ProSeries Professional Fixed Asset Manager

From the Dec. 2008 Review of Fixed Asset Systems

Intuit’s ProSeries Professional Fixed Asset Manager program is available as either an add-on to the professional tax compliance system, or as a stand-alone program, providing asset depreciation management across multiple books and with support for standard depreciation and averaging treatments. The program can support any number of clients and assets, with splits, transfers, group disposals and other life events easily manageable, and with data transferable into the tax system and a variety of customizable reporting options. Pro-Series Professional Fixed Asset Manager costs $219 for a single-user license.

ProSeries Fixed Asset Manager guides users through most setup tasks, providing occasional information screens that help explain certain fields and qualifications for company settings, short years and asset types. The program opens into the Client Base, an interface centered on the primary client list, which offers various methods of sorting, filtering and searching, along with icons for general system functions, including a calculator, Help and tools.

Selection of a client automatically opens the master asset list for that entity, which also offers multiple options for sorting, viewing and searching, with asset data displayed in a tabular format that shows such information as convention, cost, depreciable basis, 179 and acquisition date. By default, the data shown in this asset list view is based on the Federal book; however, tabs across the bottom of the screen let the user quickly display other books, including AMT, ACE, State and other. The window also offers tabs across the top for moving directly to detailed asset information, disposal activities, projections, notes and a calendar. Within individual asset files, the program displays all books and details in a lower panel, with calculations automatically generated as data is entered. An upper panel provides entry fields for assigning GL accounts, groupings and other asset information. Customization features allow users to define data fields or create custom data sets.

Fixed Asset Manager offers up to six books per asset, with support for unlimited assets per company, which can be grouped into cost centers or divisions, by location or IRC section, or via other custom settings. The program also provides mass change options that enable users to make edits across all assets or sub-groups. Fixed Asset Manager supports all standard depreciation methods, including ACRS, MACRS, ADS, straight- and modified straight-line, declining balance and sum-of-the-years’ digits. All calculations are performed automatically.

With easy access to disposal functions, life events can be quickly managed either on an individual basis or across groups. This includes regular and partial disposals and splits. Likewise, the Projections tab on the main window offers access to depreciation estimations throughout the life of an asset, for each book, in a spreadsheet format. The program does not offer the ability to attach images or documents to asset files.

Fixed Asset Manager integrates directly with the ProSeries tax system, with data flow-ing between the systems, and enabling users to quickly import depreciation data into client income tax returns. Used as a standalone system, Fixed Asset Manager can export data into Excel, plain-text and Word formats, allowing for import into other accounting and tax programs. Data can be imported from most third-party asset management modules.

REPORTING - 4.5 Stars
Fixed Asset Manager’s reporting options provide ample selections of more than 35 standard reports, including GL reconciliation, depreciation, disposals, expenses, amortization schedules, gain/loss, AMT and personal property projections. It also offers the ability to run Sec. 179 expense test and mid-quarter determinations and calculations. The system provides a report wizard that allows customization of re-ports. As previously noted, reports can be generated into Excel and Word formats for additional customization. Facsimiles of tax forms 4562, 4626 and 4797 can be generated through the program.

HELP/SUPPORT - 4.5 Stars
Intuit’s ProSeries Professional Fixed Asset Manager includes several helpful wizards during setup and asset life tasks, as well as right-click menus and context-sensitive Help. The program’s customization options also aid in familiarity, allowing users to set it up as they need it. Intuit’s ProSeries support website features a user community, support topics, program updates, FAQs and optional training. For users of the Pro-Series tax system, technical support is included.

2008 OVERALL RATING: overall rating