2019 Review of CCH ProSystem fx Fixed Assets

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From the 2019 Reviews of Fixed Asset Management Systems

CCH ProSystem fx Fixed Assets is well-suited for accounting firms that currently manage a large number of client fixed assets and depreciation, with the product supporting an unlimited number of companies and assets. The product is also a good fit for businesses looking to manage fixed assets in-house.

CCH ProSystem fx Fixed Assets can be installed on a desktop or network system and can be used in conjunction with other CCH ProSystem fx applications or as a stand-alone asset management resource.

Entering a new asset in CCH ProSystem fx Fixed Assets is simple, with all data entered on a single screen. Users also have the ability to transfer assets from a third-party application using simple data conversion, with an option to import data from other applications using Microsoft Excel. Once signed in, users have access to a complete list of assets, along with tabs to various options such as asset detail, disposition, property tax, and projection. The CCH ProSystem fx Fixed Assets toolbar can be customized by each system user, and user-defined icons are available for display. 

CCH ProSystem fx Fixed Assets offers five default books; Federal, Financial, AMT, ACE, and State, along with the option to create an additional three custom books. All book information is displayed side-by-side on a single screen for easy review and comparison. Users can also copy one active book to another book if necessary.  

CCH ProSystem fx Fixed Assets supports multiple depreciation methods including MACRS, Sum-of-the-Years Digits, ACRS, Amortization, Straight Line, Listed Auto, Declining Balance, Section 179, Units of Productions, and Indian Reservations.  It  can also calculate negative depreciation, and will automatically calculate listed Auto and Section 179 limits. There are also numerous user-defined fields available that can be used to track details surrounding each asset, including warranty information, insurance details, and maintenance records.   

The product also supports like-kind exchanges, and handles a variety of disposition types including retirement, and sale, with the product automatically computing gains and losses on all asset disposals, including partial asset disposition, which is also supported in CCH ProSystem fx Fixed Assets.

Mike Kaebisch, Firm Administrator at Meicher CPAs, LLP in Middleton, WI mentioned that the firm is a big believer in CCH ProSystem fx Fixed Assets.  It helps the firm figure out where there are gaps in a client’s depreciation or if things that are aged out need to be removed completely from the assets schedule. Then, the information can be flowed directly into it CCH ProSystem fx Tax, saving enormous amounts of time and eliminating data entry errors.  For more information or to read the case study, click here.

CCH ProSystem fx Fixed Assets offers an excellent selection of standard asset and depreciation reports including Depreciation Expense Report, Disposition Report, Depreciation Variance, Asset Notes Report, Detail Projection, and Depreciation Expense Comparison. Worksheets for Form 4562, Section 168, and Section 179 are also available in the application.  CCH ProSystem fx Fixed Assets also generates IRS Form 4797. All reports are completely customizable, with users able to create data columns, custom headers and footers, along with other page setup options. Both current and prior year reports can be generated in the application, with the system supporting custom date ranges in prior years.  CCH ProSystem fx Fixed Assets also includes an option to include all amortized assets in the same report as all depreciated assets, or create a separate report if desired.  All CCH ProSystem fx Fixed Assets reports can be displayed on screen, printed, exported to CCH ProSystem fx Engagement or  associated workpapers, exported to Microsoft Word or Excel, or saved as a PDF. 

When used as a stand-alone application, CCH ProSystem fx Fixed Assets can import data from popular third-party tax applications including Bloomberg Tax, Fixed Assets CS, Sage Fixed Assets, and Asset Keeper.  Users can also import data using a CSV file or through Microsoft Excel. 

CCH ProSystem fx Fixed Assets offers excellent help options throughout the application. The product also offers a searchable knowledgebase, product release notes, product guides, as well as access to short instructional videos. Users can request a remote support session, use the convenient chat feature, or contact support via telephone during regular business hours. Support can also be accessed from the website, and is included in the cost of the application.

CCH ProSystem fx Fixed Assets is best suited for accounting professionals that currently handle a large number of assets for their clients, though the product is also suitable for businesses looking to manage assets and depreciation in -house. Robust when used with other CCH ProSystem fx applications, the product can also be used as a stand-alone asset and depreciation management solution if desired. Those interested in the application can download a demo of the application or contact the vendor directly for an online demo of the product. Pricing for CCH ProSystem fx Fixed Assets starts at around $2,500 for a single user license, with users able to request a personalized quote directly from the vendor.  

2019 Overall Rating – 4.75 Stars