilitate recovery
procedures in the event
of system failure? (e.g.
Roll back to the last
completed transaction).
5

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Functional requirements questionnaire


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Question
9.
If system failure occurs
part way through a
batch or transaction,
will the operator have to
re-input only the batch
or transaction being
input at the time of the
failure?
10.

Are there any features


provided with the
software to help track
down processing
problems?

11.

Are system messages


clear and are user
responses properly
structured to ensure that
erroneous key strikes do
not lead to inappropriate
actions?

12.

Is there a system log


which details:
i)

User activity?

ii)

Error messages?

Supplier Response

iii) Security violations?


13.

What approach will the


supplier take towards
handling the EURO.
Consider requirements:
i)
transaction
period i.e. dual
currency in the
UK
ii)

post the
transition period.

Evaluation confirmation

Functional requirements questionnaire


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Question

Supplier Response

Evaluation confirmation

Functional requirements questionnaire


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Question
5.2 Input of transactions

Supplier Response

Evaluation confirmation

The following sections on Input of transactions, File maintenance, Processing and Reports are aimed at a
fixed asset ledger. Where the transactions which impact this ledger are input in other modules, (such as
purchases) the questions need to be related to the originating input.
1.

Is data input controlled


by self-explanatory
menu options (and are
these menus
application-specific)?

2.

Does the system provide


input validation checks
such as account code
validation,
reasonableness (limits,
VAT or discount
checking) and validity
checks?

3.

Does the system allow


for batch control totals?
If so:
i) Are batches
automatically
numbered?
ii) Are batches forced to
balance before ledger
update?

iii)

Does the system allow


the temporary halting of
input of a batch to allow
for queries or other
activities to take priority
(e.g. set up a new
account)?
iv) Is the user forced to
confirm batch totals?
8

Functional requirements questionnaire


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Question
4.

Is attempted entry of
unbalanced journals
rejected?

5.

Are input errors


highlighted? Are they:

Supplier Response

i) Rejected and reported


on screen?
ii) Rejected and error
reports generated?
iii) Accepted and posted
to suspense?
6.

Is a detailed audit trail


of all input data
generated?
i) Are transactions
allocated a unique
reference number by the
system?
ii) Is this trail
adequately protected
from deletion?

7.

Where the system is


integrated with the GL,
is it impossible to
allocate input values
directly to ledger
control accounts?

8.

Where the system is


integrated with the GL,
does it check that the
total balance on the
ledger agrees with the
respective control
accounts?

9.

Does the system permit


multi debit/credit
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journals?
10.

Are all transactions


adequately identified on
screen as to type and as
to debit or credit?

11.

Can separate asset type


codes be input for each
invoice line?

12.

Can VAT be input


separately for each
invoice line? (This
applies to motor
vehicles only).

13.

Is there control over the


creation of new asset
categories?

14.

Does the system accept


input files from other
computer packages?

15.

Does the system provide


a "trial-post" facility
that does not post
transactions to the
actual books, but allows
reports and on-line
enquiries to be
generated as if the
transactions entries had
been posted?

16.

i) How many categories


of tangible fixed assets
are available?

Supplier Response

ii) How many types of


tangible fixed asset
movements are
available?
17.

Can the following


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information be recorded
for each tangible fixed
asset:
i)
Historic cost
ii)
Accumulated
depreciation
based on
historic cost
iii)
Date of
revaluation
iv)
Revalued cost
v)
Accumulated
depreciation
based on
revalued cost
vi)
Group cost
vii)

viii)

ix)
x)

xi)
xii)
xiii)

Supplier Response

Accumulated
depreciation
based on group
cost
Name of
valuers (in the
case of revalued
assets) and year
of valuation
Comparative
figures
Value (if
significantly
different from
net book value)
Asset
description
(how long)
Date of
acquisition
A field showing
where purchase
price or
production cost
is for the first
time determined
as being the
value ascribed
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Supplier Response
to it by the
earliest
available record
of the company.

18.

How easily can nonstandard tangible fixed


asset adjustments be
processed (such as the
write down of a
particular asset)?

12

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Question
5.3 File maintenance
1.
Is the creation or
amendment of standing
data (e.g. asset type
depreciation rates)
controlled by menu
options and are these
menus applicationspecific?
2.

Does the system provide


input validation checks?
(e.g. asset type
validation by displaying
the underlying
information relating to
the asset type such as
the description,
completeness checks
and format checks, i.e.
checking that the
information has been
keyed in correctly).

3.

Are input errors


highlighted? Are they:

Supplier Response

i) Rejected and reported


on screen?
ii) Rejected and error
reports generated?
iii) Accepted and posted
to suspense?
4.

Does the system prevent


an asset type from being
deleted while it is still
active? Are there other
constraints over the
deletion of accounts?
(e.g. movement during
the year, associated
asset sub-types).
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5.

How many asset types


can be created? Is it
adequate to permit
sufficient depth of
analysis?

6.

i) Are reports of all


master file changes
automatically
generated?
ii) Can reports be
invoked which identify
the fields which have
been modified?
iii) Would it be possible
to show that these
reports provide a
complete record of all
such changes?

Supplier Response

iv) Do the reports show


how the fields have
been modified? (e.g.
before and after).
7.

i) Does the system allow


selective archiving of
old data on a userdefined basis?
ii) Can this data still be
used by the report
generator?

14

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Functional requirements questionnaire


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Question
5.4
1.

Processing
Does the system ensure
that menu options or
programs are executed in
the correct sequence?
(e.g. Run depreciation
posting prior to month
end routines).

2.

Is there an audit trail of


all changes to
transactions which have
updated the ledger?

3.

Does the system provide


automatic recalculation,
where appropriate, of
data input? (e.g. VAT on
certain vehicle asset
types).

4.

Does the system warn


the user when the system
is out of balance? Is this
check done on switching
on or on ledger update?

5.

Does the system include


routines for recovery
from abnormal
termination (e.g. power
cuts)?
i) Are these automated?

Supplier Response

ii) Do they rollback to


the last completed
transaction?
6.

i) Is there an option to
calculate depreciation by
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month or by year or by
any other interval?
ii) Can residual or scrap
value be used to reduce
depreciable amount?
7.

Supplier Response

Does the package


prohibit or warn of a
depreciation charge,
which would increase
accumulated
depreciation to a value
exceeding cost?

16

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5.5 Reports
1.
Are all reports
adequately titled and
dated? (e.g. report
name, company name,
date, period, batch, last
entry number, period
end, page numbers etc).
2.

Do the reports provide


totals where applicable?

3.

Is it clear when the


report has ended? (totals
or end markers).

4.

Can reports be
temporarily retained on
computer files to
optimise machine time
usage? Are such files
adequately protected
from deletion or
amendment?

5.

Is a report generator
provided as part of the
software or as an option
associated with it?

6.

Can screen layouts,


reports and transaction
formats be easily
adapted to users'
requirements?

7.

Can the report


generating facility make
use of user-defined fields
(including external

Supplier Response

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fields)?
8.

Can a hard copy be


produced of all screen
enquiries?

9.

Are transaction files for


all previous periods of
the year retained in the
system to permit
enquiries and reports?

10.

Are full records of all


input, processing and
output routines
generated? Are these
sufficient to trace all
transactions fully
through the system?

11.

Are reports of all master


file changes
automatically generated
or stored for later
printing?

12.

Can all reports be


reproduced after the
period end?

13.

Can full lists of master


file information be
produced?

14.

Are all transactions on


all reports identified?
Do the reports show
whether items are debit
or credit and do they
give sufficient narrative
and coding to enable
cross referencing?

15.

Do standard reporting
options give sufficient

Supplier Response

18

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flexibility to tailor
individual reports? Do
these reporting facilities
permit multiple keysorting, variable report
intervals and optional
selection parameters?
16.

Are standard reports


always produced, even
when they are nil
returns

17.

Do the budget reports


provide sufficient
analysis of variances?
Do such reports provide
exception reporting,
percentage analysis and
comparatives?

18.

Are all movements


during each accounting
period shown on ledger
detail reports? Do these
reports show how all
asset transfers have
been treated?

19.

Can the fixed asset


ledger be sufficiently
analysed by cost
centres, company &
period?

20.

Does the system check


to ensure that the fixed
asset summary reports
cross-cast?

21.

Does the output of the


system facilitate proper
control to ensure that
decisions are not
inadvertently taken on
the basis of incorrect

Supplier Response

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information? (e.g.
warning that the
monthly depreciation
routine has not yet been
run).
22.

Does the system force


the production of
month-end reports?

23.

Are transactions lost


after month end or year
end close, can the
reports be rerun after a
period close?

24.

Can the reporting


function make use of
external data files?

25.

Does the report


generator have the
facility to scroll up and
down when output to
screen?

26.

Can all reports be run


without the need for
period-end procedures
to be initiated?

27.

To what extent can


customised reports be
run on fixed assets data?

28.

In respect of the same


asset can the system
report cost and
depreciation based on:
i)

Supplier Response

Revalued
amounts (and
years of
revaluation,
together with
the name or
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Supplier Response
qualification of
the valuer
where the
current year
contains a
revaluation)

ii)

Historic cost amounts

iii)

Prior year amounts

iv)

One more definable


amount.

29.

Are the following


custom reports available
for fixed assets:
i)
A standard
statutory
accounts format
fixed assets
movements
summary?
ii)
Report of
additions and
disposals.
iii)
Reports
showing total of
depreciable
assets by
category.
iv)
Report showing
cumulative
amount of
interest
included in
determining the
production cost
of any fixed
asset, indicating
the balance
sheet item
affected.

30.

For assets held under


finance lease and
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similar hire purchase
contracts, can the
system produce:

Supplier Response

Either Report showing, for


each major class of
asset:

Or

a)

Gross amount

b)

Accumulated
depreciation

c)

Depreciation
allocated for the
year

a)

The net amount


of such assets
included within
the overall
fixed asset total.

b)

The
depreciation
allocated for the
year included
within the
overall fixed
asset total.

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5.6 Performance of requisite accounting functions
1.

Does the software


perform the functions,
which the user wants
performed?

2.

Can the software be


used by more than one
user at the same time?

3.

i) Can the software


support groups of
companies/
departments/
branches?
(How many such
branches or companies
can be supported?)
Can they be
consolidated?
ii) Can the system
consolidate entities with
different charts of
accounts?

4.

Is multi currency
processing available?
(What is the maximum
number of currencies
available?) Is
conversion to sterling
automatic?
ii) Can these periods be
adjusted to suit different
user requirements?
iii) How many
accounting periods can
be open at any one time.
iv) How many years can
be open?
v) Can a period or year
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be re-opened after it has
been closed?
6.

Are the ends of


accounting periods
determined by the user
rather than being set by
the system?

7.

i) Can data from all


accounting periods be
accessed at any given
moment?

Supplier Response

ii) Can previous months


be accessed for enquiries
or reports?
8. i) Does the system allow
posting to more than
one accounting period
at a time?
Is it possible to allocate
transactions to future
periods?
or to previously closed
periods?
ii) If the system allows
posting to previous or
future accounting
periods or years, does it:
a) Flag to the user that
this is occurring?
b) Revise subsequent
periods accordingly?
c) Report these
transactions separately.
9.

Does the system permit


use of budgets and
provide comparisons
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between budgets and
actuals?
10.

Supplier Response

i) What is the maximum


value of transactions
and of totals, that can be
handled by the system?
ii) What is the maximum
number of transactions
that can be handled by
the system?

11.

Are the control features


provided by the
software adequate to
support effective user
controls?
i) Transaction
sequencing?
ii) Automatic dating of
transactions?
iii) Identification of
user-id or program
generating (i.e. the
source) the
transactions?

12.

What complementary
clerical procedures (to
be imposed and
effectively monitored by
management) are
recommended by the
software supplier?

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5.7 User documentation
1.

Is the manual clearly


laid out and
understandable?

2.

Is the manual
comprehensive and
accurate?

3.

Is there an index to the


manual?

4.

Is it easy to locate
specific topics in the
manual when required?

5.

Is it easy to follow
through all procedures
in the manual?
i) Does the manual
include:

6.

Supplier Response

a) A tutorial section?
b) A guide to basic
functions?
c) Pictures of screens?
ii) Are completed
examples included in the
manual?
7. Are help screens
available relating to the
task in hand? (context
sensitive help)
i)

Do they provide
on-line
instructions on
how to use
particular
features of the
software?

ii) Can they be edited or


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prepared by the user?
8.

Does the documentation


clearly specify the
actions to be taken by
users at each important
stage of processing?

9.

Will the software


supplier provide regular
updates of
documentation in the
event of modifications
or revisions?

10.

Will the software


supplier make the
detailed program
documentation (e.g. file
definitions for third
party links) available to
the user, either directly
or by deposit with a
third party?

Supplier Response

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5.8
1.

Efficiency
Are the various
functions of the system
menu-driven, or
otherwise easy to
initiate? Is there a good
response time in the
initiation of functions?

2.

Is data entry easily


repeated if similar to
previous entry?

3.

Is there a good response


time:
i)
In processing
data input?
ii)

In producing
requisite
reports?

iii)

In updating
files

iv)

In producing
back-up files?

v)

In deleting
redundant
information
from files?

4.

Does the system prevent


access to a record while
it is being updated? Is
the locking at file or
record (e.g. asset-type)
level?

5.

Does the system retain a


log of file updates until
the next occasion on
which the relevant
information is reported
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or the relevant file used
in a regular control
procedure?
6.

Supplier Response

Can regular reports be


easily duplicated if
required?

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5.9 Integration facilities
1.

Is the ledger updating


process satisfactorily
controlled by production
of update reports?

2.

Does the software run


under an operating
system, which is a
commonly accepted
standard?

3.

Can more than one


system function be
performed
concurrently?

4.

Can the software be


linked to other packages
e.g. word processing,
graphics, financial
modelling, to provide
alternative display and
reporting facilities?
Can definable links to
spreadsheets be created?

Supplier Response

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5.10 Support and maintenance
1.

Will the supplier or


dealer provide
corrections to the
programs? Are bug
fixes free of charge - for
how long?

2.

Will the supplier or


dealer provide general
enhancements to the
programs? Will these
be provided
automatically? Will
they be given free of
charge?

3.

Will the supplier or


dealer provide "hot line"
support to assist with
immediate problem
solving? If so, at what
cost? At what times
will this support be
available?

4.

Is the supplier or dealer


capable of giving
sufficient ongoing
education and training
and other support?
Do resellers go through
an accreditation process
to ensure they reach a
set standard for
implementation and
support?

5.

Can the supplier, dealer


or some other
organisation provide all
the hardware, software
and maintenance
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requirements of the
user?
6.

Supplier Response

Is there nationwide
support:
Telephone
Modem link
Local dealers/support

7.

Is a warranty offered in
respect of specification
of the system?

8.

Will the software


supplier make the
program source code
available to the user,
either directly or by
deposit with a third
party (Escrow)?

9.

Are there any unduly


restrictive conditions in
the licence for the
software?

10.

Would the software


house be prepared to
accept the Institute of
Purchasing and Supply
model contract?

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5.11 Finance Leases and similar hire purchase contracts
Unless otherwise indicated,
finance leases include similar
hire purchase contracts.
1.

Is the software able to


determine whether a
leased asset is a finance
lease or an operating
lease based on
information input by the
user?

2.

Does the program


calculate the present
value of the minimum
lease payment at the
inception of the lease
based on the interest
rate implicit in the lease
contract?

3.

Are negative finance


charges not permitted
by the software, or,
alternatively, is their
existence flagged to the
user?

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4.
On what bases can
rentals payable be apportioned
between finance charges and
outstanding
capital
obligations?
(i)
(ii)
(iii)
(iv)

Supplier Response

straight line
sum of digits
(Rule of 78)
actuarial
other (specify)

5.
Will the software not
permit a depreciation period
for the asset, which is longer
than the lease term (finance
leases only)?
6.
When apportioning
payments between obligation
and finance, does the system
make any assumption
regarding timing of payment
(e.g. at start or at end of
payment period)?
Either
7.

Can the software report


the outstanding
obligations in respect of
finance leases, net of
future finance charges,
as a separate liability,
split between amounts
payable.
(i)
(ii)
(iii)

within 1 year
within 2 to 5
years
in more than 5
years

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8.
Alternatively, can these
amounts be disclosed as
gross obligations, with
future finance charges
being separately
deducted from the total?
Or
(b) Where the obligations
are reported within other
liabilities, can the software
also report an equivalent
analysis to (a) above.
9.

Can the software report


the aggregate finance
charges allocated for the
period in respect of
finance leases?

10.

Can the software make


use of the inception date
of the lease to report
leases entered into
before the period-end
but which commence
after the period-end?

Supplier Response

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5.12 Operating leases
Operating leases are not
included in fixed assets but
expenditure on them is
charged to the profit and loss
account.
1.

Is the software able to


deal with operating
leases?

2.

Can the operating leases


be split in the following
ways for reporting
purposes:
between
(a) land and buildings

(i)

(b)

(ii)

Supplier Response

other

(this is needed to
disclose future
commitments)
between
(a)

plant and
machinery

(b) other
(this is needed to
disclose expenditure in
the year)
Can this figure be added
to the total amount for
the depreciation charge
and finance charge for
assets held under
finance leases and
reported?
3.

Can the software report


the annual payments
made under leases and
split these between
those leases to which
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Functional requirements questionnaire


Product:
Version:
Question
the company is
committed for
(a)
up to one year
(b)
within the
second to fifth
years
(c)
in more than
five years

Supplier Response

37

Evaluation confirmation

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