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Questions for Your Accountant

Performing Asset Functions

Working with Assets

Asset Maintenance

  • What current federal guidelines should you use to assign a property type to a fixed asset?
  • What guidelines should you follow to assign an estimated life to each asset?
  • What percentage depreciation should you use for assets using declining-balance methods?
  • If you use a declining-balance method of depreciation, should you switch the method to straight-line at the optimum time?
  • What are the guidelines for estimating asset Salvage Value?
  • If you previously maintained an asset using another depreciation system (either manual or computerized), how much depreciation was taken in previous years? Should you bring forward that depreciation to the application?
  • What depreciation procedures should you follow when purchasing an asset that is now being leased?
  • When should you recognize gains or losses for disposed assets?
  • Are you familiar with the organization's General Ledger accounts and how assets should be classified?
  • Is it necessary to classify assets by location?
  • Do you need to customize any of the data entry fields and/or add selection help?