FAMS - Fixed Asset Management System

FAMS - Fixed Asset Management System is available for the Windows Environment and AS/400 and includes the following features

FAMS Facilitates Change

• Mass or partial transfers and disposals as well as reinstatement functions are all available.
• Mass change feature allows user to quickly update data when information changes
• Unlimited additional text may be associated with each asset record for tracking service history, improvements, etc.

Depreciation

• Display or report depreciation for any period of the fiscal year at any time
• Allocate depreciation expense for a single asset to multiple expense accounts
• Short fiscal year calculations are supported according to all IRS regulations
• Independent fiscal year closing of depreciation books allows staggered closing of a year-end to accommodate timing differences in audit and adjustment periods
• Accommodates 52–53 week year including thirteen accounting periods and unequal accounting periods (4-4-5, 5-4-4, 4-5-4)
• Complies with Luxury Auto Limits including increased limit according to JCWA 2002
• Suspend depreciation for idle assets
• Assets with negative or zero cost/depreciation are accommodated
• Like-kind exchange depreciation according to IRS Notice 2000-04 as well as GAAP
• Manages and reports the adjustment of depreciable basis of Section 179 property
• Process trade-ins according to GAAP and federal tax guidelines
• Election to take additional 30% first-year depreciatino on qualified assets according to JCWA 2002
• Additional depreciation benefits for NYLZ assets
• Projections - Depreciation projections are available
• For future years in 5,10,15 and 20-year increments and any increment between 1 and 30
• By individual asset
• In summary form
• For FASB 109 reporting

Compliance With Tax Code And Regulations

• Complete integration of pre-ACRS, ACRS and MACRS tax regulations to ensure compliance with applicable tax laws.
• Tax law changes created by ERTA of 1981, TEFRA of 1982, TRA of 1984, TRA of 1985, TRA of 1986, TAMRA of 1988, Revenue Procedure 89-15, Revenue Reconciliation Act of 1989,
• Revenue Reconciliation Act of 1990, Revenue Reconciliation Act of 1993, Small Business Reform Act of 1996, Taxpayer Relief Act of 1997, IRS Notice 2000-04, Job Creation and Workers Assistance Act of 2002, Jobs and Growth Tax Relief and Reconciliation Tax Act of 2003.

Security-By-User Profile

• Menu /Option Security
• Database Security’
• Field Level Security
• Group Profile Capability

Complete Audit Trails

• Optional audit trail file reflects additions, changes and deletions to an asset by user and workstation ID
• Available on-line or via reports

Establish up to 36 books of depreciation for each asset, including:

• Book
• Federal
• State
• AMT
• ACE

Supports numerous methods of depreciation, including:

• MACRS 150% and 200%
• ACRS
• Straight line
• Declining Balance
• Sum-of-the-Years-Digits
• Units of Production
• User-defined Methods

Supports numerous conventions such as:

• Half year
• Mid-month
• Mid-quarter
• Actual months

• Acquisition information
• Serial number
• Asset classification
• Disposal and transfer data
• Control groups
• Replacement cost values
• Optional Multi-Currency module allows currency tracking and reporting of multiple currencies(including Euro)
• Define field literals with terminology that is consistent within the corporate environment
• Customize system values to reflect each organization’s specific requirements
• Maintain additional asset information with 25+ User Defined Fields

The wide range of reports provides the necessary information for internal and external accounting, tax reporting and planning – in a format that’s readable and easy to interpret.

• Company consolidation summary reporting
• Division summary reporting
• Asset transfers/disposal/trade-ins with prorated depreciation expense
• Gain and loss reporting
• Inventory worksheet
• Component summary reports
• Monthly depreciation summaries
• Complete projection reporting
• Analysis of assets (Sec 10-K format)
• FASB109 reporting

• Tax form 4562 – Depreciation and Amortization
• Tax form 4626 - Alternative Minimum Tax Worksheet
• Tax form 4797 - Sales of Business Property
• Mid-quarter determination analysis
• AMT, ACE and E&P

• Additions
• Disposals, Gain/Loss
• Transfers
• Analysis of assets (Sec 10-K format)
• Monthly depreciation summaries

• Property tax reporting by class and by in-service year
• Property tax reporting by territory
• Appraisal values by insurance company
• Replacement values

• Easy-to-use Graphical User Interface (GUI) available
• Custom Asset Templates for faster and more accurate data entry
• All data is validated on-line against tax laws and user defined tables
• Access to assets with 15 pre-defined Asset Inquiry options or User Defined Inquiry

Foreign Currency

• Maintain assets in multiple currencies with automatic currency translation
• End of period, average period and average annual rates available
• Depreciation expense calculated in the currency utilized
• Extensive reporting
• General Ledger transactions may be booked in multiple currencies

Inflation Adjustment

• Calculate and track the impact of inflation on the cost and accumulated depreciation for companies who operate in areas of hyper-inflation
• Inflation adjustment percentages defined by period, fiscal year and books of depreciation affected
• Inflation adjustment amounts tracked separately from original asset
• General Ledger transactions may be booked for monetary correction income/expense, asset cost and accumulated depreciation