CPA Software News gives Fixed Assets Manager another 5-star rating! ~ December 2003

The Fixed Assets Manager from Vertex (866-829-8324; www.vertexinc.com) offers a database-oriented style targeted to defining a database. The user has the option of using asset types, in which case pre-populated information, such as method, convention and life, will be dropped for the asset based on the asset type selected. However, the user can opt not to use asset types. In this case, the user populates the asset with the appropriate data. In both cases, validation is applied to conform with IRS rules.

For example, an asset acquired in 1985 cannot be assigned a MACRS method, because MACRS didn’t come into effect until 1987. The system is designed to track information relating to the tax implications of fixed asset management and is powerful enough to track fixed asset information for larger entities, providing the mechanism for tracking an unlimited number of books and entities. The program interface takes advantage of a Windows-style appearance, making program navigation easy. The program requires Windows 98/NT/2000, a CD-ROM drive and 115MB of hard drive space for installation of the program and an empty database. Data file size is dependent on the amount of information stored. A Pentium III or equivalent with a 733 MHz processor is necessary, and the database system uses SQL Server 2000 or MSDE 2.0.

The program’s main screen has an Explorer pane on the left-hand side that offers tree-style navigation to the asset types, accounting information and the entities tracked in the database. Selecting an option in the Explorer pane opens a listing of the information maintained within on the right-hand side of the screen. Asset searches can easily be performed to find and view asset information. Actual asset data entry requires minimal information to be entered relating to the general purchase of the asset. Accounting  information is automatically determined based on the asset type selected. The system will automatically fill in information such as convention and life based on the asset type.

The data-entry screen appears with the general information entered on the left-hand side and folder tabs to access book, accounting, investment tax credit and election information. A folder tab is even available to enter information relating to units of production for the accounting of manufacturing, oil and gas type assets. The data-entry screen is easy to navigate. There are a few inconveniences, such as the date entry must have a four-digit year and the system does not automatically verify the date entered until the end of data entry. The program does provide the ability to require default information to meet a specified format and include only items entered as acceptable.

For instance, the state field can be required to meet the list of acceptable state values entered in the accounting information defaults. The program then automatically completes the field based on the data entered in the system. The depreciation can becalculated at any time and displayed via the print preview function. The program forces depreciation to be completed prior to printing reports, ensuring that the information entered is always updated based on the data entered. The system has several reports available to meet the needs of the preparer including worksheets to support the completion of Forms 4562, 4684, 4797 and 6252. The system will also generate reports relating to journal entries and reconciliation between separate books.

Reports can be sorted based on accounting information on up to three sorting levels. The system can also generate consolidated reports and forms for multiple entities and provide depreciation forecasts for up to five years for budgeting purposes. The system is powerful enough to track information on an entity-by-entity basis and provides the flexibility in reporting necessary for all levels of a larger corporation. Importing functionality is also available to provide support for importing asset information from text files into the program.

The Vertex Fixed Assets Management system is tailored toward the tracking of information for corporate tax purposes and provides several useful benefits that support the tracking of this information in a larger corporation.  The ability of the program to handle mass assets and split an asset cost are helpful, as well as the ability to track entity information remotely and restore the information to a central system.

Vertex has unlimited customer support for the length of the license and offers instructorled web-based training for CPE credit. The company web site also offers information in the form of FAQs and hints. The program pricing is tiered and is based on the number of users and number of assets tracked. The Basic package for a single user and up to 1,000 assets is $1,300 for the first year and $1,000 in subsequent years. A multiuser system with up to 10 users and an unlimited number of assets is $13,500 for the fist year and $6,750 for subsequent years.

 The program’s ability to integrate with financial systems and transfer information between various entities is beneficial to the larger organization wanting to maximize the technology investment of a company by facilitating integration between related entities.