FIXED ASSET PRO

• 36 MACRS methods including regular MACRS, alternative MACRS and straight-line MACRS.
• 24 ACRS methods including alternative ACRS and straight-line ACRS.
• 6 GAAP methods including straight-line, sum of years digits and 4 declining balance methods.
• Bonus Depreciation, Section 179 Expensing, Auto and Truck Limits, IRS Tables option.
• Half-Year, Mid-Quarter, Mid-Month and Full-Month Conventions for first and last years.
• Amortization and manual entry of depreciation is available.

• Simultaneously maintains up to 6 sets of books including GAAP/Financial, Federal Tax, State Tax, Alternative Minimum Tax (AMT), Adjusted Current Earnings (ACE) and a user-defined book.
• Enter each asset only once and it automatically updates all active books.
• In each set of books, an asset can have a different cost, depreciation method, useful life, business use percentage, investment use percentage, section 179 amount, and convention.

• Keep it simple and enable only the GAAP/Financial book when tax and other depreciation calculations are not required.
• Pick the current start year and import/enter opening accumulated depreciation balances that agree with your GL right from this start date. Or let Fixed Asset Pro calculate all depreciation starting from the year of the oldest asset.
• Calculates for calendar and fiscal years, full years and short years.
• Supports half-year, mid-quarter and mid-month MACRS conventions.
• Conventions are set automatically for the year of calculation but allows forced or manual convention selections and enforces mid-quarter rule for each year when 40% or more of fixed assets are placed into service in the 4th quarter.
• Projection function calculates depreciation for any future year to assist with budgeting, estimating future depreciation and calculating the effects of future capital expenditures.
• Allows negative “contra” assets to account for refunds and credits received after the Service Date.
• Easy reference to IRS asset lives table.
• Select formulas or IRS rate tables for each MACRS asset.
• Apply business use and investment percentages.
• Keeps two years open at one time for year-end and new-year calculations.
• Calculates depreciation for the year in which asset is disposed.
• Automatically applies tax limits to luxury automobiles & listed property.
• Option to apply automobile limits in State and User-Defined books.
• Default methods and lives are automatically applied in State and User-Defined books.
• Code Sec. 179 “expensing” election with limits applied automatically by year.
• Option to use Code Sec. 179 tax rules in State and User-Defined books.
• Choose to use Corporate Earnings and Profit Rules for Code Sec. 179 in State and User-Defined books.

• Asset ID is user-assigned. You can use IDs from your previous system (up to 10 characters, alpha numeric). Fixed Asset Pro automatically increments and suggests the next ID when you add an asset.
• Detailed asset description (50 characters).
• Acquired Date determines when an asset first appears on the books.
• In-Service Date determines when depreciation starts.
• Track CIP (Construction-In-Progress) projects. Store invoices for each project. When completed, place the project into service as one or more fixed assets.
• Assign a Group, Location and Department to each asset.
• Assign GL account codes for fixed assets, depreciation expense and accumulated depreciation to drive journal entries.
• Vendor name and serial number for section 179 record-keeping compliance.
• Invoice number.
• 15 custom user-defined fields (5 text, 5 date and 5 numeric value).
• New or used designation for certain tax calculations.
• Depreciation method easily selected from the list of available methods.
• Convention (half-year, mid-quarter or mid-month) rules are applied automatically.
• Tax Class (MACRS, ACRS and other).
• Useful life of the asset.
• Original cost of the asset and prior depreciation taken.
• Salvage value of the asset.
• Land value for non-depreciable land assets.
• Section 179 deductions taken.
• Bonus deprecation option.
• Disposal date, sales price and sale expense are used to automatically calculate the gain or loss on disposal.
• Partial disposals.
• Tax disposal type (e.g., sale, exchange involuntary conversion, etc.), property type (1245 tangible, 1250 real, other) and time asset was held determine disposal classification on Tax form 4797 report.
• Listed property option to apply federal tax limits to luxury automobiles, trucks/vans and SUVs over 6000lbs.
• Asset adjustments for impairment or other write-downs.
• Personal property type (machinery and equipment, furniture and fixtures, small tools and supplies, real estate, leased property, exempt property, and add new categories).
• Option to use tax rate tables or formulas for depreciation calculations.
• Investment Tax Credit options and ITC amount taken.
• Business use percentage and investment use percentage.
• AMT type and ACE type.
• Verify data routine validates your data and settings according to all the built-in business rules.

• Store asset control data including tag number, inventory number, control number, barcode value, custodian, physical location, and condition to help with physical inventories.
• Warranty info includes up to 2 warranties /service agreements per asset, so the info is at your fingertips when you need it. Includes start date, expiration date, warranty limit and units (e.g., miles), actual usage, provider, telephone, coverage details and warranty documents.
• File Cabinet lets you store files with each asset and easily retrieve them. Keep invoices, maintenance records, pictures for insurance, user’s manuals, etc.
• Keep multiple pages of notes for each asset as needed.
• Tasks help you keep track of important activities that need to be completed for each asset or CIP project.

1. Standard Reports. Includes a library of built-in reports for accounting and tax depreciation, acquisitions, disposals, journal entries and others. See below for a complete list. Flexible report options let you select the book, year, month, preparer, sorting and subtotal options, filters and more. You can save all reports to Excel, DOC and PDF.
2. Flex Views. Comes with over 20 pre-set views or make your own. Save views Excel and CSV as the basis for reports.
3. Report Builder. Create custom reports using the report designer. You have access to all fields in the database.

• Monthly depreciation expense (one month at time)
• 12-Month depreciation expense (all months in the selected year)
• Journal entry: monthly depreciation
• Quarterly depreciation expense
• Annual acquisitions
• Journal entry: acquisitions
• Annual disposals and gain/loss
• Journal entry: disposals and gain/loss
• Annual and year-to-date depreciation expense
• Net book value as of any month or year
• Annual rollforward
• Annual adjustments
• Lifetime depreciation
• Projection
• Construction-in-progress
• Fixed asset card (detail on individual fixed asset records)
• Federal tax form 4562 report (Depreciation and Amortization)
• Federal tax form 4797 report (Sales of Business Property)
• AMT (Alternative Minimum Tax)
• Personal property tax
• UBIA for Section 199A limitation for pass-through entities
• ACE (Adjusted Current Earnings)
• Preview, print and export reports to Excel, PDF and DOC files.

Annual subscription renewals are due for all customers in January every year. When you renew, you’ll get a new version of Fixed Asset Pro with program improvements and updates for any changes to the depreciation laws. You also get all maintenance updates issued during the year and renewed access to Technical Support Service via telephone, email and online chat. Renewals are affordably priced based upon the extent and scope of the improvements and tax law changes.