2016 Review of Thomson Reuters Fixed Assets CS

• Intuitive interface and navigation
• Robust customization capability
• Inventory management module included with product
• Complete integration with CS Professional Suite of products
• Excellent reporting capabilities

Potential Limitations

• Works best if used as part of the CS Professional Suite

Fixed Assets CS is part of Thomson Reuters CS Professional Suite of products. Along with excellent asset and depreciation management functionality, Fixed Assets CS also contains a comprehensive inventory module. The product is available in both a desktop/network version, as well as a cloud-based version for easy accessibility.

From the 2016 Review of Fixed Asset Management Systems.

Basic System Functions: 5 Stars

For current CS Professional Suite users, system navigation will be simple. The main user interface contains a drop down menu at the top of the screen that provides access to system functions. Users can also customize the interface to create more efficient data entry capability by adding shortcuts to frequently used functions, system alerts, as well as quick access to other modules. Clicking on a client will display information on that client, with users able to choose from a series of related folders that are unique to each client.

Users can click on the Business Asset List to review a comprehensive list of all assets belonging to a particular client, as well as detailed information such as Asset Description, In-Service Date, Tax Cost/Basis, Prior Depreciation, Current Depreciation, and Total Depreciation. All columns are fully customizable, and users can arrange the columns in an order that they prefer. Assets can be added, edited, or deleted from this screen as well. Users can categorize assets in specific groups such as location, property type, etc., and Fixed Assets CS offers more than 140 predefined associations that can be used, as well as up to 10 user-defined associations.

Assets can be sorted using a variety of criteria, including treatment, method, group, disposals, basis, and others, and users can utilize the task wizard to import asset data from other applications. The task wizard can also be used to copy similar assets from one client to another. All calculations can be viewed on screen as they are entered, and the Method/Life Wizard will automatically fill in methods and lives for an asset, based on the asset class chosen when initially entering the asset.

Core Asset Management Features: 5 Stars

Users can attach relevant documents such as product warranties, receipts, and photos to each asset entered in the system, and assets can be grouped and transferred or sold as a single unit. All asset entry, modification, edits, dispositions, transfers, and disposals can all be handled from a single interface, with navigation tabs available to take users to a specific function they wish to complete.

Fixed Assets CS supports frequently used depreciation methods such as MACRS, ACRS, Straight-Line, Sum-of-the-Years’ Digits, Units of Production, Amortization, 200/150/125% Declining Balance, as well as up to 99 user-defined depreciation methods. Treatments available include Tax, Book, all 50 States, AMT, State AMT, Earnings & Profits, ACE, and State ACE. The product also offers an unlimited number of custom treatments. Depreciation calculations can be based on month, half-year, or full-year periods for non-ACRS/MACRS treatments. Users can set up calculations for annual, quarterly, or monthly calculations, with depreciation calculated automatically based on user preference.

Depreciation methods can be entered for a single asset or for all assets belonging to a single client. Automatic calculations such as Mid-Quarter Determination and Calculation, Prior-Year Depreciation, Automatic AMT, E&P, and AC, Section 179 Limits, Salvage Value, and other credits such as Solar Energy, Investment Tax, Alternative Fuel Vehicle, and others.

The Disposal Wizard can assist users in asset disposal, providing users with IRS regulations and codes as amounts are entered for disposal. The product allows users to process mass asset transfers, allowing large groups of assets to be moved from one association to another. Mass dispositions can also be processed, with users able to create a specific group of assets that need to be disposed of. Like-Kind asset exchanges can be easily processed, and Fixed Assets Inventory module allows users to perform inventory using barcode reader, reconcile inventory levels, and track and update individual assets as needed.

Reporting: 5 Stars

Thomson Reuters reporting options are solid, with users a solid selection of built-in reports that can be easily customized as needed. Reports available include Asset Detail, Asset Information, Location Summary, Depreciation Projection, Future Depreciation, and Property Detail. The product also contains fillable forms such as 4255, 4562, 4797, FASB109 and 3468 Worksheet. Users can also create custom report sets for each client, and the report template allows users to create custom report profiles for future use.   All Fixed Assets CS reports can be exported to Excel for further customization or saved as a PDF file.

Import/Export/Integration: 4.75 Stars

Fixed Assets CS uses the same database as Ultra Tax CS, making integration automatic. The product also integrates with all of the modules included in the CS Professional Suite, creating and all-in-one tax management solution for accountants. Data can be imported into Fixed Assets CS from other applications using ASCII files, as well as Microsoft Excel. Data can also be exported using these same file formats as well.

Help/Support: 4.75 Stars

Fixed Assets CS contains excellent help functionality throughout the product, and the ‘Help and How-To Center offers product help, information, productivity tools, and troubleshooting. Users can download any product updates from the Thomson Reuters website, and the user community can be accessed from the website as well. Various product training options are available including web, classroom, and on-demand training. Support is available Monday through Friday during extended business hours, with support available on Saturdays through mid-April. Toll-free support is available during extended business hours and is included in the price of the product.

Summary & Pricing

Fixed Assets CS from Thomson Reuters is an excellent fit for both accounting/CPA firms as well as businesses looking for a comprehensive fixed assets product for in-house use. The product offers complete integration with CS Professional Suite products, and can be used as a stand-alone solution if desired. Available as a desktop/network installation as well as SaaS, pricing starts at around $1,500.  

Overall Rating: 5 Stars