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.