FAM Updates

The new 2012.01 version of Fixed Assets Manager has recently been updated.

Fixed Assets Manager Release Considerations Version 2012.01  


The following sections contain new features and considerations that apply to this version: 

What's New?  

The following features are now available with this version: 

2012 Tax Year Forms: 

Form 4562 - Depreciation and Amortization
Form 4684, Part I - Casualty or Theft Gain or Loss
Form 4797 - Sales of Business Property
Form 6252 - Installment Sale Income

Tax Legislation:

Bonus Depreciation for 2013 - The American Taxpayer Relief Act, H.R. 8 extended 50% bonus depreciation to eligible property placed in service prior to 1/1/2014 (for certain extended production assets, placed in service prior to 1/1/2015).  The Act also extended the fifteen-year straight-line cost recovery for qualified leasehold improvements, qualified restaurant buildings and improvements and qualified retail improvements.  Accelerated depreciation for business property on an Indian reservation also recovers under shorter lives.

Section 179 Limitations for 2012 and 2013 - The amounts for 2012 and 2013 Section 179 expensing are: the aggregate cost of any Section 179 expensed property cannot exceed $500,000 and a reduction of the limitation when purchases exceed $2,000,000.

2013 Auto Limits - For passenger automobiles (other than trucks and vans) placed in service during calendar 2013, the depreciation limit under IRC Section 280F(d)(7) is $3,160 for the first tax year.  For trucks and vans, the limit is $3,360 for the first tax year.

For passenger automobiles (other than trucks or vans) placed in service during calendar 2013 to which bonus depreciation applies, the depreciation limit under IRC Section 280F(d)(7) is $11,160 for the first tax year.  Trucks and vans to which bonus depreciation applies have a higher limit of $11,360 for the first tax year.

Refer to the IRS revised tables for both automobiles and trucks and vans for additional information on the 2013 limits.

New Reports/Exports: 

Cost-Depreciation Reconciliation Export -
This new export is located in the Accounting folder.  The export can be run for data on either the Book or Period Tab by selected time period.  An unlimited amount of Accouting Information fields can be added.

The export calculates the Net Book Value of the selected assets using the fields: Beginning of Period Cost, Additions, Transfers, Retirements, End of Period Cost Balance, Beginning of Period Depreciation, Additions, Transfers, Retirement, End of Period Depreciation, and Net Book Value.  Each asset has the Asset Cost GL Account and Depreciation Expense GL Account listed.  Additional Accounting Information fields can be selected on the Extra Fields tab of Print dialog.

Additions Export -
This new export is located in the Depreciation folder.  The export lists the Asset ID, Description, Placed in Service, Life, Method/Convention, Asset Type, Asset Classification, Cost and Current Depreciation.  The export can be run for one or more entities for a selected time period.

Bonus Depreciation Export -
This export is located in the Tax-Related folder.  The Bonus Depreciation Export lists the Type of Asset, Classification, Asset ID, Description, Placed in Service, Life, Method/Convention, Depreciable Basis, Bonus, Regular and Total Current Depreciation.  The export can be run for one or more entities for a selected time period.

Bonus Depreciation by Classification Report -
This report is located in the Tax-Related folder.  The Bonus Depreciation by Classification Report consolidates multiple entities into one report, sorts the assets by Classification, and then by entity.  The reports are subtotaled by Classification within the entity, subtotaled by entity and then Grand totaled for all entities.  This report lists Classification, Depreciable Basis, Asset Count and Current Depreciation.  The report can be run for one or more entities for selected time periods.

Tax Basis Report -
This report is located in the Tax-Related folder.  The Tax Basis Report shows the Cost and Depreciation opening balances and reconciles to the ending tax basis for the period selected. 

New Functionality:

Unretire - The functionality to individually or mass 'Unretire' assets.  An 'Unretire' icon (two upward double-pointing arrows) has been added to the Toolbar and to the right-click menu.  To unretire, highlight one or many retired or partially retired assets within an entity, click on the 'Unretire' icon.  A prompt will warn 'This action cannot be undone, do you want to proceed?'.  Click 'Yes' or 'No'.  The selected assets are unretired and returned to pre-retirement status.  Only assets that have been retired in the current year can be unretired.  Unretire only removes the most recent partial retirement for assets that have multiple partial retirements within the current year.

Unit of Property Asset Types - In anticipation of finalization of the Repair Regulations, nine Unit of Property Asset Types have been added to FAM.  You can add these asset types to your database by selecting from the Toolbar, Asset Types/Setup/Common/Units of Property.

The nine Unit or Property Asset Types: Electrical Systems, Elevators, Escalators, Fire Protection and Alarm, Gas Distribution System, HVAC, Other Systems, Plumbing System and Security System, are not locked asset types.  These asset types use default values for a 7-Year MACRS asset, MF200, HY.  All of the attributes of these asset types can be changed to the method, convention or life required for your business type without having to copy the original Asset Type and make changes to the copy.

Excel-formatted Exports have been Categorized -
The Excel-formatted folder has been removed and the Excel-formatted exports have been moved to an applicable folder category.  Reports that are in PDF formate have a diamond icon, the Excel-formatted exports have an 'X' icon. New locations of the former Excel-formatted exports:

Accounting folder - Monthly Period Data Export, Book Cost Reconciliation Export, Cost-Depreciation Reconciliation Export

Asset Information folder - Asset Detail Export

Database folder - Event Log Export, Accounting Information Fields Export, Accounting Information Fields Export for Non-Active Assets Export

Depreciation folder - Additions Export, Depreciation Export, Depreciation Export with All Accounting Information Fields Export

Diagnostic folder - Accounting Information Fields Exceptions Export

Tax-Related folder - Bonus Depreciation Export

Transaction folder - Retirement Export

Archiving the Event Log - The functionality to archive the Event Log has been added. In the Event Viewer, an Archive/Unarchive Event dialog allows archiving of the entire event log, portions of the event log or restoration of all or portions of an archive. 

To archive events, from the Toolbar, select View/View Events.  In the Archive/Unarchive box, enter the start and end dates of the time period to archive.  Click 'Archive'.  The dates entered can be for a portion or the entire log.

To unarchive a portion of events, enter the start and end dates for the time period to restore.  Click the 'Unarchive' button.  The portion of the unarchived event log will be chronologically restored.  If unarchiving the entire log, it is not necessary to enter dates.  Click the 'Unarchive All' button.

Quick Search on Asset ID and Description - This toolbar addition allows entry of an asset ID or description to find an asset in the View Pane.  After entering the search criteria, the asset's ID or portion of a description, click the magnifying glass to start the search.  The Quick Search box can be moved within the Toolbar by dragging and dropping.

Export Print Preview to CSV - The asset list shown in the Output Pane can be exported to a .CSV file. From the Toolbar, select File | Print Preview.  Within the Print Preview screen, click the Export button. Save the file to your location choice.

Prior Depreciation @ 100% - The field, 'Prior Depreciation @ 100%' has been added to the Depreciation Export report.

Search for Asset Fully Expensed -  To find assets that have the checkbox 'Fully Expense in first open period' checked on the Period tab of Asset Input, in the 'Find' dialog under Search Criteria/Item, select Advanced/Fully Expense in first open period.

Checkbox for 'All Books' in the Reapply Asset Types wizard - When reapplying asset types to all books, select the checkbox for 'All Books' on the second screen of the Reapply Asset Types wizard.

Multiple Books can be Selected on the Retirement Export - Single or multiple books can be selected for the Retirement Export.  To add multiple books to the export, from the Toolbar, select File | Print.  From Reports Folder/Transaction folder, select the Retirement Export.  In the Print dialog, click the 'Properties' button, on the General Tab in the Books dialog box, click the cells in the Selected column to add additional books to the export.

User-defined Numbered Asset Types - User-defined Asset Types are not limited to beginning with alphabetical characters.  User-defined Asset Types can be titled with a number as the first character.

Grouping Projection Reports - The fields, System Asset Type and Classification, have been added as an 'Available Group' in the Depreciation Projection wizard.  This choice is located on the final screen in the Depreciation Projection wizard in the 'Available Group' selection box.

'For Internal Use Only' Literal - The 'For Internal Use Only' literal can be added to the footer of Depreciation Projection reports.  To add this literal, click the 'Mark reports FOR INTERNAL USE ONLY' checkbox on the final screen of the Depreciation Projection wizard. 

New Fields Added to the Entity List Report - These fields have been added to the Entity List Report: Calc Section 179 (Y/N), Business Income Limit (Amount), MQ Calc (Allow, Prevent, Force), Books (Name).  This report is located in the Database folder.

Flag for Assets That are Fully Depreciated - A flag, 'E', has been added to the Report/Export legend for assets that have the 'Fully Expense in next open period' checked on the Period tab of Asset Input.  The reports with this flag: Monthly Period Data Report, Monthly Period Data Export, Period Data Report, Depreciation Report (Period Tab data), Depreciation Report with Reconciliation (Period Tab data), and Depreciation Export (Period Tab data).

Additional AIFs can be Added to Monthly Period Data Export - This export is located in the Accounting folder.  Up to six Accounting Information Fields (AIFs) can be added to the Monthly Period Data Export.  To add additional fields to this export, in the Print dialog box, click the 'Properties' button and from the 'Extra Fields' tab, select up to six fields.

52/53 Week Filers can Edit Period Names on Reports -  The period name can be edited in the 'Period Setup' dialog box.  The default naming of periods for 52/53 week filers is by number.  However, you can change the numerical peirod names in 'Period' setup with names using up to 10 alphanumeric characters.  To rename periods, from the Toolbar, select 'Period Setup' (the open green book icon).  Create the periods, in the 'Periods' box, clikc on the cells in the Period column and enter the new period names.  This name will be displayed on the Monthly Period Data Report, Monthly Period Data Export, Period Data Report, and the Periods Setup Report.

EIN Option of N/A - In 'Entity Setup' on the General Tab, there is the option to select 'N/A' for the TIN.

Grouping on the Disposition Detail Report - The Disposition Detail Report can be grouped by any Accounting Information field, System Asest Type or System Classification.  In the 'Print' dialog, click the 'Properties' button and the 'Grouping' tab.  Select the fields to group by.

New Installation Information:

SQL Express Upgrade - SQL Express has been upgraded to 2008 R2 Service Pack 2 to support Windows 8.  This will automatically happen during the installation or update to FAM release 2012.01.  There is no action required on your part.

For a complete list of software fixes and existing considerations, go to Release Considerations under the Help menu in Fixed Assets Manager.


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