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Fixed Assets

Fixed Assets

There are two general classifications of assets, short-term assets and fixed assets. Short-term assets are those that remain on the books for less than one year. Short-term assets include things such as cash and office supplies which are commonly used up in a short amount of time. Fixed assets are those assets that remain on the books for more than one year. The IRS defines fixed assets as property or equipment with an estimated life in excess of one year.

Fitrix Fixed Assets provides a comprehensive system for tracking your assets and for calculating and posting depreciation at the end of each accounting period. Fixed Assets allows you to take depreciation on an unlimited number of assets with an unlimited number of books for each asset. Examples of the types of books are the Main book used to post depreciation to your General Ledger, the Federal Tax book used to report depreciation to the IRS, the Alternative Minimum Tax book (AMT), and the Adjusted Current Earnings book (ACE).

Features/Function Highlights

  • Automatically posts monthly provisions to the General Ledger
  • Calculates book and tax depreciation using a number of different depreciation methods
  • Groups assets for reporting purposes
  • Tracks warranty information and maintenance costs on each asset
  • Revalues assets based on additional capitalized expenditures
  • Ability to enter and post year end adjustments due to short years and any required conversion to mid-quarter convention
  • Calculates profit or loss on the sale of any asset
  • Ability to automatically “clone” assets during initial set up
  • On line historical notes for each asset

Reporting

Reports available include:

  • Print Asset Life Summaries
  • Print Form 4562 Data
  • Print Tax Preference Report
  • Print Gain/Loss Report
  • Print Acquisitions Report