CCH, a Wolters Kluwer business — ProSystem fx Fixed Assets
From the December 2010 Review of Fixed Asset Management Systems
Designed for use by accounting and tax professionals, ProSystem fx Fixed Assets is a comprehensive tracking, management and reporting program that offers extensive depreciation calculation capabilities, projections, asset-life events and reporting. The program is part of the ProSystem fx Suite of professional applications, which includes integrated tax, write-up, trial balance, practice management, document management and other solutions for professional firms.
BASIC SYSTEM FUNCTIONS:
The fixed assets system is designed for use by professionals managing the asset depreciation and planning for multiple entities, and provides good client management functions that allow for global changes across all or groups, as well as advanced consolidation functions. Initial program installation processes are quick, followed by setup of client information, which can be imported from existing entities in other ProSystem fx programs. Users can set client-level defaults for books, reports and Sec. 179 setup, and can duplicate client settings when creating a new entity. The program can be used to manage any number of assets for any number of independent or inter-related taxable entities and subsidiary divisions, departments or cost centers. When networked, it can support any number of concurrent users.
The program’s primary interface opens to a blank work area with menus for opening or creating clients and for accessing program utilities, such as setting user preferences for display of prior years and zeroed-out assets, rounding, data-entry options and group dispositions. The client selection screen offers sorting by name, ID and entity type, along with access to client histories and quick output of client lists to printer, file or PDF.
Selection of an entity opens the program’s real activity interface, which provides multiple feature icons across the top and offers multiple tabs and defaults to the master asset list, with a spreadsheet view of all company assets along with descriptions, date in service, categories, location and cost basis. The main asset list can be customized to display up to 400 field selections. Other tabs are based on the asset type and class, allowing users to quickly move to detail screens for a selected asset, vehicles and listed information, dispositions and projections. From the detail tab, the program displays all books assigned to the asset, side-by-side, with data entries automatically calculating across all affected books and offering selection lists for setting of property type, convention, method and other treatments. Asset screens offer tracking by cost center, department, custodian, location, GL asset account numbers and GL depreciation/amortization expense accounts.
CORE ASSET MANAGEMENT FEATURES:
ProSystem fx Fixed Assets offers up to eight books per asset and forecasting of each out to seven years, with preconfigured books for federal, financial, AMT, ACE and state, and with the ability to easily create custom books for E&P, state AMT, state ACE or other needs. The system includes built-in asset types and class data, with automatic calculation for ACRS, MACRS, declining balance, sum-of-years’ digits, straight-line, Sec. 179, units of production and amortization. Users can create up to 99 additional methods and can calculate depreciation.
The program’s like-kind exchange tab simplifies these transactions, while multiple options for disposal allow partial and group dispositions, splitting of assets in up to 99 separate assets, as well as unsplitting, sales and transfers. The program offers tools for automatically allocating available Sec. 179 deductions, as well as computing recaptures and limits for listed auto and Sec. 179. Global and group update features simplify making changes across large numbers of asset bases. Companies managed in the program can also be consolidated.
ProSystem fx Fixed Assets includes data fields for asset location tracking, including assignment of responsible parties and service management functions, but does not offer barcode or RFID integration options.