Can I quickly enter 150 new assets into Proseries?

[kaitlincpa]

Client started a gym and purchased 150 pieces of equipment last year. I've never dealt with so many assets so wondering 1) how do others deal with this? 2) is there a faster way to enter all of these into proseries vs 150 asset entry worksheets (i.e. can i group/add up same kind of assets together and report in one asset entry wkst)?  3) is buying fixed asset manager worth it for this one client? Thx!

[rbynaker · Accepted solution]

I think you just need to suck it up and enter everything.  If some items are identical and have the same unit price I have grouped them as one before (but then it's a pain to have to split them out later), i.e. 10 Treadmills, 5 Ellipticals.

I've always used Forms Entry, but you might try the other entry mode for this purpose.  I forget what it's called but there's a button to toggle between them (QuickEntry maybe?)

Unless you have to deal with personal property tax returns, I would NOT use FAM.  It's not going to save you any time in data entry and it will add the steps each year of having to update, export, import.  You have to do this even if you made no changes to the assets.  Once you start down the FAM path, forever will it dominate your destiny.

Rick

[dkh]

Ugh! Nothing worse than entering assets from the prior preparer.  I recommend you place 6 pieces of the finest chocolates on your desk.  After 25 assets are entered you reward yourself with a piece of chocolate.  I'm all about making my work rewarding.  

[IRonMaN]

"Can I quickly enter 150 new assets into Proseries?"

Just tell us when you start and I'll click on the stopwatch to see how quickly it does go.  Personally, I would go the grouping route as much as possible as Rick suggested.  I wonder if TurrdoTaxx has a feature to just take a picture of the asset in order to depreciate it 😁

[dascpa]

The advantage to Fixed Asset Manager is the ability to create Reports.  For example you can group assets into categories:  like furniture, equipment, land improvements, etc.  whereas the tax software just gives you a date sorted list.  Also, for your question if the client bought 20 of the same item (e.g. exercise bikes) you could enter the total purchase as one item. Then in the Tools section you can have that item split into 20 lines.  After that you would delete the master 20 item asset.  Same with disposals.  You can sell a lot of assets (as one line and then in Tools apportion it automatically.   I also use it on clients with a ton of assets but I did have one client with 3,500 trailers each with a separate ID and it blew up the software. ProSeries told me that their limit was around 1,900 (this was a few years back).

[sjrcpa]

We have staff for this. Got a kid stuck at home with you during this crisis? Perfect project for them.

[dd4vols]

@dascpa  i have used FAM for 15 or so years...love the flexibility...but I have never know of this "tools' splitting an asset in singles.  How exactly does that work? I did not see anything in the TOOLS dropdown to do that?

Thanks

[dascpa]

It's actually in the Asset menu, then scroll down to Schedule Tools.

[dd4vols]

@dascpa  So, I found that … that is spectacular... i do a bunch of farmers... and they always buy '5 heifers' for breeding purposes, etc... and then inevitably sell them off 1 at a time.

Thanks so much!

[kaitlincpa]

Thank you Rick! Yes, I just looked and says you can access the quick entry with Control + M. Also thank you for mention of personal property tax...need to look into that for this client.

[kaitlincpa]

haha! good idea 🙂

[kaitlincpa]

Agreed - though grouping sounds good now, but not sure if a pain when one machine is sold, breaks, etc. how that works in PS...or better to report each separately now. My next hump is analyzing 179 vs bonus depreciation vs. neither for this client.

[kaitlincpa]

Thank you for this! Will help a lot if we go the FAM route.

[kaitlincpa]

 I do have staff...hoping to not make them go through it but I think it's either FAM or enter each in separately.

[dkh]

😪I thought my suggestion was the best solution.  I'm going to eat some chocolate to ease my sadness.