2017 Review of Thomson Reuters Fixed Assets CS

Fixed Assets CS
Thomson Reuters

From the 2017 review of asset management systems.

Fixed Assets CS is well suited for both accounting firms that offer asset and depreciation management services to their clients as well as businesses that wish to manage multiple assets in-house. Fixed Assets CS is part of the CS Professional Suite and can be utilized as a stand-alone asset management solution, but works best if coupled with other CS Professional Suite applications.

Fixed Assets CS is available as a desktop application as well as cloud-based application. The main user interface offers a fully customizable drop-down menu that allows users to create shortcuts to frequently used product functions, making data entry more efficient, and less time-consuming. Fixed Assets CS offers more than 140 predefined asset associations as well as 10 user-defined associations. A task wizard is also available that allows users to quickly import asset data from another application, or copy similar assets between clients.

Fixed Assets CS supports a variety of treatments including Tax, Book, all 50 States, AMT, State AMT, Earnings & Profits, ACE, and State ACE. An unlimited number of custom treatments can be entered into the application as well. Conveniently, the Method/Life Wizard included in Fixed Assets CS will automatically fill in methods and lives for any asset entered, with the calculation based on the asset class chosen at the time the asset is added to the system.  

Fixed Assets CS supports commonly used depreciation methods including MACRS, ACRS, Straight-Line, Sum-of-the-Years’ Digits, Units of Production, Amortization, 200/150/125% Declining Balance. The product also offers up to 99 user-defined depreciation methods that can be utilized as needed. Users can base depreciation calculations on a variety of time-frames, including month, half-year, or full-year periods for non-ACRS/MACRS treatments. Depreciation methods can be set per asset, or a single method used for each client.

Fixed Assets CS allows users to easily manage asset related information such as product warranties and receipts, and users can attach a photo to each asset for reference purposes if desired.

The Disposal Wizard, included in Fixed Assets CS provides users with quick access to related IRS regulations and related codes as assets are entered for disposal. Users can also mass-transfer any assets in the system and mass dispositions can be handled in the product as well. Like-Kind asset exchanges are also supported, and the included inventory feature allows users to quickly perform asset inventory using a barcode reader.

Assets can also be grouped and transferred, or simply sold as a single unit. All transfers, dispositions and disposals are handled from a single user interface, making the process fairly straight-forward.

Fixed Assets CS offers an excellent selection of asset and depreciation reports including Asset Detail, Depreciation Projection, Asset List, Property Detail, MACRS Convention Detail, Future Depreciation, Yearly Comparative Depreciation, and Current Year Asset Additions, In addition, the product also supports a variety of forms including Forms 4255, 4562, 4797, and Disposals FASB109, and 3468 Worksheet. All reports are fully customizable, with users able to create custom reports for clients, and a report template is available that assists users in creating custom reports that can be saved and later accessed. All Fixed Assets CS reports can be exported to Microsoft Excel for further customization if desired, or saved as a PDF.

Users can import asset information into Fixed Assets CS from a variety of applications using ASCII files. Data can also be imported from Excel as well.

As part of the CS Professional Suite of applications, Fixed Assets CS offers seamless integration with other modules including Accounting CS, UltraTax CS, and GoSystem Tax RS, thus eliminating the need for time-consuming duplicate data entry.  

Fixed Assets CS offers users solid help functionality throughout the application. The Customer Center offers users access to a variety of training and support options including access to chat support as well as system downloads. The Help and How-To Center offers users direct product help, where they can also search for common solutions by entering search terms, or by browsing solutions by topic. Fixed Assets CS also offers new users a variety of training options including web-based, classroom, and on-demand training. Product support for Fixed Assets CS is billable on a time increment basis after the initial implementation window (during which it is free), with unlimited support subscriptions also available.

Fixed Assets CS from Thomson Reuters is well-suited to professional accountants as well as businesses looking to manage assets and depreciation in-house. Though Fixed Assets CS can be used as a stand-alone application, product functionality is expanded considerably when the product is used with other CS Professional applications. Fixed Assets CS is available as a desktop/network installation or delivered as SaaS, with pricing starting at around $1,500.

2017 Overall Rating – 5 Stars