Fixed Assets Overview:
Today, keeping track of a company’s fixed assets is a major bookkeeping task, especially in light of all the various depreciation methods that might be applicable and the fact that they may be transferred back and forth between locations. Also, state and federal depreciation laws tend to be different and in many cases, both of these methods differ from the desired internal methods of asset depreciation. The CDS Fixed Asset Package is designed to simplify asset accounting by accurately calculating depreciation by any one of multiple possible methods, providing up to three sets of depreciation books (state, federal, and internal), providing accurate detailed and summarized reports for easy reference and providing an optional automatic update to General Ledger.
Fixed Assets Features:
- Depreciation methods include straight line, sum-of-years digits, declining balance (1.25, 1.50, 1.75 and 2.00), user defined percentage, ACRS, Federal Declining Balance, and ‘no depreciation’
- Up to three different depreciation books (state, federal and internal) for each asset
- Keeps track of ITC and first year bonus depreciation
- Declining balance automatically converts to straight line at the optimum time
- Non-depreciation assets may be included for tracking purposes
- Depreciation may be calculated monthly and may be run for any period from 1 to 12 months
- Assets may be transferred between locations
- Asset tracking by location and classification
- Optional automatic interface with CDS General Ledger Package
Fixed Assets Reports:
- Asset Master File Listing
- Current Depreciation Report
- Annual Depreciation Report
- Asset Acquisitions Report
- Depreciation Forecast for the current and next fiscal periods
- Asset Transactions Report (Acquisitions, Dispositions, and Transfers)
- General Ledger Account Distribution Reports (for Asset Transactions and Depreciation Calculations)