OpenPro Fixed Assets Overview
The OpenPro Fixed Assets module records company assets and automatically calculates depreciation expenses. The system supports several methods of depreciation and automatically posts accumulated depreciation and depreciation expenses to the General Ledger module for a specified accounting period.
Flexible Asset Numbering System: An unlimited number of assets can be maintained, each with an alphanumeric code of one to 65 characters. The assets can be grouped by many types of categories for reporting purposes.
Depreciation Methods: A variety of depreciation methods are supported, including straight line, double declining balance, ACRS, and sum-of-the-years digits.
User Defined Asset Control: Accumulated depreciation, depreciation expenses and asset master accounts are user specified for each asset.
Reports: A variety of reports are produced, including a listing of all assets by type, category and description, method of depreciation and all other information maintained in the master file. The module also prints reports that list assets with original cost and current book value, and calculated depreciation for a specified period.
Fixed Asset Features
Allows you to make automatic monthly, quarterly, or annual depreciation journal entries to Accounting and Creative Solutions Accounting and preserve journal entry detail.
- Exports data in ASCII, DIF, and XLS (Excel) formats for use by other applications.
- Allows you to import fixed asset data using an ASCII file or XLS (Microsoft Excel) file.
- Handles annual, quarterly, or monthly depreciation.
- Handles up to three different prior fiscal year ends and short years.
- Allows you to combine the assets of multiple clients into a single asset file.
- Accommodates asset trades and exchanges.
- Allows disposal of multiple assets for one sale price.
- Allows transfers of assets.
- Allows you to maximize section 179 expense for a current-year asset.
- Allows you to maximize start-up / organization expenditures expenses for current-year assets.
- Allows you to link asset information using component assets, which are in turn summarized in an aggregate asset.
- Recognizes limitations on luxury automobiles (passenger) and listed property, and limitations for section 179 expense amounts.
- Allows you to optimize between actual costs and the standard mileage rate for 1040 clients in the year that a vehicle is acquired.
- Includes Backup and Restore features that make it easy to archive and restore client data.
- Custom report editor provides tremendous flexibility in creating new reports or modifying existing reports.
- Additional features include creating landscape and portrait layouts, varying the font, and creating calculated columns.
- Allows you to create “profiles” for report and form sets you need to print frequently. Each profile can be customized for specific presentation criteria.
- Allows you to acquire images that you can associate with an asset or assets.
- Bar code printing for Asset tagging
- Physical inventory of assets