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Weekly UpdatesEven a relatively small business has hundreds of fixed assets, and each individual asset record includes the date in service, purchase price, classification and location. There are depreciation and amortization schedules to consider, as well as tax calculations. Additionally, new purchases require new asset records, and sales or dispositions of assets require documentation.
All those small business requirements are compounded in larger enterprises. Fortunately, by using the fixed assets software applications described in the following reviews, organizations can manage all of the data and reporting requirements from a desktop.
Eliminate IT concerns for new customers by conveniently importing asset files from a variety of widely used applications. Otherwise, call on custom data conversion services. Regarding new customers who may be new users, toolbar icons, pop-up windows and other familiar computing characteristics in these applications flatten the learning curve.
Current software makes it easy to enter descriptions, asset categories or types, purchase prices, locations, dates placed in service, and other identification data for each asset record. It's also easy to book properties incorporating Section 179 and depreciation policies for: alternative minimum tax (AMT), adjusted current earnings (ACE), earnings and profits (E & P), and Generally Accepted Accounting Principles (GAAP).
User-defined queries or searches arrange asset listings by category or type, purchase date, location or selected criteria. Highlight or click on a particular asset listing to drill down to more detailed data. Print journal entries for monthly, quarterly or annual periods, and for comparisons of various tax treatments.
Efficient fixed asset applications include reporting capabilities addressing depreciation and amortization concerns, and the impact of those items on various tax forms and schedules. The software also features acquisition and disposition reports tracking assets acquired, sold or scrapped.
Some of these applications include full tax preparation capabilities that automatically integrate data into the appropriate worksheets, forms and schedules. The other applications offer data export functions.
Recording and reporting fixed asset data is complex, even for individuals accustomed to such work. These vendors, however, offer full user manuals--in PDF format--that open from Help menus, glossaries, tutorials, FAQs and other helpful resources. Updated tax information or more detailed reference materials are readily accessible from developer Web sites. Additionally, vendors issue software updates throughout the year, and most offer technical phone support during regular business hours.
Which application is the best? That depends on your specific needs and computing style, as well as your preference for a particular company's product offerings and support services. All of the following applications, however, deliver considerable convenience and performance--and that appears to be everyone's preference.
By Tom Johansmeyer
Application Supports Depreciation Methods for up to Seven Books
AccountantsWorld has more than 80,000 accounting professionals as members and bills itself as an "Accountant-Centric Solution" for independent accountants. The company's Fixed Assets Relief application, one of several included in its accounting suite, reflects that focus by providing highly effective solutions. Additionally, the application incorporates robust recording and reporting features and offers considerable latitude when defining settings and functions for personal business preferences.
Features
Fixed Assets Relief installs using Microsoft (MS) Windows 98 or newer versions of the operating system and delivers considerable power and capabilities for recording and reporting fixed assets.
The application supports depreciation methods for up to seven books, including federal tax, alternative minimum tax (AMT), adjusted current earnings (ACE) and state tax. AMT and ACE depreciation compute automatically. You also can define short years for up to seven books; simply determine fields and field orders.
Fixed Assets Relief calculates half-year, mid-quarter and mid-month conventions; ITC; earnings and profits; gain/loss; luxury auto; and tax preference amounts. The application performs complex FASB 109 projections and provides short-year calculations for multiple years.
The software accommodates an almost unlimited number of company assets. Opening the application's Asset Manager illustrates how Fixed Assets Relief complements its robust capabilities with user-friendly and user-defined features. The asset manager displays all assets in a tabular format. Clicking on a table header--such as description, dates, general ledger account number, location or property class--sorts assets based on that criteria. A query tool also sorts assets based on their value.
Double-click on a listed asset to open a detail window for that item, including history, related book entries and calculations and notes. Attached image files of assets also open from such windows.
Define fields for recording assets. Tabular formats copy from one company to another, eliminating the need to totally format Asset Manager for a new company record. After entering assets, click on the icons to easily activate, deactivate or delete assets; replace field values; enter new assets; or convert to mid-quarter convention.
The Asset Manager also offers a Speedpad function for entering repetitive asset information. Using auto fill, auto lockup and force selection features, Speedpad greatly reduces data entry time while ensuring accuracy.
Reports provide abbreviated or detailed assessments for assets and depreciation. Further report options open for AMT, book comparisons, budgetary projection, FASB 109, form 4562, gain/loss, inactive assets, leased assets and quarterly acquisitions. A report manager also allows users to compile custom reports.
Data exports to other accounting suite applications, as well as to MS Excel and other programs in .CSV format.
Fixed Assets Relief offers a variety of support and reference materials. An index of help topics opens from the Help Menu, as well as copies of IRS Publications 534 and 946. The AccountantsWorld Web site offers further information, including downloads for software upgrades. E-mail support is offered 24/7, and telephone support also is available.
Summary
Fixed Assets Relief is capable of addressing comprehensive, complex recording and reporting requirements. With user-friendly operating characteristics and numerous opportunities to define various functions, Fixed Assets Relief is easy to learn and use. That blend of power and convenience makes it a valuable tool, particularly when used with other applications in the Accounting Suite.
AccountantsWorld
www.accountantsworld.com
888-999-1366
By Richard S. Buse
Sage FAS Fixed Assets Creates Paperless Asset Files
Sage FAS Fixed Assets solutions is a complete fixed asset management suite with an intuitive interface that's easy to implement, learn and use. It also integrates seamlessly with other accounting, inventory and reporting applications.
Features
Designed for small enterprises as well as mid- to large-size companies, FAS Asset Accounting handles basic depreciation, transfers and partial disposals and includes more than 30 standard reports. Export standard reports to PDF, XML, XLS and other popular formats. Add FAS Report Writer--based on the popular Crystal Reports engine--to customize reports in virtually every way imaginable.
FAS Asset Accounting links to most major general ledger packages through General Ledger Links. The application integrates with the software of nearly all other companies and supports seven depreciation books for each asset--tax, internal, state, alternative minimum tax (AMT), adjusted current earnings (ACE) and two user-defined books. Audit Advisor warns of potential tax audit issues in the depreciation books.
The slick Microsoft (MS) Windows interface makes the program easy to use and easy on the eye. FAS Asset Accounting also is available for MS SQL Server.
With Asset Detail View, see all seven depreciation methods and related data on the screen simultaneously. Use Asset Group View to view multiple assets simultaneously, and activate or inactivate assets by group instead of individually. Click on the Asset History Tab to view a complete audit trail of an asset's life.
New features of FAS Asset Accounting include new tax forms and updates complying with current tax code for sport utility vehicles, leasehold improvement property, Indian reservation property, 168(k) allowance expiration, non-commercial aircraft bonus depreciation, updated limits for luxury autos and Section 179 deductions.
The software conveniently supports using an optical scanner to create paperless asset files for invoices, sales documents, warranties and photos.
A detailed user's guide contains the information needed to get started with the program, including how to set up a company and replicate duplicated data. The program also includes a sample company with 50 assets, a feature that is ideal for training new users.
FAS Asset Accounting includes 26 pre-defined and 26 customizable, user-defined data fields for each asset. When businesses with assets that are used less than 100 percent for business indicate the percentage of business use, the program tracks year-to-year changes to the business use percentage.
A unique add-on to FAS Asset Accounting is FAS Asset Inventory. Included in that package is an enhanced inventory wizard to create bar code-scanned labels and tracking physical assets.
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