MoneySoft — Fixed Asset Pro

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From the Dec. 2007 Review of Fixed Asset Systems

MoneySoft’s Fixed Asset Pro provides an easy-to-use asset management system that can be used either in-house by businesses with subsidiary entities or by public accounting professionals who provide depreciation services for multiple clients. Fixed Asset Pro can handle any number of assets for an unlimited number of businesses, and it provides up to six books for tracking depreciation with support for all traditional methods. The program costs $495 for a single-user license, but at the time of this review, a discount of $46 was available. MoneySoft’s other financial systems include business valuation, acquisition-focused valuation and analysis, and financial statement analysis and benchmarking.

NAVIGATION/EASE-OF-USE -- 4.5 Stars
Fixed Asset Pro’s primary interface provides intuitive icons and menus across the top of the screen. Data-entry screens are simple, yet functional, with “smart-entry” functions that remember information previously entered for fields including asset location, groups and account numbers. This allows users to simply select from a list if assigning similar characteristics to a future asset. Unfortunately, the program does not provide a simplified asset copy or duplication function for entering multiple identical assets.

The program provides sortable and filterable client and asset lists in a spreadsheet format with the asset window displaying basic asset data, including item number, description, cost, method and other info. The asset list also provides search functions and has navigation buttons on the side, along with options for creating new assets and editing or deleting items. All data screens maintain a consistent look and feel throughout the program, including detailed asset information screens, which provide tabbed access to browse information, enter data, view multiple books for the asset, or enter notes regarding the asset. The Multi-Book Asset Entry tab provides a side-by-side table of an asset’s various books, with information for cost, method, life, business percentage, basis, convention and other data displayed and editable. Changes are automatically calculated throughout a book.

The data-entry screens all provide multiple selection lists for selecting tax class, AMT/ ACE types, listed property, and generally simplify selection of treatment factors such as life, Sec. 179 and method.

MANAGEMENT FEATURES -- 4 Stars
As previously noted, Fixed Asset Pro can be used either as an in-house program by businesses or by professional accountants supporting any number of clients with an unlimited number of assets each. Assets can be grouped by location or group, and the program provides up to six sets of books per asset (Federal Tax, State Tax, AMT, Financial, Ace and a custom book), with all tax and accounting rules automatically applied and calculated as data is entered. Within an asset’s books, users can easily set varying costs, methods and other data. Fixed Asset Pro supports nearly 40 GAAP- and FASB-compliant tax and accounting depreciation methods, including several MACRS, ACRS, amortization, straight-line, declining balance, sum-of-the-year’s digits and manual depreciation. The system supports half-year, mid-quarter and mid-month MACRS, and automatically applies special limits for luxury autos and listed property.

Individual asset life events, including acquisitions, like-kind exchanges and disposals are generally simple to manage, but the program does not offer duplication for acquisition or mass disposal options.