FAMS-Fixed Assets Management System

Fixed Assets Management System: The Complete System For Property, Plant and Equipment Management

FAMS is a comprehensive, easy-to-use fixed asset accounting software system for complete asset accounting and asset management. FAMS maintains extensive fixed asset data (for depreciable and non-depreciable assets), providing the user with a single source of reference for control, analysis and management of all fixed assets from capitalization to retirement.

FAMS provides substantial flexibility in accommodating the depreciation policies and accounting methods used by most companies while ensuring compliance with tax laws and GAAP.

FAMS is a fully integrated part of GBA Systems’ accounting software suite, which includes Project Accounting Management System (PAMS) and the Lease Accounting Management System (LEASE).

FAMS - Fixed Asset Management System

FAMS - Fixed Asset Management System is available for the Windows Environment and AS/400 and includes the following features

FAMS Facilitates Change

• Mass or partial transfers and disposals as well as reinstatement functions are all available.
• Mass change feature allows user to quickly update data when information changes
• Unlimited additional text may be associated with each asset record for tracking service history, improvements, etc.

Depreciation

• Display or report depreciation for any period of the fiscal year at any time
• Allocate depreciation expense for a single asset to multiple expense accounts
• Short fiscal year calculations are supported according to all IRS regulations
• Independent fiscal year closing of depreciation books allows staggered closing of a year-end to accommodate timing differences in audit and adjustment periods
• Accommodates 52–53 week year including thirteen accounting periods and unequal accounting periods (4-4-5, 5-4-4, 4-5-4)
• Complies with Luxury Auto Limits including increased limit according to JCWA 2002
• Suspend depreciation for idle assets
• Assets with negative or zero cost/depreciation are accommodated
• Like-kind exchange depreciation according to IRS Notice 2000-04 as well as GAAP
• Manages and reports the adjustment of depreciable basis of Section 179 property
• Process trade-ins according to GAAP and federal tax guidelines
• Election to take additional 30% first-year depreciatino on qualified assets according to JCWA 2002
• Additional depreciation benefits for NYLZ assets
• Projections - Depreciation projections are available
  • For future years in 5,10,15 and 20-year increments and any increment between 1 and 30
  • By individual asset
  • In summary form
  • For FASB 109 reporting

Compliance With Tax Code and Regulations

• Complete integration of pre-ACRS, ACRS and MACRS tax regulations to ensure compliance with applicable tax laws.
• Tax law changes created by ERTA of 1981, TEFRA of 1982, TRA of 1984, TRA of 1985, TRA of 1986, TAMRA of 1988, Revenue Procedure 89-15, Revenue Reconciliation Act of 1989,
• Revenue Reconciliation Act of 1990, Revenue Reconciliation Act of 1993, Small Business Reform Act of 1996, Taxpayer Relief Act of 1997, IRS Notice 2000-04, Job Creation and Workers Assistance Act of 2002, Jobs and Growth Tax Relief and Reconciliation Tax Act of 2003.

Security-by-User Profile

• Menu /Option Security
• Database Security’
• Field Level Security
• Group Profile Capability

Complete Audit Trails

• Optional audit trail file reflects additions, changes and deletions to an asset by user and workstation ID
• Available on-line or via reports

Establish Up to 36 Books of Depreciation for Each Asset, Including:

• Book
• Federal
• State
• AMT
• ACE

Supports Numerous Methods of Depreciation, Including:

• MACRS 150% and 200%
• ACRS
• Straight line
• Declining Balance
• Sum-of-the-Years-Digits
• Units of Production
• User-defined Methods

Supports Numerous Conventions Such As:

• Half year
• Mid-month
• Mid-quarter
• Actual months

Maintain Comprehensive Asset Information Including

• Acquisition information
• Serial number
• Asset classification
• Disposal and transfer data
• Control groups
• Replacement cost values
• Optional Multi-Currency module allows currency tracking and reporting of multiple currencies(including Euro)
• Define field literals with terminology that is consistent within the corporate environment
• Customize system values to reflect each organization’s specific requirements
• Maintain additional asset information with 25+ User Defined Fields

FAMS Reports

The wide range of reports provides the necessary information for internal and external accounting, tax reporting and planning – in a format that’s readable and easy to interpret.

Internal/External Management Reporting

• Company consolidation summary reporting
• Division summary reporting
• Asset transfers/disposal/trade-ins with prorated depreciation expense
• Gain and loss reporting
• Inventory worksheet
• Component summary reports
• Monthly depreciation summaries
• Complete projection reporting
• Analysis of assets (Sec 10-K format)
• FASB109 reporting

Income Tax Reporting

• Tax form 4562 – Depreciation and Amortization
• Tax form 4626 - Alternative Minimum Tax Worksheet
• Tax form 4797 - Sales of Business Property
• Mid-quarter determination analysis
• AMT, ACE and E&P

Multi-Currency Reporting

• Additions
• Disposals, Gain/Loss
• Transfers
• Analysis of assets (Sec 10-K format)
• Monthly depreciation summaries

Other Reporting

• Property tax reporting by class and by in-service year
• Property tax reporting by territory
• Appraisal values by insurance company
• Replacement values

FAMS Is Easy to Use

• Easy-to-use Graphical User Interface (GUI) available
• Custom Asset Templates for faster and more accurate data entry
• All data is validated on-line against tax laws and user defined tables
• Access to assets with 15 pre-defined Asset Inquiry options or User Defined Inquiry

FAMS Specialized Modules

Foreign Currency

• Maintain assets in multiple currencies with automatic currency translation
• End of period, average period and average annual rates available
• Depreciation expense calculated in the currency utilized
• Extensive reporting
• General Ledger transactions may be booked in multiple currencies

Inflation Adjustment

• Calculate and track the impact of inflation on the cost and accumulated depreciation for companies who operate in areas of hyper-inflation
• Inflation adjustment percentages defined by period, fiscal year and books of depreciation affected
• Inflation adjustment amounts tracked separately from original asset
• General Ledger transactions may be booked for monetary correction income/expense, asset cost and accumulated depreciation

LEASE - Lease Accounting Management System

LEASE tracks all important information related to leases. Any type of property (real property, machinery and equipment, automobile fleets, etc.) may be tracked. Both capital and operating leases are accommodated.

Benefits

• FASB13 compliance testing is automatically done by the system. Capitalized amount is calculated for capital leases.
• Number of payments, payment amount and whether executory costs are included are all user-defined.
• Varying payment schedules for a lease are easily accommodated by the system.
• Numerous categories of executory costs (insurance, maintenance, taxes and other) can be maintained for each lease. One-time executory costs are also accommodated.
• General ledger accounts may be tracked for each capital lease (property, interest expense, current and non-current obligations).

Features

Inquiry

• Inquiry on a Lease Agreement is available by ten unique selection criteria: Lease Number, Lessor, Review Date, Description, Inception Date, All five user defined Control Level.

Fixed Asset Interface

• Whenever a lease is determined to be capital, the lease number, capitalized amount, in-service date and useful life are transferred to the GBA Fixed Assets Management System - FAMS.
• Numerous fields are automatically transferred from LEASE to FAMS (company, division, control levels, description, etc.)
• One lease may represent a single asset or multiple assets.

General Ledger Interface

• General ledger interface is available. This interface is most useful when booking the appropriate entries for asset cost, current and non-current obligation, interest expense, and executory cost expense.
• Operating lease payments can be accommodated through the interface

Report Highlights

• Detail Lease Listing
• Detail Amortization Schedule
• Lease Payment Report
• Lease Disclosure Report
• Report Writer