Intuit ' ProSeries Fixed Asset Manager

Fixed Asset Manager (FAM) offers
asset management via various depreciation
methods, supporting an unlimited
number of assets and companies.
The system provides a good base
system that meets the needs of professionals
and in-house accountants trying
to minimize tax liabilities through
effective use of asset depreciation.
The system supports several depreciation
methods and treatments and can be
used independently or in conjunction
with the ProSeries line of tax preparation
software. FAM costs $495, with an
annual renewal cost of $195.

NAVIGATION/EASE-OF-USE – 5 Stars
FAM opens to a highly customizable
primary work screen called the Client
Base that offers traditional Windows
pull-down menus and icons and includes
a sortable list of client companies/departments.
Most aspects of the Client Base
and interface can be customized
to suit the preferences of the user,
including fonts, colors and text
size. After selection of a company,
the user is presented with a spreadsheet
display of all assets for that company
called the Asset Schedule, which
can be sorted by columnar depreciation
information or searched. The Asset
Schedule window provides access
to additional functions, including
adding or deleting assets, report
functions including previewing,
a pop-up calculator, and a notes
section that incorporates a built-in
word processor. Going into a specific
asset is achieved either through
double-clicking the desired entry
or using the Open Asset tab. The
window then provides detailed asset
information, with the top of the
screen showing general asset information
such as description, acquisition
and disposal data, depreciation
projections and notes. The bottom
of the window displays depreciation
books for a selected asset.

New clients and assets are easy
to create, with the ability to use
templates, import asset information
or create entries from scratch.
Adding assets is accomplished via
the Asset Schedule window, which
brings up the customizable asset
entry screen. In general, asset
data entry is intuitive and follows
a logical progression. The ability
to sort lists and perform queries
aids in use, and the inclusion of
keyboard shortcuts assists in navigation.

MANAGEMENT FEATURES – 4.5 Stars

The program supports AMT, ACE, federal,
book and state bases, as well as
a user-defined book, and shows data
from each book side-by-side. FAM
can perform a variety of complex
calculations, including asset splitting,
transferring, mass asset disposals
and global changes to asset groupings.
The system automatically computes
current and accumulated depreciation
and allows additional asset information
such as warrant information and
product serial numbers, and enables
tracking and projection of depreciation
throughout the life of an asset.
Projections are easily accessed
through the Projection folder, which
shows the application of various
calculations over time. Assets can
be copied and added between areas
within a company or between companies
when adding similar items or making
transfers As well, the program performs
all property and luxury auto calculations
and limitations automatically.

FAM’s unique label function
enables the creation and printing
of property tags for assets, and
a similarly unique calendar view
presents a company’s assets
in a calendar format that is sortable
by date of acquisition or date of
disposal. FAM does not support the
use of barcoding technologies.

INTEGRATION – 4.5 Stars
Fixed Asset Manager can import and
export asset information directly
from and to ProSeries tax software.
Both systems automatically create
client records and transfer all
applicable client data if the client
has not yet been set up in the program
importing the data. The system can
pull data from comma-delimited files.
When importing from non-ProSeries
products, FAM uses a wizard to guide
users through mapping data. In addition
to integration with its sibling
tax product, FAM can export client
asset data to Excel, Word, comma-delimited,
*.CSV and ASCII formats.

REPORTING – 4 Stars

FAM includes more than 50 prebuilt
reports, including several depreciation
reports, adjusted basis comparison
by category, lead schedules, asset
information schedules, disposal
detail reports, GL reconciliation
and projections, as well as user-customizable
report options that are guided by
a wizard and enable users to select
and sort data criteria. All reports
can be viewed on-screen prior to
printing.

TECHNICAL SUPPORT/UPDATES – 4.5 Stars
FAM has a useful help system that
includes the traditional Help index,
as well as right-click menus and
directed assistance. The system
also includes tutorials, tips-of-the-day,
and additional assistance, including
the incorporation of wizards throughout
the program that greatly assist
in use. Users also have access to
phone and web-based technical support
and online FAQs at the company web
site.

SUMMARY

FAM offers a friendly and customizable
interface that enables users to
make the system more comfortable
and more efficient for their use,
while providing an adept fixed asset
management program that also delivers
the necessary reporting. The system
is best suited to managing mid-sized
and smaller companies.

2004 OVERALL RATING: 4.5 Stars

These applications were reviewed
in the following categories, which
were determined to be areas of high
importance for asset management
and depreciation programs through
feedback from professional accountants
and software developers.

Navigation & Ease-of-Use. This area covers the design and layout of the interface, including accessibility to primary program
functions and data entry, as well
as general operation of the program,
thereby providing an overview of
how easily a user could get up and
running and be proficient with the
system.

Management Features. This section identifies the number of books supported by the software, as well as depreciation methods available, asset editing functions, and various capabilities including splitting assets, mass edits and dispositions. Additionally, whether the program supports barcode scanning technologies is addressed.

Integration. The ability of the program to integrate or provide export/import capabilities can save significant time during
tax season. This section identifies
the program’s ability to share
data with tax software, GL programs
and other accounting systems.

Reporting. Asset management and depreciation activities need a paper trail (even if it is a paperless paper trail). This section looks at the reporting functions of the program, including customization and report writer features, as well as support for various IRS forms and schedules.

Technical Support/Updates. This section assesses a program’s built-in help utilities and gauges available support options and whether
they are included with the software
license or require an additional
purchase. It also examines whether
updates are included or must be
purchased as well as the frequency
and method of delivery of the updates.