From the December 2005 Review Fixed
Asset Management Software
Although scalable for almost any size of business, Fixed Assets Manager is
geared more toward large entities and enterprises, offering asset depreciation
and management with support for an unlimited number of companies, cost centers
and divisions, with an unlimited number of user-defined books supplementing
the four pre-constructed books for Federal, AMT, ACE and Accounting. The program
is available in multiple tiers starting with a single-user 1,000-asset version
for $1,300 up to a 10-user version that supports unlimited assets costing $13,500.
NAVIGATION/EASE-OF-USE – 4.5 Stars
The Vertex Fixed Assets Manager’s interface is comprised of a customizable
multi-paneled screen with a collapsible menu tree in a vertical pane on the
left, a section on the bottom showing recent asset activity and the main work
screen in the middle. The system utilizes traditional pull-down menus and icons
across the top, along with forward and back buttons. During company and asset
setup, templates and wizards assist in many processes, including selection of
defaults, books and other items. Assets are displayed within a company’s
files and can be sorted and filtered based on users’ criteria.
Selecting an asset brings up the tabbed Asset Input window, the primary data-entry
screen in the system, providing selection of depreciation methods and conventions,
entry of asset location and type, descriptions, images, and other data. Whether
using the system’s standard asset types or the IRS MACRS Class Lives table,
data is automatically populated across all available books, but these selections
can be easily overridden by authorized users. Whether asset types are input
manually or by the system, the program validates conformity of the treatment
based on current IRS rules and regulations. Overall, navigation through the
program is intuitive and straightforward. The asset list is well-organized and
provides a good centralized location for viewing summary details and selecting
assets with which to work.
MANAGEMENT FEATURES – 5 Stars
Vertex’s Fixed Assets Manager supports all allowable IRS calculations
including MACRS, ACRS, straight-line and 125%/150%/200% declining balance methods.
The program can also perform calculations for short and partial years; mid-quarter
convention; sum-of-year’s digits; monthly calculations; apply the annual
limitation for passenger automobiles, trucks and vans; Section 280F recapture;
Section 179 expensing and recapture; ITC calculations; amortization; Indian
Reservation Property; and units of production. As noted above, the system automatically
assigns default information for Federal, AMT, ACE and Accounting books based
upon their class codes. Users can define an unlimited number of additional books,
which can be created by duplicating an existing book and then editing. The program
includes password security and, through the Event Viewer, offers an audit trail
that tracks most changes made to asset information.
The program allows several methods of asset disposition, including transfers,
mass and partial dispositions, splitting and unsplitting, with the ability to
calculate negative depreciation for assets with negative cost. Depreciation
forecasts can be performed out 60 years or up to 12 months in the future. The
program does not support barcode hardware.
INTEGRATION – 4.5 Stars
Fixed Assets Manager can import asset data from Access, Excel and text files,
can export period data into a file for import back into the GL of professional
accounting packages, and can be integrated into financial and ERP platforms.
The program does not integrate directly with any tax packages.
REPORTING – 5 Stars
Vertex’s Fixed Assets Manager has exhaustive reporting abilities, with
options to produce reports for all entities, asset summaries, depreciation,
dispositions, adjusted basis, journal entries, reconciliation, forecasts and
many others, or to create user-specified reports. The program prompts the user
when depreciation requires a calculation prior to printing to ensure accuracy,
and enables users to create custom report groups. Fileable IRS tax Forms 4562,
4684, 4797 and 6252 can be generated through the reporting system.
HELP/SUPPORT – 4.5 Stars
Built-in assistance features include the traditional Help index, along with
some right-click menu options and access to the vendor’s support web site
where FAQs and other self-support options are available. Technical support is
included at no additional cost. Tutorials, CPE-eligible training, consulting,
data conversion, installation and other services are also available through
Vertex’s Fixed Assets Manager is used by the Big 4 accounting firms on
their clients’ accounts, which is reflective of the power this program
has. The system can handle very large companies, or at least entities with very
large and complex asset management needs, yet the system is scalable and can
be used by small companies and accounting firms, as well.
2005 Overall Rating – 4.5 Stars