TODAY'S FIXED ASSET ENVIRONMENT
Although the concept of depreciation is straightforward in itself, the calculation of depreciation for the purpose of keeping accounting records and preparing tax returns is not. In fact, the calculation of depreciation for tax returns is quite complex, not because the actual calculation of depreciation is complex, but because of the myriads of rules, regulations, limits and exceptions that govern these calculations. Additionally the same asset is usually subject to different sets of rules and limits for federal, state and local processing. To further complicate matters, clear and accurate records must be kept that show what assets have been depreciated and what depreciation methods were used. These records must be kept over the life of the assets so that assets can be consistently depreciated each year in accordance with the original choices made for their depreciation and in line with the depreciation taken to date for those assets.
THE GOAL OF THE PC SOFTWARE FIXED ASSETS SYSTEM
The goal of the PC Software Fixed Assets System is to make the calculation of depreciation and the record keeping for assets less complex and more manageable. Specifically the Fixed Assets System will allow the entry of fixed asset information in such a way as to facilitate the preparation of reports and interfaces that can be of significant help in preparing financial statements and tax returns. Other reports will produce asset records that may be kept with the clientï¿½s file and that will substantiate the depreciation that has been taken. These reports are also available in a PDF format which will allow them to be stored on computers rather than, or in addition to, on paper.
THE FLOW OF THE SYSTEM
The flow of the system is all based around the entry of the assets and the choices that are made for depreciating individual assets or general asset accounts. The system is designed to make the entry of asset information as easy and as fast as possible. The system is designed to be flexible in its reporting of asset information so that it can summarize and present the necessary asset information for both book and tax purposes for a wide variety of different business situations.
The PC Software Fixed Asset System is designed to be integrated with the P.C. Software Client Write Up System.
If you are interesting in discussing your fixed assets needs or in seeing an online demonstration of the Fixed Assets System, please give us a call at 800-237-9234.
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