With increasing pressure on Government organisations to reduce costs whilst increasing transparency and accountability, the use of a specialist fixed asset solution to achieve visibility and control of its asset base and value has never been so important.
RAM'S CAPITAL ACCOUNTING SOFTWARE WILL HELP YOU TO:
Meet IFRS/MHCA requirements
Provide auditors with accurate asset value
Satisfy a range of depreciation requirements
Increase level of accountability
Maintain a full audit trail
Increase control over asset location and valuation
What our clients say
The RAM system has always delivered. It does what we want and is perfectly matched to our needs, saving us noticeable time in administration and simplifying the asset management process considerably.
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The time savings are also significant. One person can now handle MHCA compliance and year-end accounting within a couple of hours, which is a considerable benefit for a small finance team.
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The software provides us with an all-encompassing asset register allowing for a detailed audit trail of all our assets, which is very useful when we undergo spot checks and internal assessments.
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Accounting & Budgeting
- Enables compliance with IFRS and current MHCA guidelines.
- Applies revaluation reserve rules to identified, donated assets in accordance with the Government Financial Reporting Manual (FReM).
- A Balance Sheet report by analysis code details FReM specific calculations to provide a snapshot of the current financial situation.
- Provides a centralised database of leased assets in accordance with IFRS 16.
- Manages the payment schedule associated with all operating and finance leases, reporting on both the interest and capital elements of the repayment.
Depreciation
- Period asset costs are automatically forward calculated.
- Satisfies Historic Cost Accounting, Current Cost Accounting and Alternative Asset Values depreciation requirements.
- Depreciation methods are completely user definable by asset, asset group and period of account.
- Data links are provided to spreadsheets and general ledgers to ensure optimum accuracy of calculations.
- Ability to forecast depreciation and model scenarios to prepare and assist with budget preparation.
Compliance with NAO Audit Objectives
- Completeness: asset tracking functionality ensures there are no unrecorded assets by logging new assets and importing them directly into the fixed asset register.
- Existence: the system recognises which assets are not found during a physical audit and highlights them for possible disposal decisions in the asset register.
- Rights and obligations: the actual location of an asset is recorded during a physical audit. If this is not as stated in the register the asset is recommended for transfer, the transaction for which is generated automatically once authorised.
- Valuation: changes to the life or value of an asset are stated on a specific date to adjust book values.
- Presentation and disclosure: user-definable analysis fields and instant reports for past, present and future periods provide detailed reporting facilities for clear presentation to audit teams.
System Integrity
- Powerful security features protect the integrity of the system.
- Each user has a unique ID and Password.
- Additional Blowfish data encryption option for passwords.
- A ‘clear and proper’ audit trail is maintained to show date and time stamp details of each transaction against ID and password. This allows users to track back through the accounting records to the underlying transactions and events.