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FMS Fixed AssetsFMS Fixed Assets

FMS Fixed Assets maintains control over the carrying value and location of the institution’s physical assets. It automates the calculation of depreciation, archives all of the institution’s fixed assets, and supports book and tax basis record keeping. Fixed Assets saves time by automating clerical routines and depreciation calculation

Easy to Use: FMS Fixed Assets is easy to use. It furnishes simple set-up, depreciation and adjustment processes, an easy to use menu, point and click operation, and on-line help. FMS Fixed Assets provides immediate on-line access to the FMS Fixed Assets item master record and detailed transaction history, streamlines department work flow with speedy automatic depreciation calculation and posting procedures. FMS Fixed Assets seamlessly integrates with the FMS General Ledger System.

Some outstanding system features are:

  • Automates depreciation calculation
  • Maintains book and tax valuations
  • Offers a comprehensive array of reports
  • Supplies extensive on-line financial history
  • Provides data access by ODBC compliant programs
  • Delivers reports on screens

Posting: FMS Fixed Assets incorporates easy to use transaction posting routines to guide the operator through the routine set-up, depreciation and adjustment processes. Transactions incorporated into the system include:

  • Set-up New Asset
  • Sell (or Partial Sell) Asset
  • Retire/Write Off Asset
  • Adjustment
  • Reverse Entry

At the end of the day, these entries are electronically uploaded to the General Ledger System.

Compliance: FMS Fixed Assets complies with generally accepted accounting principles and supports either the asset or the reserve accounting method. It offers two depreciation methods for each asset and calculates depreciation using the straight-line, declining balance, double-declining balance, 150% declining balance, 125% declining balance, sum-of-the-years digits and ACRS methods. FMS Fixed Assets provides two start depreciation dates and two conventions for each asset. Conventions supported include month acquired, month after the date acquired, half year, start next fiscal year, mid-month, mid-quarter, and mid-year.

The following report list illustrates the variety of reports supplied by FMS Fixed Assets

  • Inventory Report (by type, location)
  • Depreciation Report (by type, location)
  • Depreciation Projection Schedule
  • Purchases Report
  • Control Listing Report
  • GL Proof Report