MoneySoft — Fixed Asset Pro
From the December 2010 Review of Fixed Asset Management Systems
Fixed Asset Pro is an asset management and depreciation calculation system designed for use either in-house by organizations or for accounting professionals managing the asset tax strategies of multiple entities. The program offers capabilities for managing multiple books per asset, data import and export to common files and formats, and user customization functions that allow tracking of miscellaneous data. Other programs from MoneySoft include business valuation and M&A analysis systems as well as benchmarking of financial statements.
BASIC SYSTEM FUNCTIONS:
MoneySoft opens to a mostly blank initial screen with options for accessing system setup functions, utilities for importing data and Help options. And when a company database is opened, the program immediately presents an impressive Asset Listing view. This grid shows all assets for the selected organization, with extensive information presented in columns, including description, service date, tax cost, method, life, Sec. 179, class, tax basis, convention and other data that can be configured to show specific user-defined asset information. Fixed Asset Pro also provides user-friendly search and sort options.
The Asset Listing is actually a tab, with additional tabs offering more detail on individual assets, and with data-entry screens providing selection lists for location, group, tax class, personal property type, listed property options, AMT and ACE settings, GL account assignments, and other options. Users can add groups, etc., on the fly simply by entering the name, with it then being available in the selection list for future asset entries. A tab is also available for viewing and entering data into up to six books, which can all be viewed side-by-side on the same screen. Data is automatically calculated across books as information is entered or edited, and selection menus are available for setting method and convention. A recent addition to the program is the File Cabinet tab, which gives users the ability to easily add photos, documents and other digital files to asset data. A Notes tab is also available.
The remainder of the work screen offers very intuitive icons and navigation menus for accessing company and preparer data, a pick list, asset depreciation totals, reporting tools and a quick reports option. Users can move between individual assets using either the selection screen or forward and back buttons at the bottom of the screen. Fixed Asset Pro can be used to manage any number of assets for any number of individual entities with support for departmental and geographic location tracking. When using a site-licensed version, it can be accessed by any number of users concurrently.
CORE ASSET MANAGEMENT FEATURES:
Fixed Asset Pro supports 36 MACRS methods, 24 ACRS methods and six pre-1981 GAAP methods, in addition to amortization and manual depreciation options. Users can maintain up to six sets of books for each asset, with preconfigured and customizable schedules for Federal Tax, AMT, financial, ACE and state, plus one completely custom book, with each allowing varying costs, methods, life, business use percentage and conventions, which are set automatically but can be manually overridden. Supported MACRS conventions include half-year, mid-quarter and mid-month.
New asset and entity creation is generally simple, with the program offering data-entry screens with simple selection of books, periods and default life spans. Depreciation can be calculated across calendar or fiscal years, and the system includes a reference for IRS asset lives selection. Depreciation projections are available for all years over the life of a single asset or year-by-year for all assets in a given company database. The program includes pre-built treatments for tax classes and personal property types, provides for automatic application of tax limits for luxury autos and listed property, offers options for applying limits in state and user-defined books, and has Sec. 179 expensing elections that can also be applied over state and user-defined books.
Asset data can be imported from common file types or entered manually, although no mass acquisition or disposal options are offered. Other asset life functions in Fixed Asset Pro are generally limited to tracking disposal dates and salvage values, with no direct management of like-kind exchanges or splits, but these functions can be performed through more manual methods. Consolidations can be managed if the entities are initially set up as subsidiary units of a singular organization. The program does not offer integration with barcode scanning, although asset listings provide manual audit and inventory tools.
Fixed Asset Pro includes a built-in report builder that allows users to create custom report sets and folders, as well as a library of standard reports that include depreciation summaries for each book, acquisitions and disposals, AMT and ACE, book values, personal property tax worksheets, lifetime projections and asset details. Data can be sorted and grouped as desired. The program also offers a form 4562 report. Reports can be saved to Excel and Word formats, which allows for additional customization, as well as PDFs for paperless storage.
The system includes wizards for importing asset data from common formats including CSV, Excel, XML, Word and various databases. It also offers export into the same formats, with a wizard helping to create and output database files, which allows for two-step import into third-party tax and accounting systems.
In addition to the wizards for import and export, Fixed Asset Pro provides a traditional Help utility and some right-click menu options, and has extensive hot-key functions that let users remain in heads-down mode if they prefer. The program supports all modern versions of Windows. The MoneySoft support website has limited self-help resources aside from a newsletter and web form based support request. Unlimited free live technical support is included with program pricing.
SUMMARY & PRICING
Fixed Asset Pro provides a very user-friendly interface and simplified navigation, along with a core feature set that supports multiple customizable books per asset and includes simplified tools for managing Sec. 179 and vehicle/listed property. The program is best suited to managing mid-sized and smaller asset bases. Fixed Asset Pro costs $499 for a single-user license or $599 for a site license that supports any number of users in the same office.
2010 OVERALL RATING: