Fixed Asset Accounting Clause Samples
The Fixed Asset Accounting clause establishes the procedures and standards for recording, tracking, and managing an organization's tangible long-term assets, such as property, equipment, and machinery. It typically outlines how assets should be capitalized, depreciated, and periodically reviewed for impairment or disposal, ensuring that all relevant transactions are accurately reflected in the financial records. By providing clear guidelines for asset management, this clause helps maintain accurate financial statements and ensures compliance with accounting standards, thereby reducing the risk of errors or misstatements related to fixed assets.
Fixed Asset Accounting. For Properties in portfolios requiring maintenance of fixed asset accounting detail and related depreciation (as specified in the Accounting Policies), Manager will be required to maintain and submit to Owner on a monthly basis, a detailed schedule of all fixed asset additions and the related depreciation/amortization and accumulated depreciation/ amortization utilizing the useful lives and various depreciation methods specified within the Accounting Policies. All such schedules shall agree to the amounts posted within the general ledger. Manager shall not be responsible for any errors in data made prior to Manager’s involvement with the data.
Fixed Asset Accounting. (1) Continued support of the fixed asset accounting system for up to six (6) months.
Fixed Asset Accounting. 1. Initial set up, transfers and deletions of assets on fixed asset run. 2.
Fixed Asset Accounting. Transition Fixed asset accounting services for all entities that report international consolidation and will facilitate the transfer of operational knowledge and data to Mallinckrodt in support of fixed asset accounting activities, including: • Maintaining fixed asset register, asset classes depreciation and G/L account codes • Accounting for acquisitions, disposals, and transfers • Calculating and recording depreciation for monthly/quarterly close • Reconciling fixed asset register to G/L 12 Included in 1.01 Included in 1.01
Fixed Asset Accounting. SERVICES:
Fixed Asset Accounting. Transition Fixed asset accounting services for all entities that report international consolidation and will facilitate the transfer of operational knowledge and data to Mallinckrodt in support of fixed asset accounting activities, including: • Maintaining fixed asset register including asset classes depreciation and G/L account codes • Accounting for acquisitions, disposals, and transfers • Calculating and recording depreciation for monthly/quarterly close • Reconciling fixed asset register to G/L 12 Included in 1.01 Included in 1.01
1.06: Inventory Inventory control, including: • Posting of reserves for slow-moving and defective inventories • Calculation of cost change impact 12 Included in 1.01 Included in 1.01
1.07: Business Process Controls Services which support business process/projects, including: • Coordinating template audits 12 Included in 1.01 Included in 1.01
1.08: Sales Tax, Quotes for Reps, Audits Responding to sales and use tax audit support requests 12 Included in 1.01 Included in 1.01
1.09: Leases Services, Demo Leases Providing leasing services for products. Leasing services provided outside the U.S. will be at levels consistent with today. These will include: • Making journal entries to properly account for lease activity • Generating periodic (e.g., monthly, quarterly) lease invoices through the cycle billing process • Applying payments received to the appropriate lease • Maintaining and reconciling balance sheet accounts 12 Included in 1.01 Included in 1.01 Service Area Specific Activities Duration (Months) Fees (USD) Fees (Local) for Warranty Liability, Residual Value, Lease Receivable and Unearned Interest • Generating monthly analysis, between forecast and actual results
1.10: Master Data Maintenance Administration of standard, routine pricing, item master and material master data maintenance 12 Included in 1.01 Included in 1.01
1.11: Provision for Tax Related Data • Responding to sales and use tax audit support requests • Establishing new legal entity in tax-related software as requested • Annual reporting to tax authority related to earnings from employees and suppliers (DIRF) • Income tax Annual reporting (DIPJ) • Responding to data requests at a level consistent with today to complete income tax returns and reporting packages prepared by Mallinckrodt Tax 12 Included in 1.01 Included in 1.01
1.12: Human Resources and Payroll • Payroll general ledger accounting • Sales incentives calculation • Employee advances review (reimbursem...
Fixed Asset Accounting. Operator shall provide and Manager shall maintain a fixed asset accounting system reconciled to general ledger on a monthly basis;
Fixed Asset Accounting