ProSystem fx Fixed Assets

With just a few clicks of your mouse, you can take your fixed asset accounting, depreciation, management and reporting tasks from overly complicated to absolutely clear. The intuitive interface of CCH ProSystem fx Fixed Assets software allows you to view the details of how an asset’s current depreciation is calculated. You can allocate a specific percentage of a disposition to each asset – all with the simple push of a button.

In addition to comprehensive data import and conversion capabilities, you’ll have access to ready-to-file IRS forms for tax returns and easy-to-use customization options for entering fixed asset accounting information, viewing data and producing reports.

Fixed Assets software has endless time-saving features that give you the ability to:

• Enter an unlimited number of assets.
• Handle like-kind exchanges, creating book and continuation assets.
• Dispose of partial assets or group multiple assets for simplified disposal as one unit.
• Split assets into a maximum of 99 separate assets.
• Compute Section 179 and Section 280(f) recapture.
• Automatically compute Listed Auto and Section 179 limits.
• Calculate negative depreciation.
• Utilize annual cost summary report showing cost totals for each category type for the current and preceding years to assist in preparing property tax returns.
• Use a standard toolbar to display user-defined icons or customize the system-defined Fixed Assets toolbar to increase your productivity.
• Create filters at a global level and then access them from within any Fixed Assets file.
• Open any client file accessed within the last two years of the current Fixed Assets software version.
• Combine previously split assets back into one using the Undo Split function.
• Allocate the available amount of Section 179 among all assets.
• Track assets and quickly view previous activity, which allows you to identify the other assets involved in each event
• Eliminate the need to update books manually with automatic updates to state and federal books for any legislation changes.

Customization

Fixed Assets helps address your specific needs because it offers customizable options that complement built-in functionality. For example, you’ll be able to:

• Customize your main Asset List with a choice of approximately 400 field selections, including fields from different books.

• Adjust global settings to create customized defaults for assets, books, columns, reports and report sets. Create and/or modify property types specific to your needs.

• Enter or modify sales tax, sales tax rate, and estimated market value of an asset on a new Property Tax tab with easy entry dialog.

• Modify pre-defined financial and tax reports, filter and sort data, set reporting periods and define common report groups.

• Create custom filters for ordering, sorting and adjusting the Asset List display and reports.

• Establish preferences to configure the display style and simplify data input.

• Add user-defined asset detail to standard asset information entries, such as G/L, account number, serial number, category and location.

• Establish up to three user-defined depreciation books for any unique depreciation.

• Enter an unlimited number of assets for each client.

• Create up to eight different books - including Financial, Federal Tax, AMT, ACE, State Tax, and three user-defined books - viewable side-by-side on one screen.

• Calculate and maintain the following types of depreciation simultaneously:

  • MACRS
  • Listed Auto
  • Sum-of-the-Years Digits
  • Declining Balance
  • ACRS
  • Section 179
  • Amortization
  • Units of Production
  • Straight Line
  • Indian Reservations

• Calculate negative depreciation.

• Automatically compute listed Auto and Section 179 limits.

• Compute Section 179 and Section 280(f) recapture.

• Dispose of partial assets or group multiple assets for simplified disposal as one unit.

• Easily handle like-kind exchanges.

• Project all depreciation types for the depreciable life of an asset.

• Produce various standard financial and tax reports, including:

  • Depreciation Expense Report
  • Asset Notes Report
  • Depreciation Expense Comparison
  • Depreciation Variance
  • Detail Projection
  • Net Book Value
  • Multiple Period Projection
  • Disposition Report
  • FASB 109 Projection
  • Journal Entry Report
  • Alternative Minimum Tax
  • Form 4562 Worksheet
  • Annual Activity Report
  • ACE Worksheet
  • Asset Information Report

• Generate ready-to-file IRS forms for inclusion in tax returns, including Forms 4562 and 4797.