CCH Tax & Accounting ' fx Fixed Assets

ProSystem fx Fixed Assets
provides an advanced asset tracking,
management and reporting program
that supports all depreciation types,
multiple books and offers integration
with tax, accounting and paperless
engagement systems. The system,
which can be used as either a stand-alone
program or as an integrated part
of CCH’s ProSystem fx
Office suite, offers several customization
options and can be used to track
an unlimited number of assets for
an unlimited number of clients.
ProSystem fx Fixed Assets costs
$1,475 for a single user; additional
user licenses are $130.

NAVIGATION/EASE-OF-USE – 5 Stars
ProSystem fx Fixed Assets
opens to a streamlined window that
provides only necessary feature
and function selections through
pull-down menus and icons, until
selection of a client. Once a client
has been opened or created, the
system provides numerous additional
function options through these toolbars.
The system’s client selection
screen provides a sortable list
of existing clients that can be
arranged by basic client data, such
as their name, fiscal year end or
client ID. Within a client’s
files, the program provides tabs
to switch between an Asset List
and Asset Detail views. The asset
list provides a customizable and
sortable spreadsheet-style list
of a client’s assets that
includes several sortable and user-selected
data columns, while the detail screen
is the primary data-entry area,
providing access to asset information,
including descriptive information,
GL account data and depreciation
methods. The detail screen also
includes the program’s Tax
Link feature, which lets users link
asset/entity for reporting when
transferring data from the fixed
asset management program to a tax
preparation system. The system helps
prevent errors such as accidental
duplication of asset numbers by
providing warning messages to alert
the user, and provides assistance
throughout the program.

The system uses a data-entry feature
for common items that lets users
set up asset information scroll
lists for category, location and
GL asset information, as well as
up to seven additional fields. Once
set up, users can simply select
the appropriate item from a scroll-down
list next to the field.

MANAGEMENT FEATURES – 4.5 Stars

ProSystem fx Fixed Assets
automatically computes books for
Federal Tax, Financial, AMT, ACE
and State Tax, and provides three
additional user-defined books. All
books are presented on the same
screen, allowing users to quickly
identify differences. ProSystem
fx Fixed Assets can also calculate
and maintain depreciation for a
variety of additional methods, including
MACRS, ACRS, sum-of-year’s
digits, amortization, straight-line,
declining balance, listed auto,
Section 179, units of production
and Indian reservation depreciation.
The program projects all depreciation
types for the depreciable life of
an asset and supports partial and
group disposition of assets, and
simplifies handling of like-kind
exchanges. If desired, the system
can calculate negative depreciation
and can automatically compute listed
auto and section 179 limits as well
as section 179 and section 280(f)
recaptures.

ProSystem fx Fixed Assets
includes several customization features,
including the ability to modify
financial and tax reports, customize
selection lists, set reporting periods
and define user preferences. Additionally,
users can add asset detail information
such as GL accounts data, serial
number categories and locations,
and can employ up to three additional
depreciation books. The system does
not support barcode scanning.

INTEGRATION – 5 Stars
ProSystem fx Fixed Assets
integrates directly with CCH’s
tax and accounting programs, simplifying
data transfer. The system also provides
an import utility that lets users
pull existing client asset data
from a wide list of competitive
software, including Best FAS, BNA,
Best’s CPASoftware line, Creative
Solutions, RIA and Intuit ProSeries.
It can also import from ASCII and
Excel files.

REPORTING – 4.5 Stars

The program provides a wide assortment
of standard reports, including the
following: depreciation expense
reports, depreciation expense comparisons,
disposition reports, detailed projection
and others. It also allows grouping
of report sets that include common
month- and year-end output as well
as customization of reports. It
can generate IRS forms 4562 and
4797.

TECHNICAL SUPPORT/UPDATES – 5 Stars
In addition to a strong built-in
help utility that includes field-specific
assistance, right-click menus, support
links and a tutorial, CCH offers
training seminars and online support
options; phone-based support is
included with the user license.
Program updates are included in
the license cost and can be downloaded
via CCH’s web site, or the
system can be configured to check
and download updates automatically
using e-fx Updates.

SUMMARY

ProSystem fx Fixed Assets
is comprehensive and provides strong
reporting capabilities, along with
customization features and automatic
program updates. While the system
does not support barcode scanning,
it is strong enough to support most
client needs and is fairly easy
to learn and use.

2004 OVERALL RATING: 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.