AccountantsWorld — Fixed Assets Relief

From the December 2009 Review of Fixed Asset Management Systems

Designed for practitioners managing the assets of multiple clients, Fixed Assets Relief is an affordable depreciation solution that offers support for all standard and historical depreciation methods, conventions and asset classes, with the ability to perform depreciation forecasting. Multiple books per asset can be maintained, and the system offers additional tracking options by location, department and other business units. The program offers integration with AccountantsWorld’s other professional accounting systems, including the web-based Accounting Relief write-up system and the vendor’s document and practice management systems. Fixed Assets Relief costs $395 for a single-user license, plus $75 each for additional users.

NAVIGATION/EASE-OF-USE:
Fixed Assets Relief opens to the client files last used, providing a master screen with pull-down menus for working with assets, reporting, system tools, setup functions and support contact, while an icon bar provides access to additional functions, including the system’s Template Manager, Report Manager and Query Manager. These act as wizards that guide users through functions and allow for saving batch reports and searches. Company detail screens offer tabbed data-entry views for basic information, as well as for setting up defaults for asset schedules, including determining short-year periods, customizing asset data fields and using the program’s “speedpads,” which are data-entry shortcuts for commonly entered data information.

When working with assets, Fixed Assets Relief offers a comprehensive selection screen that includes virtually all asset data in a spreadsheet format, and allows users to search, filter and sort the data in numerous ways. Users can also easily duplicate assets for entering multiple similar items. Individual asset information screens provide good detail and multiple customizable data fields, with tabs allowing users to move quickly between general asset information, summaries, histories, notes and asset books. Images and documents can also be attached to asset records.

An asset’s multiple schedules can be viewed on the Books tab, which displays all factors involved in the asset’s depreciation, including cost, salvage value, business use percentage, ITC amount, adjusted basis, method, life, ADS life, Sec. 179 expense deduction, auto/listed, adjustments and special bonus depreciation. The program instantly performs calculations as data is entered, which lets users immediately see the results of those changes.

MANAGEMENT FEATURES:
Fixed Assets Relief can support unlimited asset bases and companies with up to eight books per asset, with pre-configured customizable schedules for federal tax, book, AMT, ACE and state, plus user-defined options. The program offers multiple asset grouping options, including by company departments and location, plus the ability to assign assets to staff and track information such as invoice numbers, manufacturers, insurance categories, warranty dates and other data, all of which can be set using the speedpad selection lists mentioned earlier.

The program includes built-in support for all traditional depreciation methods, including multiple declining balance, straight and modified straight-line, MACRS, ACRS and sum-of-the-year’s digits, plus the ability to create custom methods. All asset depreciation and Sec. 179 provisions relating to the 2008 and 2009 stimulus acts are also built into the program.

Fixed Assets Relief automatically calculates ACE and AMT depreciation and can apply various conventions, including half-year, mid-quarter and mid-month, plus calculations for ITC, earnings and profits, gain/loss and luxury auto, plus it provides FASB 109 projections. The system automatically selects the appropriate method and convention based on the date an asset is in service and the class.

INTEGRATION:
Fixed Assets Relief offers data sharing with AccountantsWorld’s write-up, document management and practice management programs, and can export asset data into CSV format. Reports can be generated as Word or text files, which allows for import into some tax and accounting programs. The system does not offer data import functions.

REPORTING:
Report options include standard options for detailed and summary depreciation, asset listings, book comparisons, AMT, gain/loss, recapture, budget projection, depreciation projection and a GL depreciation adjustment report. The program also offers a FASB 109 projection and form 4562, plus has label printing capabilities. All reports can be viewed on-screen or output to Word and text formats.

HELP/SUPPORT:
Fixed Asset Relief’s assistive features include fast data-entry functions, customizable tools, a traditional Help utility, wizards and guides, plus extensive right-click menus and a built-in tutorial. The company’s website offers a host of additional resources, including program documentation and updates, FAQs, training options, webinars and access to the AccountantsWorld user community. Live technical support is included in program pricing.

2009 OVERALL RATING:

(Note: The review of Fixed Asset Relief that appeared in the print edition of The CPA Technology Advisor included an incorrect score under the Help/Support section. The above review reflects the correct score for this section, and a resulting increase in the overall rating average.)

 

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