Fixed Assets is a flexible and complete financial system that enables you to obtain up-to-date information about your assets, handling every aspect of tracking depreciation—from the time an acquisition is purchased, to selecting a depreciation method, to posting accumulated and expense amounts to General Ledger.

The asset key consists of four “grouping” elements, company, division, type and location, which allow assets to be categorized for sorting and reporting purposes. Accumulated Depreciation and Depreciation Expense accounts can be assigned to a default group and overridden as needed or each asset can have it own set of posting accounts. Every asset is assigned a unique 6-digit Serial Number that maintains its individual integrity.

Para’s unique Depreciation Projection feature allows you to review depreciation calculations based on a proposed method, capitalized date and life, capitalized value and salvage value and so on. The “on screen” calculation display, which can also be printed, breaks out current and accumulated depreciation projections along with remaining value and number of months. Therefore, you can test different connotations before actually entering an acquisition and making it a permanent part of the company’s books. Even after an asset is included in the master file, depreciation can be projected based on a fiscal year starting date and number of years to be projected.

The asset record has separate sections for Federal, State and Internal depreciation so you can use different criteria for various financial purposes. The method, life and so on chosen for the Internal schedule is used to post accumulated and depreciation expense to the General Ledger System, which updates the company’s financials. The system continues to accumulate depreciation until an asset has reached the end of its established useful life, defined as a number of months or years.

Fixed Assets easily handles a situation where an asset is transferred, for example, from one location to another, as well as when an asset needs to be retired before the end of its useful life. In the case the sale of an asset, you can record the “resale price”. If an asset is being retired due to a fire or flood or other extenuating circumstance, you can flag it as an “extraordinary retirement”. In both cases, you document the date on which the event, transfer or retirement, takes place.

A complete series of financial reports allow you to better manage your capital equipment and see the effects on taxes, cash flow and rate of return with “current” and “projected” depreciation calculations and “replacement” costs and “net value” available at your fingertips. The ability to generate Asset Labels is particularly useful in the case of an office move or other situation where positive identification is vital.

You control Period-End processing, the crucial processing step that calculates depreciation amounts for each asset over the specified number of months. At the end of the fiscal year, a simple option closes the books and resets year-to-date depreciation in anticipation of the new year, while maintaining prior depreciation figures. The ability to run a “short” fiscal year-end accommodates a situation where the company is bought out or merges with another company and, therefore, needs to change its fiscal calendar accordingly. The system handles this structure alteration by maintaining the depreciated through date, but adjusts the capitalized fiscal period.

Maintaining Para’s user-friendly software approach, the system sends a screen warning you to back up files for safety before proceeding with vital steps that will update the permanent files.

Features Include:

Future Depreciation Projection calculations
Separate schedules for Federal, State, Internal Depreciation
Asset grouping by Company, Division, Type, Location
Unique identifying Serial Number
Calculate/post Accumulated Depreciation/Depreciation Expense
Short Fiscal Year processing
Asset Retirement with Resale Value/Extraordinary Flag
Transfer Asset to different “Key”
Change “First Year” convention
Replacement Cost and Book Value calculations
Current Depreciation status
Identifying Labels
Capitalized, Salvage, First Year Bonus values
Automatic GL Interface