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CMS Fixed Assets

Benefits

The Fixed Assets module provides depreciation status on all fixed assets and allows pro forma reports to project depreciation five years into the future.

Product Summary

The CMS Fixed Assets module allows you to calculate and maintain depreciation information on your fixed assets. This includes offering all of the standard methods of depreciation, as well as ACRS, MACRS, and AMT Tax Tables. In addition, a five year projection of depreciation can be produced.

Features

The Fixed Assets function provides descriptive text which allows for detailing of repair and maintenance, purchasing history and market value history. The year-end update rolls all current depreciation to accumulated depreciation and calculates new depreciation for the next fiscal year.

Nine methods of depreciation are available including straight line, table methods, and sum-of-the-years digits. The declining balance depreciation method allows automatic switching to straight-line, if desired. Book, state, local and federal depreciation calculations may be stored independently. Assets retirement is automatically handled. The date placed in service may be different from the date of purchase.

Major Functions & Displays

• Manage Fixed Assets
• Book Depreciation
• Purchase History
• ACRS, MACRS, and AMT Tax Tables

Major Reports

• All additions within a specified time frame
• All retirements
• Current year depreciation schedule
• Five-year projection of depreciation
• Master File reporting based on twelve user-selectable sequences, (i.e., by asset code, by service date, by description)
• Book/Tax timing difference
• Alternate minimum tax and Federal tax differences.

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