Intuit — ProSeries Fixed Asset Manager

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From the December 2005 Review Fixed Asset Management Software

ProSeries Fixed Asset Manager (FAM) is geared toward integration with the ProSeries professional tax preparation program, but can also be run as a stand-alone system. The program provides traditional asset depreciation with support for multiple books, as well as full-life tracking of assets from acquisition through disposal, and each by various means. The system can support an unlimited number of client companies and assets per company. FAM costs $495 with annual renewals of $195.

NAVIGATION/EASE-OF-USE - 5 Stars
FAM provides wizards to guide in setup of company information and default books and depreciation methods, with a primary interface that provides a screen with tabbed access for Schedule, Asset, Disposal, Projection, Notes and Calendar. Access to program functions is achieved through pull-down menus and icons in two upper toolbars, including a pop-up calculator. The main work area shows a list of assets in a spreadsheet format with information as to asset description, acquisition date, method, convention, cost and the ability to add user-defined columns. The list has basic spreadsheet sorting capabilities, as well as more advanced search and sorting functions. Queries and sorting options can be saved for future use. An additional row of tabs along the bottom of the screen offers one-click access to basis tabs. The system offers several other customization options, such as adding fields to data-entry sheets, creating customized column sets, and changing fonts and colors.

Opening within the master window, the Asset Folder provides detailed asset information, including a view of multiple books on the same screen, with data calculation used, convention, recovery period and other information. Entry fields can include warranty dates, serial numbers, department, group and up to five user-created fields.

Depreciation calculations are performed automatically as data is entered, easing comparison of treatments. All of the system’s windows and subwindows are resizable and scrollable. An asset notes section includes a spellchecker and mini-word processor function. In addition to the wizard for new company entry, the system allows the use of templates and copy functions for setting up assets and includes a wizard for importing asset data from other sources.

MANAGEMENT FEATURES - 4 Stars
FAM can be used to perform a variety of asset calculations and events, simplifying tasks such as combining or splitting assets, mass acquisitions and disposals, like-kind and partial disposals, splitting and combining, and enables users to make changes across all assets or specified groups with a global change function.

FAM simplifies tasks such as disposal options by guiding users through processes and providing explanations of situations that might require such actions. The program supports up to six books per asset (Federal, State, AMT, ACE, book and one user-defined) and, as noted above, offers a view of all books on the same screen. The system’s calendar view tab provides a unique calendar format of asset information that shows the user asset events such as acquisition, disposal, splits and other information. The program offers MACRS, ACRS, ADS, straight-line, declining balance and other traditional methods. The system’s projection functions enable calculation of multiple scenarios over user-specified time periods.

INTEGRATION - 4.5 Stars
FAM is integrated with the ProSeries tax system, easing transfer of client records and fixed assets data to a business’ returns and automatically preparing associated forms and worksheets. The system also includes a wizard for importing data from other sources, including Sage’s FAS and data in *.CSV and text formats. Data can be exported into Word, Excel, ASCII or plain text formats. No direct integration is provided with accounting systems, although an export/import two-step process should be possible for many users.