CMI Software, Inc. — CMI Fixed Assets

CMI Software, Inc. — CMI Fixed Assets
800-678-3658
www.cmifixedassets.com

From the December 2010 Review of Fixed Asset Management Systems

 The CMI Fixed Assets system offers professional asset management and depreciation, with several versions providing support for businesses of varying asset bases and with multiple locations, departments or other subunits, as well as the ability to manage the asset books of multiple entities. The program includes all standard depreciation and averaging conventions and the ability to create custom books and treatments, plus tools for managing asset life events and preparing supporting tax forms. CMI Fixed Assets integrates with the accounting suites from Cougar Mountain Software.

BASIC SYSTEM FUNCTIONS:
CMI’s initial setup functions are streamlined, with a single-screen data-entry sheet for client company setup that simplifies creation of depreciation schedules, averaging conventions, asset sorting, locations, property codes, GL account groups, user-defined fields, special settings and other custom data tracking. Users can also set user-level security from this screen, restricting access to clients or program features and data. The general interface opens into a screen with a vertical menu on the left for accessing year-end functions, company information, reports and assets for the active company, with each of these opening into additional task-specific functions. Pull-down and icon-based menus across the top of the screen also give quick access to primary features, such as asset tasks, viewing depreciation schedules and projections, making journal entries, and specific reports.

The system’s company selection screen provides a basic, numerically sorted list of clients and the ability to copy the settings from an existing company when creating a new one. Asset selection functions allow filtering by more than 20 information categories, such as asset description, location, category, disposal date, basis, Sec. 179, or bonus depreciation. New assets can be created using the Asset Template Wizard, which guides users through data entry and includes company-specific templates and the ability to duplicate an existing asset, or users can create assets with only particular fields copied over into the new item.

For asset data-entry tracking, the program uses information screens that offer selection lists for items that include department, account number, group and other data, while tabs at the bottom of the subwindow let users move between general, tax and disposal information. Tax data-entry screens use simple check boxes to select depreciation methods, conventions, asset types, ITC code, amortization preferences, state rules and other asset attributes that affect depreciation treatments. All versions of the program support multiple companies, but the number of assets and concurrent users depends on the network version being used, with the most comprehensive system allowing up to 250,000 assets per business and any number of users.

CORE ASSET MANAGEMENT FEATURES:
Up to 25 books can be maintained per asset, with preconfigured schedules available for federal, AMT, ACE, book and state, and custom books allowing selection of all factors, including full year, mid-month, mid-quarter and half-year conventions and depreciation bonus. Based on current and previous code, the program offers nearly 20 standard depreciation methods, including MACRS, ACRS, straight-line, 125/150/200% declining balance, sum-of-years’ digits, E&P, and user-defined custom treatments. It fully supports recently enacted Sec. 179 and bonus depreciation rules.