Intuit ProLine — ProSeries Fixed Asset Manager

The ProSeries Fixed Asset Manager is offered as an add-on module to the ProSeries professional tax compliance system, or can be used as a stand-alone program, providing multi-book depreciation schedules, planning and forms compliance for fixed assets. The system includes support for all common methods, as well as options for creating custom books, with reporting options that include tax worksheets, projected depreciation and GL reconciliations. Other programs and add-on applications in the Intuit ProLine family include Lacerte Tax, as well as options for tax research, practice management, document management, document automation and tax data import.

Basic System Functions

ProSeries Fixed Asset Manager is designed for use by accountants and tax professionals providing asset depreciation and management services to multiple clients. Initial program setup and company setups are guided by wizards that help users select a client’s tax entity type, year/short-year calendars, schedule basis, default methods for depreciation treatments, GL account numbers and creation of asset groups. Users can directly import existing clients from the tax system and can set up client templates and copy existing assets in any company for use in creating new assets. Fixed Asset Manager can be used to manage any number of client entities, and global/group asset changes can be performed across multiple items.

The primary interface is nearly identical to that of ProSeries, with the program offering a centralized management center called Client Base, which the program opens into by default, and provides a searchable and sortable client list. The screen can also be filtered by detail and summary data and ordered by client number, name or EIN. When working with client files, the work area changes to a selection list of all assets, with columns displaying summary data for acquisition date, convention, cost, basis and other information. Tabs allow movement between the asset list and detailed information on individual assets, including all books assigned to the asset on a single screen view, disposal activity, projections, notes and a calendar. By default, all books are automatically recalculated as data is entered or edited.

While on the main asset selection screen, additional tabs at the bottom also offer quick access to depreciation schedule information that is displayed in the selection list columns. Above the main work screen area, the interface provides pull-down and icon-based selection menus for system functions, including displaying depreciation totals and performing the Sec. 179 40 percent test. General system customization options allow users to edit data fields, select display settings and screen views, and choose default file and export locations. 4.5

Core Asset Management Features

The program offers up to six schedules per asset, including federal tax, AMT, ACE, book, state and one custom schedule, and includes pre-configured calculations for averaging conventions and three dozen depreciation methods. It offers MACRS, ACRS, amortization and 168(f)(1), plus various straight-line, adjusted straight-line, declining balance and sum-of-the-years’ digits methods. It also provides tools for applying recent tax code changes for bonus depreciation and Sec. 179 expenses. Users can also calculate interim depreciation.

The ProSeries Fixed Asset Manager has wizards for performing many asset life functions and supports asset splits and various disposal types, but does not offer mass disposal options. Assets can be assigned to groups, departments, cost centers, location, type or other categories, with the ability to then perform actions across all items in a group. The system can consolidate assets between subsidiary units of the same entity, but not across separate client companies. Depreciation features enable calculation over the entire life of an asset, out to any number of years. Users can link assets directly to a client tax return in the ProSeries compliance package. The system does not offer direct integration with barcode or RFID scanning, but does provide reporting for performing manual asset audits. 3.75

Reporting

Reporting options in ProSeries Fixed Asset Manager include more than 50 reports that are grouped into categories for asset information, asset categories, GL reconciliation, lead schedules, monthly depreciation, tax preference and adjustments. The Report List Organizer allows users to easily create custom report sets that can be used across any client, and a report writer allows users to create custom reports or edit layout on output. Reports can be saved to Excel and Word formats. ProSeries Fixed Asset Manager includes tax worksheets for forms 4562, 4626 and 4797, along with generic property tax worksheets. 4.25

Import/Export/Integration

Fixed Asset Manager shares client information and asset data with the ProSeries tax system, and the system can also import data from CSV formats. Although designed primarily for use with ProSeries, its ability to export to Excel, Word, CSV and plain text also allows a two-step export-import process for transferring the data into other tax, trial balance and accounting systems. 4.5

Help/Support

The system includes several wizards for setup functions and asset life actions, plus offers extensive right-click menu options, tips, a user’s guide, tutorials and a well-built Help utility. The Intuit support website for ProSeries provides a knowledgebase, guides, how-tos, access to and online user community and support forums, and web chat-based tech support. Unlimited live support is included with program pricing. The program supports Windows XP, Vista and Windows 7. 5

Summary & Pricing

ProSeries Fixed Assets Manager provides a good base depreciation and asset information management system that is best-suited for professionals managing generally non-complex asset bases for small and mid-sized organizations. The system’s integration with the all of the federal modules in ProSeries Tax helps streamline data entry and transfer functions, and extends the ease of use to professionals using that compliance system. Fixed Asset Manager costs $229 per year.

2010 Overall Rating 4.5