Magazine article The CPA Journal

PRO*FAS Fixed Asset System

Magazine article The CPA Journal

PRO*FAS Fixed Asset System

Article excerpt

[Editor's note: For this month and the net, we present in this column two reviews of fixed asset accounting software. Readers may find it helpful in evaluating the reviews to refer to "Automating Depreciation Calculations," published in the November 11 issue of The CPA Journal.]

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.

SOFTWARE FEATURES

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 intercompany transfers on an asset by asset basis. Property tax, leased asset, maintenance information, and memo fields are an optional feature.

PRO*FAS provides the fed asset manager with "Books" covering 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.

SUPPORT

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 F1 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. …

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