Accounting
2020 Review of ProSystem fx Fixed Assets
Aug. 14, 2020
From the 2020 reviews of Fixed Asset Management systems.
The CCH ProSystem fx Fixed Assets solution is best suited for accounting firms that manage a large number of fixed assets for their clients. CCH ProSystem fx Fixed Assets supports an unlimited number of assets for each client as well as an unlimited number of companies for all business entity types. The application can be installed on a desktop or network system or accessed using a web browser. CCH ProSystem fx Fixed Assets can be used as a stand-alone fixed assets management application or in conjunction with other CCH applications.
Entering a new asset in CCH ProSystem fx Fixed Assets is designed to be simple with all asset data entered on a single screen. Users can use the pre-defined list of asset types when adding a new asset, with depreciation detail entered in the lower portion of the Detail tab.
Asset data can also be imported from other applications using Microsoft Excel, and users can transfer assets from other third-party applications using the data conversion option. The main asset entry screen is easily navigated, and users can view a complete list of assets along with detailed information on each asset by clicking on the appropriate tabs. The user interface, including the toolbar, are easily customizable and each user is able to customize the interface individually.
CCH ProSystem fx Fixed Assets includes a total of eight books, with five default books available including Federal, Financial, AMT, ACE, and State, along with the ability to add three user-defined books that can be displayed side-by-side on a single screen for quick comparison. These books also calculate the various state depreciation values following each state’s conformity reaction to federal legislation. Depreciation methods included in CCH ProSystem fx Fixed Assets include MACRS, Sum-of-the-Years Digits, ACRS, Amortization, Straight Line and Declining Balance. The application also calculates negative depreciation, can copy or transfer assets between files and will import asset data into the application from an Excel spreadsheet.
In addition, CCH ProSystem fx Fixed Assets will automatically calculate listed auto and Section 179 limits, reduced lives for Indian Reservation Property and will dispose of partial assets with the ability to group multiple assets together for a single disposal. The application can also track asset splits and exchanges, including the option to split assets into up to 99 separate assets.
CCH ProSystem fx Fixed Assets can handle a variety of disposition types including asset retirement and sale, and the application automatically computes any gains or losses on all disposed assets. The application also includes numerous user-defined fields that can be utilized to track additional information on each asset such as warranty details, maintenance records and insurance details, depending on the type of assets being tracked.
CCH ProSystem fx Fixed Assets includes a good selection of fixed asset reports including an Annual Activity report, an Asset List, Current Acquisitions, Depreciation Expense, Depreciation Variance, Exchange Detail, Net Book Value, Section 179 and reports to calculate 1.163(j) – 10 ( c ) Quarterly Basis, 199A Qualified Property and 951(A (d) QBAI Quarterly Basis. All reports can be completely customized, with users able to reformat standard reports to better suit their needs. Users can also modify predefined tax and financial reports, set a specific reporting period and create report sets.
Both current and prior year reports are available. All reports can be displayed on screen, exported to CCH ProSystem fx Engagement, CCH ProSystem fx Workpapers or printed to Microsoft Word and Excel or Adobe PDF.
CCH ProSystem fx Fixed Assets offers seamless integration with other Wolters Kluwer CCH applications including CCH ProSystem fx, CCH ProSystem fx® Tax as well as CCH ProSystem fx Engagement. When used as a stand-alone application, CCH ProSystem fx Fixed Assets can also import data from popular third-party tax applications including Fixed Assets CS, Sage Fixed Assets, and Asset Keeper Pro.
CCH ProSystem fx Fixed Assets offers a variety of help and support options, including a searchable knowledge base, product guides, product release notes, and instructional videos. While evaluating the application, technical support is available at no cost, with telephone support available during regular business hours. The cost of support is included in the cost of the application. Users can also request support via chat or by requesting a remote support session.
While CCH ProSystem fx Fixed Assets can be used as a stand-alone fixed asset application, it is best if paired with other Wolters Kluwer CCH products. Those interested in CCH ProSystem fx Fixed Assets can download a fact sheet or case study or request a demo directly from the website. Pricing is available directly from Wolters Kluwer upon request.