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FIXED ASSETS
You need to analyze the tax and cash-flow
implications of assets before you acquire them. Once you have them, you
need to track their valuation and depreciation. You can do that with OPEN
SYSTEMS® Accounting Software (OSAS) Fixed Assets application.
It will help you make wise decisions about when to buy, when to lease, and
how to manage your capital for maximum return. You'll also have the full
range of financial and management reports you need to manage your
investments and meet tax reporting requirements.
Make sound management decisions, meet government reporting requirements,
and save time.
Forecasting tools help you evaluate leases, amortize loans, and experiment
with depreciation strategies before you make a capital commitment. You can
keep an eye on your depreciation options with four depreciation books that
let you track four sets of depreciation information. And, you can retire
assets at any time. Track the differences between estimated depreciable and
actual service life, and calculate the cost or proceeds from the retirement
of an asset.
You'll stay up to date with tax law changes. Fixed Assets provides a set of
IRS-supplied depreciation tables and supports MACRS, ACRRS, straight line,
sum-of-the-year digits, and declining balance recovery methods. Flexible
tables help you make changes easily to stay current with tax laws. You'll
also be able to satisfy government reporting requirements easily—Fixed
Assets puts the information at your fingertips.
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OSAS Fixed Assets Offers Choices and Flexibility With These Key Features:
- You can calculate depreciation for a combination of books. They include
book, federal tax, alternative minimum tax, and other (such as state or
local).
- Eliminate manual journal entries. The OSAS General Ledger interface
records accumulated depreciation expense entries automatically when you
post.
- You can change the system to conform to your tax assessment and
reporting needs with user-definable tax districts.
- Group related assets for reporting purposes or link additions and
adjustments to original assets by using multiple-part asset ID's.
- You can modify the system to conform to the way your business is
organized with user-definable location fields.
- You can use Fixed Assets as a stand-alone application, or you can
increase its power and versatility by integrating it with other OSAS
applications. Its online connection with General Ledger lets you look
up and verify GL account numbers from Fixed Assets, post book depreciation
information to General Ledger, and update your accumulated depreciation
expense accounts automatically. By adding Report Writer, you can create
custom reports and transfer data to business tools such as word processors,
spreadsheets, and database managers.
- Date and time stamping all reports helps to assure accurate data
analysis.
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Fixed Assets Reports
- Period Depreciation Journal
- Lease vs. Buy Analysis
- Trial Depreciation Schedule
- Additions Journal
- Retirements Journal
- Asset Value Report
- Depreciation Comparison Report
- Credit Recapture Report
- Property Assessment Schedule
- Percent of Business Use Report
- Gains and Losses Report
- Depreciation Summary Report
- Credit Summary Report
- Depreciation Tax Report (for IRS Form 4562)
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