2019 Review of Thomson Reuters Fixed Assets CS

Fixed Assets CS from Thomson Reuters is part of the CS Professional Suite of applications. Fixed Assets CS is a good fit for accounting professionals as well as enterprise level businesses that wish to handle asset and depreciation management in-house. As an added convenience, Fixed Assets CS offers seamless integration with other CS Professional Suite applications, though the product can be used as a stand-alone asset management application if desired.

Fixed Assets CS can be deployed in a virtual office setting or as a SaaS application. During the initial setup process, users can import asset data from third-party applications or choose to enter assets manually. The Asset List window is where users can easily add, modify or delete an asset. The Asset List also displays a complete description of each asset, as well as in-service date, tax/cost basis, and group. Users can easily customize the user interface to reflect their needs, and a Method/Life Wizard is available that will automatically fill in the appropriate method, lives, and ADS lives for all treatments being calculated based on the asset class chosen when the asset is entered. Users can also create templates with client-specific details to reduce the amount of data entry needed. 

Fixed Assets CS allows users to create associations, groups, locations, or property types to categorize each asset, with more than 147 predefined associations offered in the application, with the option to enter 10 custom associations if desired.

Fixed Assets CS offers a variety of standard treatments such as Tax, Book, all 50 States, AMT, State AMT, Earnings & Profits, ACE, and State ACE, with users able to create an unlimited number of custom treatments, with the ability to base depreciation on month, half-year, or full year periods.

Fixed Assets CS also supports common depreciation methods including MACRS, ACRS, Straight-Line, Sum-of-the-Years’ Digits, Units of Production, Amortization, and 200/150/125% Declining Balance, with the option to create up to 99 user-defined depreciation methods if desired.

Fixed Assets CS supports like-kind exchanges, and users can easily attach pertinent documents to any fixed asset file such as invoices, warranties, service records, or images. A cut and paste option is available that allows users to cut an asset from one client record and paste it into another client record. In addition, group assets can be combined into a single unit, or a single asset can be divided into two or more assets in the application

A Disposal Wizard is available in the application that guides users through the entire disposal process. Fixed Assets CS also supports both mass dispositions and mass transfers of assets, and the product calculates a variety of credits automatically, including Rehabilitation, Solar Energy, Geothermal Energy, Investment Tax, and others. 

Fixed Assets CS offers an excellent selection of built in asset and depreciation-related reports including Asset Detail, Asset List, Property Detail, Future Depreciation, Location Summary, Depreciation Projection, and Yearly Comparative Depreciation. Forms 4255, 4562, 4797, FASB109 and 3468 worksheets are also available in the application. All reports can be easily customized, and users can create a set of client-specific custom reports if desired.  All Fixed Assets CS reports can also be exported to Microsoft Excel for additional customization if desired, or saved as a PDF. 

Fixed Assets CS seamlessly integrates with other CS Professional Suite applications including Accounting CS, UltraTax CS, and GoSystem Tax RS, and the optional Fixed Assets Inventory module allows users to easily track individual assets and perform physical inventory counts using a barcode scanner. Users can also import data from a variety of third-party applications into Fixed Assets CS using an ASCII file or Microsoft Excel. 

Thomson Reuters Help-and-How-To Center offers a fully searchable knowledgebase along with the ability to browse through various system topics. A troubleshooting guide is available as are a variety of short product videos. Product training options include custom training, on-demand training, and both web and classroom training. A robust user community is available, and product updates can be accessed from the Help and How-To Center as well. Toll-free customer support is available during regular business hours, with email and chat support options offered as well.

Fixed Assets CS from Thomson Reuters offers excellent fixed asset and depreciation management for accounting professionals that manage a large number of client assets. Ideal for firms using other Thomson Reuters applications, the product is also suitable as a stand-alone asset and depreciation management application. Available as a virtual desktop application, as well as a SaaS solution, those interested in Fixed Assets CS can download a free trial of the application from the CS Professional website, or request a custom quote.  

2019 Overall Rating – 5 Stars