Fixed Asset Manager

[Allen5]

I am new to Proseries.  It looks like I will need to purchase a stand alone depreciation program. 

1. When I log into "My Account" and look for products available it is not there.

2. Can I download a trial version?

3. Does it link to Proseries Tax including forms 4797?

[IRonMaN · Accepted solution]

You don't need to purchase their depreciation program, you can load assets directly into ProSeries,  Fixed Asset Manager gives you more flexibility in handling of the assets but it isn't a requirement to do depreciation.

[rbynaker]

ProSeries (PS) should handle your garden variety tax depreciation and gain/loss just fine.  If you have to keep track of book depreciation and/or have state/local filings (i.e. personal property taxes) then you might want to use Fixed Asset Manager (FAM) to make your state reporting easier.

Either way FAM is not required.

If you enter assets directly in PS 2019, they will roll over into PS 2020 when you update the tax file.  Then you just enter your 2020 assets and you're done.

If you enter assets into FAM 2019 your process will be more like this:

1) Roll company files from FAM 2019 to FAM 2020.
2) "Close the year" for company files in FAM 2020 so that it will compute 2020 depreciation.
3) Enter 2020 assets into FAM.
4) Export FAM 2020 to an import file.
5) Import the file into PS 2020.

And that'll be for each client.

Here in VA we have to pay personal property tax (PPT) based on category and location.  So for a brick-n-mortar business with hundreds of fixed assets and/or locations in multiple counties/cities we need something to keep track of all this stuff.  So rather than have two systems running parallel it makes sense to use FAM to track the same assets for multiple reporting purposes.  Then export to PS for income taxes and print custom reports for property taxes.

If I didn't have the PPT aspect I wouldn't jump through the hoops required to use FAM, I would just leave the assets in PS.

Hope this helps.

Rick

[Allen5]

Will PS 2020 calculate depreciation on new assets or do I need to do it manually?

[IRonMaN]

It will do it for you

[Allen5]

Thank you for this.  I have a new client where I need to track book depreciation on the assets.  Does Pro Series handle this method as well as the federal and state methods?