MEDITECH
Fixed Assets
product brief

MEDITECH's Fixed Assets application helps both multiple and single facility health care organizations to control and depreciate their assets. The application accommodates an unlimited number of assets, such as buildings, land, and equipment. The application adheres to either standard or organization-defined methods of depreciation.

Highlights:
   • Manages assets in a variety of categories, and maintains detailed information on each asset
   • Provides depreciation and budgeting analyses
   • Generates on-demand standard reports, as well as compiled reports
   • Can incorporate assets into budget, before sending to the General Ledger application
   • Receives assets for purchasing automatically from the Materials Management and Accounts Payable applications.

Standard Features

Asset Management
The Fixed Assets application monitors and controls assets in four statuses: initial, active, retired, and proposed. Active and/or proposed assets may be incorporated into the budget, with budget projections automatically forwarded to the General Ledger application. The application allows users to:
• Initialize assets for purchasing via links from the Materials Management and Accounts Payable applications
• Maintain organization-defined categories of assets to enhance reporting and inquiry capabilities
• Update costs of assets to reflect capital improvement
• Track an unlimited number of comments to document changes made to an asset during its lifetime.

Users determine specific information on each asset, including:
• I.D. number
• Description
• Class
• Typical and useful life
• Department
• General Ledger asset account
• General Ledger accumulated depreciation account
• Amounts for all values stored for each asset
• Property number and location
• Purchase Order number
• Vendor, invoice, manufacturer, and manufacturer's serial number.

Depreciation Analysis
The application manages and computes the depreciation of an organization's fixed assets by providing the flexibility to change the depreciation method, rate, and departmental breakdown during the life of an asset. The system supports:
• The ability to track multiple depreciation values for an asset
• Standard methods of depreciation, which include:
   – Straight Line
   – Double Declining Balances: 200%, 150%, and 125%
   – Sum of the Years' Digits.
• Sample posting, allowing users to view General Ledger posting and the effect on depreciation before the posting actually takes place
• Depreciation expenses charged to department or departments based on a specified percentage
• The ability to create user-defined depreciation tables, such as ACRS
• Proration based upon the month or half year convention (in the fiscal year)
• The capability to determine, upon implementation, depreciation from a user-specified month
• Prospective depreciation reporting for any future month or year
• Retirement of assets, including retire type (discarded, theft) and date.

Budgeting
The application allows for budgeting analysis, creates a schedule projection by General Ledger account, and transfers budget to General Ledger Budget File.

Flexible Reporting
The application includes a series of standard reports, which can be printed on-demand by number, class, department, or any future month or fiscal year. Reports include:
• List of Assets
• Current Status
• Schedule Projections
• Activity Summary
• Activity Comparison
• Activity Detail
• Schedule History
• Standard Value
• Current Value
• Period End Summary
• Department Changes
• Asset Number Changes.

The application also features compiled reports, which enable users to create reports that best meet the organization's needs; for example, a report that lists assets with specific manufacturers, sorted by asset number.

Security/Permissions
Users have a preset group of routines or menus, which authorize access to various processes.

Standard Dictionaries
Users have the option of selecting asset types for a standard dictionary, which includes assets' useful life information from the American Hospital Association guide.

For more information about us, contact a MEDITECH Marketing Representative

MEDITECH
Medical Information Technology, Inc.
MEDITECH Circle
Westwood, MA 02090
781-821-3000
www.meditech.com