There are standard fixed asset reports that are run on a monthly basis to track acquisitions, disposals and depreciation expense. Additionally, annual reports are necessary to meet normal year end requirements. But what do you do when a state or other entity requires a custom report?
Recently one of our clients faced just such a situation. The State of New York requires hospitals to submit an IRC (Institutional Cost Report) as detailed here:
As part of this filing, they needed to recalculate depreciation using sum of the years’ digits method. In the past they have manually manipulated their fixed asset data to produce this report. This was very time consuming and caused a lot of questions and confusion.
This year they requested an integrated enhancement to our reporting to automatically generate the necessary report. After some analysis and design, we were able to meet their request with custom programming for a very reasonable fee. This custom annual depreciation report not only solves the problem for this year, but will also be available next year and going forward to avoid this annual headache.
As a best-of-breed fixed asset solution Bassets is very adept at meeting these special requests from our clients. If you have any reporting requirements that are difficult to comply with, bring the challenge to our support team. We are eager to evaluate any fixed asset or depreciation requests that you may have.
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More information about Bassets eDepreciation software can be found at Bassets.net. While there you can set up a demonstration, download a free evaluation copy and get a personalized pricing estimate.