AccountantsWorld ' Fixed Assets Relief

Fixed
Assets Relief is a CD-based fixed
asset tracking application that
supports most depreciation methods
for an unlimited number of assets
for an unlimited number of client
companies, enabling the maintenance
of asset information throughout
their depreciable life, from acquisition
through disposal/sale. The program
is capable of tracking detailed
tax and accounting information,
and automatically performs calculations
based on selected depreciation methods.
Fixed Assets Relief costs $595 for
a single-user license; $75 for additional
licenses. Annual support and program
updates cost $300.

NAVIGATION/EASE-OF-USE – 5 Stars
The program offers traditional Windows
navigation features, and opens to
a blank master screen that provides
access to various program functions
through an assortment of icons and
pull-down menus. After selection
of a client company, the program
displays the Asset Manager subwindow
within the master window, which
provides a customizable spreadsheet-style
list of assets currently being managed
for that entity, and inactive assets,
as well. This window provides multiple
methods of sorting the assets, in
addition to a search function. Data
entry, whether managing existing
assets or entering new ones, is
performed on subwindows that provide
access to general information, selection
of depreciation method, a history
of modifications to the asset management,
and the ability to attach images
and notes to the asset information
file.

Fixed Assets Relief includes a Speedpad
feature that aids in data entry,
providing a scrollable list of commonly
entered items that can be selected
from instead of re-entering the
information. This feature is available
widely throughout the program, including
for entering asset location, department,
GL information, vendors and other
data. The system also provides the
ability to create templates, enabling
firms to specify the fields and
depreciation methods to be used
for specific clients or asset types.
Fixed Assets Relief provides several
additional user-defined fields for
maintaining additional information.

MANAGEMENT FEATURES – 4 Stars

Fixed Assets Relief supports almost
all depreciation methods, including
MACRS 150/200 percent declining
balance; ACRS; ADS; straight-line;
modified straight-line; 125/150/200
percent declining balance; and sum
of the year’s digits. It automatically
selects the appropriate depreciation
method based on an asset’s
service date and its property class,
but this can be overridden if desired.
The system supports an unlimited
number of books and automatically
calculates depreciations upon data
entry. It can calculate half-year,
mid-quarter and mid-month convention;
ITC, earnings and profits; tax preference
amounts; gain/loss and luxury vehicles.
The system includes fairly strong
calculation features, and the Asset
Summary Screen gives users an easily
accessible overview of depreciation
for any asset for all books. The
Asset History function allows monitoring
of changes to asset data and books,
acting as a light audit trail. The
program also provides users with
several data-entry features such
as copying data from a selected
depreciation book to all or selected
books. Unfortunately, the program
does not support group or partial
dispositions, nor does it work with
barcoding systems.

INTEGRATION – 3.5 Stars
Fixed Assets Relief can export assets
to the vendor’s Accountant’s
Relief application for creating
adjusting journal entries. The program
can also export to standard formats
that can be used in Excel spreadsheets
and some other accounting programs.
The system does not directly integrate
with tax software, although it can
generate IRS form 4562. As noted
above, it does not support barcoding
systems.

REPORTING – 5 Stars

Fixed Assets Relief provides a strong
reporting system that houses numerous
standard reports for depreciation,
asset listings, book comparisons,
projections, gain/loss, AMT, FASB109
and 4562, as well as the ability
to create customized reports using
virtually any data managed by the
system’s database. The Query
Manager also heightens the program’s
reporting capabilities, enabling
users to create and save customized
queries, and these searches can
be applied to existing or custom-designed
report templates. All reports can
be viewed on-screen, printed on
a laser printer or saved to a document
file.

TECHNICAL SUPPORT/UPDATES – 4.5 Stars
AccountantsWorld provides annual
updates and continued program support
for the additional subscription
cost of $300 per year. This helps
users ensure that the software stays
up-to-date with the latest IRS and
GAAP rules, as well as forms and
depreciation methods. The system
includes good built-in help features,
including a ‘tip of the day,’
a tutorial and FAQs, and links to
AccountantsWorld support.

SUMMARY

Fixed Assets Relief provides a fairly
strong asset tracking solution at
a moderate price, enabling professionals
to accurately track their clients’
assets and apply appropriate depreciation.
The system is easy to use and provides
good customization features that
should help users get accustomed
to it quickly. Although it is capable
of handling any number of assets,
it does not support barcoding. As
such, it is probably best suited
to servicing companies with a more
manageable number of assets.

2004 OVERALL RATING: 4.5 Stars

These applications were reviewed
in the following categories, which
were determined to be areas of high
importance for asset management
and depreciation programs through
feedback from professional accountants
and software developers.

Navigation & Ease-of-Use. This area covers the design and layout of the

interface, including accessibility to primary program
functions and data entry, as well
as general operation of the program,
thereby providing an overview of
how easily a user could get up and
running and be proficient with the
system.

Management Features. This section identifies the number of books supported

by the software, as well as depreciation methods available, asset editing functions, and

various capabilities including splitting assets, mass edits and dispositions. Additionally,

whether the program supports barcode scanning technologies is addressed.

Integration. The ability of the program to integrate or provide

export/import capabilities can save significant time during
tax season. This section identifies
the program’s ability to share
data with tax software, GL programs
and other accounting systems.

Reporting. Asset management and depreciation activities need a paper trail

(even if it is a paperless paper trail). This section looks at the reporting functions of

the program, including customization and report writer features, as well as support for

various IRS forms and schedules.

Technical Support/Updates. This section assesses a program’s built-in help

utilities and gauges available support options and whether
they are included with the software
license or require an additional
purchase. It also examines whether
updates are included or must be
purchased as well as the frequency
and method of delivery of the updates.