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Fixed Assets

Fixed Assets Screenshot - Click to see a larger image.

Classic

The fixed assets section allows you to maintain detailed records of fixed assets, including purchase date and amount, life, age, scrap value, and various depreciation methods and accumulated depreciation, as well as the accounting for depreciation and book value. Amortization schedules may be calculated and printed for any simple interest loan terms.

As is the case with all SI Systems' accounting modules, this fixed asset processing module is fully integrated with general ledger, payroll, job costing, requisitions, and other applicable accounting functions.

The depreciation methods used are for financial accounting purposes (Book), State Income Tax (State), and Federal Income Tax on assets purchased after 1980 (ACRS).

In sl or straight-line depreciation the amount of depreciation is the same for each year of an asset's useful life.

Db or declining balance is an accelerated form of depreciation. During the early years this method produces greater depreciation and then progressively smaller amounts in later years. This is appropriate for assets that depreciate more in the first five years. When a declining balance is 2 times the straight-line depreciation rate it is called 2db or double declining balance.

ACRS is Accelerated Cost Recovery System. Scrap value is not considered when using ACRS, so depreciation is based on the original cost of the asset. The years of useful life are usually reduced so that annual depreciation is increased.

6. Fixed asset maintenance (sets up asset ID)

    1. Class years
    2. Description of item
    3. Serial Number
    4. Acquisition date
    5. Depreciation (Star date) (No direct posting to GL)
    6. Asset account
    7. Accum depreciation account
    8. Depreciation expense acct/div.

After above information is filled in, you will then be asked to pick the type of depreciation method you are using:
Sl (Straight line)
Depreciation is the same for each year of the asset's useful life)
The estimated value of an asset at the end of its useful life is called salvage value, scrap value, disposal value, or trade-in value.
Db (Declining balance, accelerated method)
1.5db (One and one half times declining balance rate)
2 db (Double declining balance rate)
ACRS (Accelerated Cost Recover System, defined as having 3, 5, 7, 10, 15, 20, 27.5, and 31.5 year useful life)
A business owner may switch from the dB (declining balance) method to the straight-line method for the remaining useful life of the asset if the straight-line method produces a higher annual depreciation.

    1. Choose one of the 3 depreciation methods:
        Sate (double)
        Book (company books)
        Federal (ACRS pro-rated scaling)
    2. 1st Year convention %
    3. Life in months
    4. Age in months
    5. Purchase price *
    6. Accumulated depreciation *
    7. Current Cost*
    8. Scrap value (estimated value of an asset at end of its useful life)
    9. Monthly deprecation
  10. Y.T.D. depreciation taken
  11. Last depreciation date
  12. Old investment tax credit
          * will fill in when report is run

7. Print fixed asset list (Prints all 3 columns Sate, Book, Federal)

    Enter class to print or for ALL
    Enter beginning asset ID for ALL
    Enter ending asset ID for ALL

8. Monthly depreciation schedule (State or Book only)

    1. Calculate Depreciation on State Column
    2. Calculate Depreciation on Book Column
    3. Print Depreciation Report State Column
    4. Print Depreciation Report Book Column
Report shows asset ID and description, depreciation method i.e. blank, straight line, 1.5 db, 2db, db or acrs, current depreciation, YTD depreciation and accumulative depreciation.

9. Yearly deprecation schedule (State or Federal only)

    1. Calculate Depreciation on State Column
    2. Calculate Depreciation on Federal Column
    3. Print Depreciation Report State Column
    4. Print Depreciation Report Federal Column

10. Clear depreciation (YTD or monthly)

    1. Clear Y.T.D. State Only
    2. Clear Y.T.D. Book Only
    3. Clear Y.T.D. Federal Only
    4. Clear Y.T.D. All Columns
    5. Clear Monthly State Only
    6. Clear Monthly Book Only
    7. Clear Monthly Federal Only
    8. Clear Monthly All Columns
    (Will ask you if you are sure you want to clear depreciation (y/n)

11. A.C.R.S. table Maintenance (Large assets, i.e. property, buildings, etc.)

    Will show Life (years) and Year(s) Percentage
    Fill in number of Life (years) and Percentage for each year will show up totaling 100%
    The first year you want to take a certain percentage to take as much as you can off your taxes.

12. Amortization (shows principal and monthly payments and interest etc.)

    Enter schedule name
    Standard option:
    Monthly Payments (T = 12 Payment/Year)
    Full Duration of Loan: NO Balloon Payment
    Change Default Options: (y/n)
    Enter Principal Amount of Loan and Monthly Payment
    Interest Rate - Annual %
    Number of Monthly Payments
    Initial full month of loan (Month prior to 1st payment)
     (Asks you if data you have entered is correct, i.e. Principal Amount, Monthly Payments)

For instance, if you were buying a company vehicle you would fill in all the above and the screen would then show the Principal Amount, Monthly Payments, Total number of Payments showing amount of last payment, Interest Rate, Initial Month 1st payment will be made and Accrued interest. Is date correct? Do you want to print report?

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