PRO*FAS Fixed Asset System. (The CPA & the Computer)by Sedgwick, Betsey
While the PRO*FAS Fixed Asset System (PRO*FAS) will operate on an 8088- based PC, it is highly recommended that a 386 or better PC with a minimum of four megabytes of memory be used.
PRO*FAS requires slightly over one thousand bytes of disk storage per asset record. A database with 10,000 asset records will occupy over 11 megabytes of disk space.
PRO*FAS allows the user to code data by company, location, division, department, class, general ledger code, as well as 10 other data fields. Additionally, PRO*FAS allows the user to track investment tax credit, Sec. 179, luxury auto, full or partial disposals and/or inter-company transfers on an asset by asset basis. Property tax, leased asset, maintenance information, and memo fields are an optional feature.
PRO*FAS provides the fixed asset manager with "Books" coveting regular Federal tax, financial statements, alternative minimum tax (AMT), adjusted current earnings (ACE), as well as state and local taxes. PRO*FAS also provides for the full month, mid-month, mid-quarter, half- year, and full-year conventions and adherence to the 40% conversion rule. PRO*FAS will perform the mid-quarter conversion at the users request.
PRO*FAS provides excellent telephone support. Questions and individual program changes are handled quickly, professionally and with a personal touch.
Data Entry & Transferability
Once the user has started PRO*FAS, maneuvering through the system menus and the data entry screens is simple. When the data entry option is selected from the main menu, PRO*FAS displays asset information for the first asset record in the file. Below this asset information are function key options to edit, copy, add, and delete the current asset information shown on the screen. By using the page-up and page-down keys, the user can move through the data file asset by asset.
There is also a search function that allows the user to find an asset record by searching on one of eight data fields. There is also a "Go to" function that will display information for a specific asset record number.
Manual data entry on PRO*FAS is aided by a master list table look-up feature that allows the user to select the correct data item from a list of valid choices for the current data field, or the user may key data into the field and have the system validate the data against the master list. When the system encounters an invalid entry, the user is forced to re-enter the data until a valid entry is made.
For example, the user is about to enter data in the "Division" data field. The user presses function key one (Fl) and a window of possible valid choices for the "Division" data field will appear on the screen. The user selects the desired valid choice with the cursor and presses the enter key to complete the operation. PRO*FAS will enter the selected item on the screen.
The second page of the asset record contains all the depreciation information for four books; IRS, book, state, and tax preference. The "Intelligent Data Entry" feature of PRO*FAS prevents data entry errors by not allowing the user to enter depreciation information that is not acceptable under IRC section or GAAP for the property type, depreciation method, and service date selected. If adjustments to the PRO*FAS calculated accumulated depreciation need to be made to tie to the user's current system, this can be accomplished with case by keying in the adjustment date and the correct amount for the accumulated depreciation on the adjustment date. PRO*FAS will then calculate the actual adjustment amount and place it on the adjustment line. This field can be changed as often as necessary. Depreciation can be recalculated by the touch of a function key.
The technical support staff at Decision Support Technology can import existing fixed asset data from several different PC data formats into PRO*FAS. While the fee for this service ranges from $500 to $1,000, experience has shown that this is less costly and much more flexible than the client attempting to import the data themselves. The turn- around-time is generally two to three days.
Transferring monthly accounts payable data from your accounting system, data collected via a bar code scanner, or any other system is very simple. Again the technical support staff at Decision Support Technology will design a custom data import program to meet your exact needs for a fee ranging between $500 to $1,000.
A typical accounts payable import program will perform various error and validity checks, create 800 to 1,000 asset records in less than one minute and then produce an error report as required.
The PRO*FAS System report selection is extensive. There are six asset reports including asset acquisition, disposal, and inventory reports. The depreciation reports provide the fixed asset manager with depreciation detail by selected book viewed from a 12-month, four- quarter, and a three-year by month perspective. Other detail reports compare the IRS, book, state, AMT, and ACE books by asset. Additionally, there is an Alternative Minimum Tax comparison and FASB No. 109 projection report.
PRO*FAS provides the user with the ability to run any depreciation report for any time period; past, current or future by simply setting the desired date range for the report. PRO*FAS recalculates depreciation over the assets entire life and uses that portion of the depreciation stream required for the report. This feature, as well as, an extensive multi-level sort/select capability provides the fixed asset manager with tremendous flexibility in report generation.
If this isn't enough, the user can transfer data to a worksheet file or use an optional report generator to design custom reports. One missing feature is the capability of looking at reports on the screen.
The user can do "what-if" analysis comparing two depreciation scenarios side by side and print out timing differences between the two methods.
There is a construction-in-progress module where capital project dollars can be accumulated. When the project is complete, the user can transfer the project dollars to the asset file. Purchase data can be imported from other systems into PRO*FAS, keeping maintenance to a minimum.
A retail version of PRO*FAS is also available. This version was created to meet the unique needs of the retail industry to track assets by store, as well as, perform several store-related functions, such as construction-in-progress, calculate initial recovery period for leasehold improvement assets, and calculate remainder life of leasehold improvements upon lease extension, etc.
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