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Accounting & Audit

2018 Review of Thomson Reuters Fixed Assets CS


Thomson Reuters Fixed Assets CS


From the 2018 reviews of Fixed Asset Management systems.

Fixed Assets CS from Thomson Reuters is an excellent fixed asset and depreciation solution for accounting professionals as well as larger businesses that wish to handle fixed assets and depreciation in-house. Part of the CS Professional Suite from Thomson Reuters, the product offers easy integration with other Professional Suite applications but can also be used as a stand-alone application as well.

Fixed Assets CS offers multiple deployment methods, with the product available as a desktop application as well as a cloud-based application. The product has an intuitive user interface with customizable drop-down menu. Fixed Assets CS also allows users to create templates that reduce data entry and can be used for multiple clients. There are also more than 147 predefined asset association types such as groups, locations, and property types with an additional 10 user-defined associations available.

Fixed Assets CS supports unlimited depreciation treatments including Tax, Book, all 50 States, AMT, State AMT, Earnings & Profits, ACE, and State ACE, with an unlimited number of custom treatments available as well. Depreciation can be based on month, half-year, or full-year period for non-ACRS/MACRS treatments. In addition, a Method/Life Wizard is also available; automatically filling in the appropriate method and lives for each asset entered.

Fixed Assets CS supports numerous depreciation methods including MACRS, ACRS, Straight-Line, Sum-of-the-Years’ Digits, Units of Production, Amortization, and 200/150/125% Declining Balance, with users able to create up to 99 user-defined methods to be used as needed.

Along with depreciation, users can access Disposal, Transfer, Vehicle, Other, Note, and Image options in the asset record. Users can track warranty data and add asset related documents directly to the asset file. A photo of the asset can also be added to the asset file as well.

Fixed Assets CS contains a Disposal Wizard that guides users through the process of asset disposal. The product also supports mass disposition of assets and mass transfers as well. Like-kind exchanges can be handled in Fixed Assets CS, and users can group multiple assets as a single unit or divide an asset based on percentage, cost, or number of units. Another useful feature in the product is the ability to cut assets from one client and paste them into another client’s record.

Fixed Assets CS offers a solid selection of standard system reports including Asset Detail, Asset List, Property Detail, Future Depreciation, Location Summary, Depreciation Projection, and Yearly Comparative Depreciation. The product also prints Forms 4255, 4562, 4797, FASB109 and 3468 Worksheet. Fixed Assets CS also allows users to create custom report grouping for particular clients, if desired. All Fixed Assets CS reports can also be exported to Microsoft Excel for additional customization or saved as a PDF.

During the system setup process, users can import asset information from a variety of third-party applications using an ASCII file format. Data can also be imported into Fixed Assets CS from Microsoft Excel as well.

Fixed Assets CS seamlessly integrates with other applications in the CS Professional Suite including Accounting CS, UltraTax CS, and GoSystem Tax RS.

Fixed Assets CS offers a good selection of help and support resources. The Customer Center offers users quick access to the Help-and-How-To Center, which provides users with details on new product features, a search feature that provides information on how to complete various tasks in the product, and access to currently trending topics. Users can also access product updates and the Fixed Assets CS user community as well. Users can also contact support directly from this interface as well. Toll-free telephone support is available during regular business hours, and users can also access support via email or chat directly from the Customer Center as well. fixed Assets CS offers users solid help functionality throughout the application.

Fixed Assets CS from Thomson Reuters is an excellent solution for accounting professionals that handle fixed asset and depreciation for a variety of clients. The product can also be utilized by businesses as well. Though available as a stand-alone application, Fixed Assets CS functionality increases tremendously when coupled with other CS Professional Suite applications. Available as a desktop/network install or delivered as SaaS, Fixed Assets CS pricing starts at around $1,500.00.

2018 Overall Rating – 5 Stars