Fixed Asset Manager User Guide Version 12.0

Transcription

1 Fixed Asset Manager User Guide Version 12.0 Fixed Asset Manager User Guide Version 12.0 CCH Small Firm Services 225 Chastain Meadows Court NW Suite 200 Kennesaw, GA Printed in the U.S.A. 11/2012

2 Fixed Asset Manager User Guide

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4 F I X E D A S S E T M A N A G E R User Guide 2012 CCH Small Firm Services. All rights reserved. 225 Chastain Meadows Court NW Suite 200 Kennesaw, GA No part of this manuscript may be copied, photocopied, reproduced, modified or distributed in any form or by any means without permission in writing from CCH Small Firm Services. Information in this manuscript is subject to change without notice. Any software described in this manuscript is furnished under a license agreement and may be used or copied only in accordance with the terms of the agreement. CCH Small Firm Services is not engaged in rendering legal, technical, or other professional services. Use of this manuscript or the information in this publication does not relieve the user of complete responsibility for the operation and functionality of its computers and/or network, for the maintenance and backup of all user data, or for the preparation, content, accuracy, and review of all forms. THERE ARE NO WARRANTIES, EXPRESSED OR IMPLIED, INCLUDING WARRANTIES OF MERCHANTABILITY OR FITNESS FOR A PARTICULAR PURPOSE, MADE WITH RESPECT TO THESE MATERIALS OR ANY OTHER INFORMATION PROVIDED TO THE STUDENT. All trademarks are the property of their respective owners. November 2012 Version 12.0

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6 Table of Contents Introducing Fixed Asset Manager 1 Understanding Depreciation 2 Depreciation 2 Installing Fixed Asset Manager 5 Installation 6 Registering Your Software 12 Logging into Fixed Asset Manager 12 Convert Previous Data 13 Getting Started 15 Menus 16 Client Manager Menus 16 Asset Entry Menus 18 Asset Global Settings Menus 21 Toolbars 22 Client Manager Toolbar 22 Asset Entry Toolbar 23 Asset Global Settings Toolbar 25 Attach and Detach Tabs 26 Security Manager 27 How to Add a Group 28 How to Add a User 29 How to Modify or Delete a Group 30 How to Delete a User 32 Passwords 33 Admin 33 Other Users 36 Client Manager 39 Grid View 40 Thumbnail View 40 New Client 41 Client Properties 41 Setup 42 Contact Information 42

7 Password 43 Lock/Unlock Clients 44 Options 44 State Calcs 45 State 179 Defaults 46 State Bonus Defaults 46 Year End Close 46 Deleting Clients 47 Importing your Client Data from Fixed Asset Manager to ATX 47 Stages 48 Adding a Custom Stage 48 Asset Classifications 50 Duplicating a Client 52 Move Clients 53 G/L Accounts 54 Adding G/L Accounts 55 Editing G/L Accounts 56 Removing G/L Accounts 57 Asset Entry 59 Entering a New Asset 60 Activity Setup 61 Depreciation and Section 179 Tab 62 Auto/Listed Tab 63 Evidence Questions 64 Current Mileage 64 Enter Prior Business Use Percentage Vehicle Questions (Section B, C) 65 Actual Expenses 65 Prior Depreciation/Business Use Percentage 65 Listed Vehicle 66 Non-vehicle Listed Asset 67 Dispositions Tab 68 Creating Bulk Sales 68 Asset History Tab 71 Additional Info Tab 71 Printing an Asset 72 Duplicating an Asset 73 Move Assets 74

8 Split Assets 76 Multiple Asset Account (Mass Asset) 77 View/Edit Mass Asset 80 Send to PaperlessPLUS 82 CWU Export 84 Process Period 86 Close Year 86 Move to Period 87 Asset Global Settings 89 Input Defaults 90 Display Cents 90 Calculations 90 Macrs Federal Elections 90 Bonus Elections 90 State Calcs 91 State 179 Defaults 92 State Bonus Defaults 92 Tax Year Information 93 Working with Reports 95 Standard Reports 96 Custom Reports Wizard 97 Columns 98 Sorting 99 Grouping 99 Filtering 99 Create Custom Field 99 Edit Mode and Preview Mode for Reports 100 Edit Mode 100 Preview Mode 101 Backing Up and Restoring Client Data 103 Backup 104 Restore 105

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10 Chapter 1 Introducing Fixed Asset Manager Fixed Asset Manager is a powerful yet easy-to-use program that gives you complete control of your clients fixed asset data by tracking federal, state, AMT, ACE and book depreciation. -1-

11 Chapter 1: Introducing Fixed Asset Manager You can enter asset information throughout the year so it is up-to-date and ready at tax time. Then, transfer that fixed asset data seamlessly into the client s individual, corporate, partnership, fiduciary or exempt organization tax return. With Fixed Asset Manager you have the capability to export depreciation information to Client Write-Up by way of journal entries. After importing the asset information into the tax program, Fixed Asset Manager instantly fills out a worksheet for each asset, and Form It will add all schedules and forms associated with Form 4562, and Form 6252, including Form 4797, if applicable. Re-keying data is a thing of the past. Fixed Asset Manager supports a wide range of depreciation methods and handles complex transactions such as trade-ins and installment sales with ease. Track and analyze asset activity with the reports included in the program. Understanding Depreciation Before using Fixed Asset Manager, you should understand the basics of depreciation and amortization. If you have a working knowledge of these concepts, you can go to Chapter 2 and begin installation. For more information, see the Fixed Asset Manager help files. Depreciation Depreciation is an income tax deduction that allows a taxpayer to recover the cost or other basis of certain property. It is an annual allowance for the wear and tear, deterioration, or obsolescence of the property. Depreciation begins when a taxpayer places property in service for use in a trade or business or for the production of income. The property ceases to be depreciable when the taxpayer has fully recovered the property s cost or other basis or when the taxpayer retires it from service, whichever happens first. Generally, you can depreciate: Tangible property such as buildings, machinery, vehicles, furniture, and equipment. Intangible property such as patents, copyrights, and other software. You cannot depreciate land. The property must meet the following requirements in order to qualify for a depreciation deduction: The taxpayer must own the property. Taxpayers may also depreciate any capital improvements for property the taxpayer leases. -2-

12 Chapter 1: Introducing Fixed Asset Manager The taxpayer must use the property in business or in an incomeproducing activity. If a taxpayer uses a property for business and for personal purposes, the taxpayer can deduct depreciation based only on the business use of that property. The property must have a determinable useful life of more than one year. Even after meeting the preceding requirements for a property, the taxpayer cannot depreciate the following property: Property placed in service and disposed of in the same year. Equipment used to build capital improvements. The taxpayer must add otherwise allowable depreciation on the equipment during the period of construction to the basis of the improvements. Certain term interest. In order to ensure proper depreciation of a property, the taxpayer must identify the following: The depreciation method for the property. The class life of the asset. Whether the property is listed property. Listed Property: passenger automobiles; any other property used for transportation; property of a type generally used for entertainment, recreation or amusement; computers and their peripheral equipment (unless used only at a regular business establishment and owned or leased by the person operating the establishment); and cellular telephones or similar telecommunications equipment. Whether the taxpayer elects to expense any portion of the asset. Whether the taxpayer qualifies for any bonus first year depreciation. The depreciable basis of the property. For more information on depreciation, see IRS Publication 946, How to Depreciate Property, Claiming the Special Depreciation Allowance, Form 4562, Depreciation and Amortization, IRC Section 197, Publication 551, Basis of Assets, or IRS Publication 535, Business Expenses. -3-

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14 Chapter 2 Installing Fixed Asset Manager Fixed Asset Manager can be installed on an individual, stand-alone computer or it can be installed on a network. -5-

15 Chapter 2: Installing Fixed Asset Manager Installation To install the product on a stand-alone workstation or on a network server: 1. Insert the CD provided in your product shimpent into the CD- ROM/DVD-ROM drive. If the program doesn't start automatically: Click the Windows Start button and type Run in the field (or click Run in Windows XP). In the Run dialog, type X:\Setup.exe (X corresponds to the same letter assigned to your CD-ROM/DVDROMdrive). Click OK. 2. Respond to the following: If.NET Framework 4 software is already installed on your system, the InstallShield Wizard appears. Proceed to the next step. If.NET 4 is not installed (or you have an earlier version), you'll be taken through the following sub-installation routine: Click Install. (.NET Framework 4 installation may take up to 10 minutes.) If you have a Windows 7 platform, a User Account Control dialog box appears with the following message: "Do you want the following program to make changes to this computer?" Click Yes. -6-

16 Chapter 2: Installing Fixed Asset Manager The InstallShield Wizard appears: 3. Click Next. The License Agreement diaog appears: -7-

17 Chapter 2: Installing Fixed Asset Manager 4. After reviewing the License Agreement, click Yes. If you want to print the License Agreement, click the Print button. The Select Installation Type dialog appears: 5. Do one of the following: If you want to install on a stand-alone computer, click Stand- Alone; then, click Next. If you want to install on a server so that it can be used by multiple computers, click Network; then, click Next. -8-

18 Chapter 2: Installing Fixed Asset Manager The Choose Destination Location dialog appears: 6. On the Choose Destination Location dialog, do one of the following, based on your installation type: Stand-Alone: Click Next to accept the default installation location; or, click Browse and select an alternate install location; then click Next. (The system will automatically add an FAM sub-folder to the path.) The default location for stand-alone installations is C:\Program Files (x86)\cch Small Firm Services\FAM on Windows 7; or, C:\Program Files\CCH Small Firm Services\FAM on Windows XP. Network: Click Browse; navigate to a shared folder where you'll install the product; then, click Next. (The system will automatically add an FAM sub-folder to the path.) Unlike stand-alone installations, network installations cannot be installed to the default Program Files directory. You must select another directory, such as a mapped or local drive. You can also enter a UNC path (a Windows-format path specifying a resource location on a local area network) in the Browse field. Contact a local computer technician if you need assistance in doing this. -9-

19 Chapter 2: Installing Fixed Asset Manager The Ready to Install the Program dialog appears: 7. Click Install. -10-

20 Chapter 2: Installing Fixed Asset Manager The Setup Status dialog appears with a progress bar that indicates the status of the installation: Installation speed may vary depending on your operating system. -11-

21 Chapter 2: Installing Fixed Asset Manager When the installation is complete, the InstallShield Wizard Complete dialog appears: 8. Click Finish. Registering Your Software Fixed Asset Manager requires you to register your software at the initial installation. To accomplish this, you need the Installation Code provided with the software. Logging into Fixed Asset Manager To log into Fixed Asset Manager, use the following steps: 1. Double-click the Fixed Asset Manager icon on your desktop. -12-

22 Chapter 2: Installing Fixed Asset Manager Fixed Asset Manager displays the Login dialog box: 2. Select the user name from the User Name drop-down list and click Login. If you are a first time user to Fixed Asset Manager you can login as Admin. To add a new user and begin working you will need to refer to the instructions for Security Manager. Convert Previous Data After installing and registering Fixed Asset Manager, your data from ATX Fixed Asset Manager or later will automatically be converted. If at some point you need to convert the data manually use the steps below. To convert your data, use the following steps: 1. Click the Tools menu and select Convert Previous Data. -13-

23 Chapter 2: Installing Fixed Asset Manager Fixed Asset Manager displays the Select client to convert dialog: Please select only clients that have been opened in ATX Fixed Asset Manager or later. 2. Click Convert. Fixed Asset Manager displays the Login dialog: 3. Select the user name and click Login. 4. Fixed Asset Manager will convert the client and open to the Client Manager. -14-

24 Chapter 3 Getting Started After completing the installation, you can begin using Fixed Asset Manager. -15-

25 Chapter 3: Getting Started Menus In Fixed Asset Manager, the menus enable you to perform tasks and maneuver through the program. Within the program the menu options will vary depending on what you are doing in the program. Client Manager Menus File Menu The following table describes the selections in the File menu: Menu Item New Client Open Client Move Clients Delete Clients Duplicate Client Logout Exit Description Creates a new client. Opens an existing client. Allows the user to move clients from one user to another. Allows the user to delete client files. Allows the user to duplicate a client's file using a different Client ID. Logout of Fixed Asset Manager (change user). Closes Fixed Asset Manager. Actions Menu The following table describes the selections in the Actions menu: Menu Item Reports Customize Stages Asset Classifications G/L Accounts Description Allows you to view and customize reports. Allows you to edit and customize the stages. Allows you to identify and characterize similar assets. Allows you to set up account numbers and descriptions for export into Client Write-Up. -16-

26 Chapter 3: Getting Started View Menu The following table describes the selections in the View menu: Menu Item Filter Quick Access Information Description Toggles the Filter pane in and out of view. Toggles the Quick Access pane in and out of view. Toggles the Information pane in and out of view. Tools Menu The following table describes the selections in the Tools menu: Menu Item Options Security Manager Password Maintenance Client Properties Lock Stages Backup Restore Convert Previous Data Description Opens the Options dialog. Opens the Security Manager dialog. Allows the user to create their own password. The Admin user or any other user who has retained the Clear Password right has the ability to clear the user's password. Opens the Client Properties dialog for the selected client. Allows you to enter a password to lock the client file. Allows you to assign a stage to the client file. Allows you to backup client files. Allows you to restore the client files from previously created backup files. Allows you to convert data from ATX Fixed Asset Manager to Fixed Asset Manager. -17-

27 Chapter 3: Getting Started Help Menu The following table describes the selections in the Help menu: Menu Item Fixed Asset Manager Help User Guide Release Notes License Agreement Register About Description Opens the Fixed Asset Manager Help. Opens the Fixed Asset Manager user guide. Opens the Release Notes for the current version of software. Opens the CCH Small Firm Services License Agreement. Opens the Registration dialog for entry of the installation code. Displays the About Fixed Asset Manager message box, which includes copyright, trademark and version information. Asset Entry Menus File Menu The following table describes the selections in the File menu: Menu Item Close Client Save Print Exit Description Closes the selected client. Allows you to save the asset information. Allows you to print the asset information. Closes Fixed Asset Manager. -18-

28 Chapter 3: Getting Started Asset Menu The following table describes the selections in the Asset menu: Menu Item Add Delete Duplicate Move Split Edit Mass Assets Bulk Sales Prior Depreciation Description Allows you to add a new asset to the client. Allows you to delete an asset. Allows you to duplicate an asset. Allows you to move assets from one activity to another. Allows you to split an asset into multiple assets based on either units, cost/basis or percentage. Allows you to view and/or edit the Multiple Asset Accounts that are set up. Opens the Bulk Dispositions dialog where you are able to enter the information for bulk sales. Allows you to enter prior year business use percentages and prior year depreciation amounts. Actions Menu The following table describes the selections in the Actions menu: Menu Item Reports Activity Setup CWU Export PaperlessPLUS Export Process Period Description Allows you to view and customize reports. Allows you to setup the activity/activities for assets. Allows you to export client data to Client Write-Up. Allows you to export (print) the current asset information to PaperlessPLUS if you have the program installed. Allows you to close the current calculation period (annual, quarterly, or monthly) or move back to a prior period -19-

29 Chapter 3: Getting Started View Menu The following table describes the selections in the View menu: Menu Item Navigation Summary Information Additional Information Description Toggles the Navigation pane in and out of view Toggles the Summary Information pane in and out of view. Toggles the Additional Information pane in and out of view. Tools Menu The following table describes the selections in the Tools menu: Menu Item Client Properties Stages Description Opens the Client Properties dialog for the client. Allows you to assign a stage to the client file. Help Menu The following table describes the selections in the Help menu: Menu Item Fixed Asset Manager Help User Guide Release Notes License Agreement Register About Description Opens the Fixed Asset Manager Help. Opens the Fixed Asset Manager user guide. Opens the Release Notes for the current version of software. Opens the CCH Small Firm Services License Agreement. Opens the Register Software dialog for entry of the installation code. Displays the About Fixed Asset Manager message box, which includes copyright, trademark and version information. -20-

30 Chapter 3: Getting Started Asset Global Settings Menus File Menu The following table describes the selections in the File menu: Menu Item Close Client Save Exit Description Closes the open client and returns you to the Client Manager. Allows you to save the changes made in the Global Settings. Closes Fixed Asset Manager. Actions Menu The following table describes the selections in the Actions menu: Menu Item Reports Description Allows you to view and customize reports. Help Menu The following table describes the selections in the Help menu: Menu Item Fixed Asset Manager Help User Guide Release Notes License Agreement Register About Description Opens the Fixed Asset Manager Help. Opens the Fixed Asset Manager user guide. Opens the Release Notes for the current version of software. Opens the CCH Small Firm Services License Agreement. Opens the Register Software dialog for entry of the installation code. Displays the About Fixed Asset Manager message box, which includes copyright, trademark and version information. -21-

31 Chapter 3: Getting Started Toolbars The Fixed Asset Manager toolbars make the tasks you perform most often as easy as clicking a button. The actions available in the dynamic toolbar will vary depending on what you are doing in the program. Client Manager Toolbar Toolbar Button Description Creates a new client. Opens an existing client. Allows the user to move clients from one user to another. Allows the user to delete client files. Allows the user to duplicate a client's file using a different Client ID. Allows you to view and customize reports. Allows the user to make global changes to the setup, state limits, state bonus depreciation, period close, and year end close. -22-

32 Chapter 3: Getting Started Toolbar Button Description Allows the user to create a password for the client file. Allows you to assign a stage to the client file. Opens the Fixed Asset Manager Help. Asset Entry Toolbar Toolbar Button Description Closes the open client and returns you to the Client Manager. Allows you to save the asset information. Allows you to print the asset information. Allows you to add a new asset to the client. -23-

33 Chapter 3: Getting Started Toolbar Button Description Allows you to delete an asset. Allows you to duplicate an asset. Allows you to move assets from one activity to another. Allows you to split an asset into multiple assets based on either units, cost/basis or percentage. Allows you to view and/or edit the Multiple Asset Accounts that are set up. Opens the Bulk Dispositions dialog where you are able to enter the information for bulk sales. Allows you to enter prior year business use percentages and prior year depreciation amounts. Allows you to view and customize reports. Allows you to close the current calculation period (annual, quarterly, or monthly) or move back to a prior period -24-

34 Chapter 3: Getting Started Toolbar Button Description Allows you to assign a stage to the client file. Opens the Client Properties dialog for the client. Opens the Fixed Asset Manager Help. Asset Global Settings Toolbar Toolbar Button Description Closes the open client and returns you to the Client Manager. Allows you to save the changes made in the Global Settings. Allows you to view and customize reports. Opens the Fixed Asset Manager Help. -25-

35 Chapter 3: Getting Started Attach and Detach Tabs One of the benefits of Fixed Asset Manager is the ability to attach and detach the Client Manager or Client tabs. To detach a tab, do the following: Left-click on the tab and drag the window. Right-click on the tab you wish to detach and click Detach. To attach a tab, do the following: Right-click on the tab you wish to attach and click Attach. You can rearrange the Client Manager or Client tabs to the order you want. Click the tab heading that you want to reposition. Hold down the mouse button and drag the tab to the new position on the window. -26-

36 Chapter 4 Security Manager The Security Manager allows you to add users, assign specific rights to each of them, and assign and maintain their passwords. -27-

37 Chapter 4: Security Manager How to Add a Group When a new group is created, all rights are granted by default. The Admin user (or another user who retains Security Manager rights) has the ability to deny rights to other users. There are four default groups in Fixed Asset Manager: Admin, Office Manager, Tax Preparer, and Accountant. All rights are granted to the groups by default. To add a group, use the following steps: 1. While logged in as the Admin user (or another user who has retained Security Manager rights), click the Tools menu, and select Security Manager. Fixed Asset Manager displays the Security Manager dialog: 2. Click the Groups tab. -28-

38 Chapter 4: Security Manager Fixed Asset Manager displays the Groups tab of the Security Manager dialog: 3. Do one of the following: Click the located at the top of the Security Manager dialog. In the User Groups section, click New to activate the entry box. 4. Enter the name of the new group in the entry box, then press the Enter or Tab key. Repeat steps 3 and 4 as needed to add more groups. 5. Click the Close button to save changes and exit. How to Add a User To add a user, use the following steps: 1. While logged in as the Admin user (or another user who has retained Security Manager rights), click the Tools menu, then select Security Manager. -29-

39 Chapter 4: Security Manager Fixed Asset Manager displays the Security Manager dialog: 2. Do one of the following: Click the located at the top of the Security Manager dialog. In the User Name section, click New to activate the entry box. 3. Enter the name of the new group in the entry box, then press the Enter or Tab key. 4. In the User Group section, click the drop-down arrow and select the User Group to which the user should belong. Repeat steps 2 through 4 as needed to add more users. 5. Click the Close button to save changes and exit. How to Modify or Delete a Group When a new group is created, all rights are granted by default. The Admin user (or another user who retains Security Manager rights) has the ability to deny rights to other users. -30-

40 Chapter 4: Security Manager To modify a group, use the following steps: 1. While logged in as the Admin user (or another user who has retained Security Manager rights), click the Tools menu, then select Security Manager. Fixed Asset Manager displays the Security Manager dialog. 2. Click the Groups tab. 3. In the User Groups section, select the user whose rights you wish to change. 4. Do one of the following: Select the right(s) to be changed by clicking them one at a time, in a range, or by making multiple selections. Click the < button to deny the selected right(s), or Click the > button to grant the selected right(s). Click the << button to deny all rights, or Click the >> button to grant all rights. To select multiple rights at one time, select the first, then either hold down the Shift key and use the arrow keys to select a range or hold down the Ctrl key and click the desired rights. Repeat steps 2 and 3 as needed to add more groups. -31-

41 Chapter 4: Security Manager 5. Click the Close button to save changes and exit. To delete a group, use the following steps: 1. While logged in as the Admin user (or another user who has retained Security Manager rights), click the Tools menu, then select Security Manager. Fixed Asset Manager displays the Security Manager dialog. 2. Click the Groups tab. 3. In the User Groups section, select the group you wish to delete. 4. Do one of the following: Click the located at the top of the Security Manager dialog. In the User Groups section, click next to the group you wish to delete. 5. Click the Close button to save changes and exit. How to Delete a User To delete a user, use the following steps: 1. While logged in as the Admin user (or another user who has retained Security Manager rights), click the Tools menu, then select Security Manager. -32-

42 Chapter 4: Security Manager Fixed Asset Manager displays the Security Manager dialog. 2. In the User Name section, select the user you wish to delete. 3. Do one of the following: Click the located at the top of the Security Manager dialog. In the User Name section, click next to the user you wish to delete. 4. Click the Close button to save changes and exit Passwords Any user who has retained Password Maintenance rights may create, change, or clear their own password at any time. The Admin user or any other user who has retained Security Manager rights and Password Maintenance rights can create or change other users' passwords at any time. Only the Admin user can clear another user's password. See the User Rights topic for more information. Admin The Admin user can set or change any user's password. To set the Admin password, use the following steps: 1. Click the Tools menu and click Password Maintenance. Fixed Asset Manager displays the Set Password dialog: 2. Enter the desired password in the Password entry. 3. Re-enter the password in the Re-enter Password entry. 4. Click Save. Passwords are case sensitive. -33-

43 Chapter 4: Security Manager To change the Admin password, use the following steps: 1. Click the Tools menu and click Password Maintenance. Fixed Asset Manager displays the Change password dialog: Click Clear to eliminate the password, or continue with the following steps: 2. Enter the current password in the Old Password entry. 3. Enter the new password in the New Password entry. 4. Re-enter the new password in the Re-enter New Password entry. 5. Click Save. Passwords are case sensitive. To set other users' passwords as the Admin user, use the following steps: 1. Click the Tools menu and click Security Manager. -34-

44 Chapter 4: Security Manager Fixed Asset Manager displays the Security Manager dialog: 2. Under Users, select the desired user and click the Password button. Fixed Asset Manager displays the Set Password dialog: 3. Enter the desired password in the Password entry. 4. Re-enter the password in the Re-enter Password entry. 5. Click Save. The Save button will remain disabled until the passwords in both entries match exactly. -35-

45 Chapter 4: Security Manager To change or clear other users' passwords as the Admin user, use the following steps: 1. Click the Tools menu and click Security Manager. Fixed Asset Manager displays the Security Manager dialog. 2. Under Users, select the desired user and click the Password button. Fixed Asset Manager displays the Change Password dialog: 3. Click Clear to eliminate the password, or continue with the following steps. 4. Enter the current password in the Old Password entry. 5. Enter the new password in the New Password entry. 6. Re-enter the new password in the Re-enter New Password entry. 7. Click Save. Other Users To set your user password, use the following steps: 1. Click the Tools menu and click Password Maintenance. -36-

46 Chapter 4: Security Manager Fixed Asset Manager displays the Set Password dialog: 2. Enter the desired password in the Password entry. 3. Re-enter the password in the Re-enter Password entry. 4. Click Save. Passwords are case sensitive. To change your user password, use the following steps: 1. Click the Tools menu and click Password Maintenance. Fixed Asset Manager displays the Change Password dialog: 2. Enter the current password in the Old Password entry. 3. Enter the new password in the New Password entry. 4. Re-enter the new password in the Re-enter New Password entry. 5. Click Save. Passwords are case sensitive. -37-

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48 Chapter 5 Client Manager In Fixed Asset Manager the home page is called the Client Manager. The Client Manager allows you to perform multiple tasks from one location. -39-

49 Chapter 5: Client Manager In the Client Manager you have the option to view your client list (center pane) in a Grid View or Thumbnail View. Grid View Within the client list (center pane), you have the ability to search for specific clients by: Locked Client ID Name ID Number (SSN/EIN) Entity Type Number of Assets Fiscal Year End Current Period Closing Date Calculation Period Stages Date Created Date Modified Thumbnail View Within the client list (center pane), you have the ability to search for specific clients by: Name Client ID Entity Type ID number (SSN/EIN) Created by Modified by Date Created Date Modified Asset Count Stages Phone Cell Fax Fiscal Year End Current Period Closing Date Calculation Period -40-

50 Chapter 5: Client Manager New Client To create a new client, use the following steps: 1. Do one of the following: Click the New button on the Client Manager toolbar. Click the Client Manager File menu and select New Client. Press the Ctrl+N keys simultaneously. Fixed Asset Manager displays the New Client dialog: 2. Enter the client's information on the Setup tab and Contact Information tab. 3. If you would like to password protect the client file, click the Password tab and enter the password. 4. Click Create. Client Properties The Client Properties dialog box is located on the Asset Entry tab within an open client and allows for the entry of basic information for your client and can be edited at any time after the initial setup for the client. -41-

51 Chapter 5: Client Manager Setup The Setup tab is located on the New Client and Client Properties dialog where you are able to enter the client type, SSN/EIN, first and last name, state situs, and calculation period. Contact Information The Contact Information tab is located on the New Client and Client Properties dialog where you are able to enter address and phone numbers for the client. -42-

52 Chapter 5: Client Manager Password The Password tab is located on the New Client and Client Properties dialog. This allows a user to create a password for the client file. To create a password, you will need to enter the password and re-enter the password for verification. After the password is created, if the user attempts to open the client from the Client Manager you will be prompted to enter the password. After entering the password the client file will open as normal. The Admin user and any user with the right to Clear Client Password has the ability to remove the password, if needed. To clear the password the Admin user or user with rights can use the following steps: 1. Select (highlight) the client you wish to clear the password for. 2. Do one of the following: Click the Lock button on the Client Manager toolbar. Click the Client Manager Tools menu and select Lock. -43-

53 Chapter 5: Client Manager Fixed Asset Manager displays the Client Properties dialog: 3. Click Clear Password. 4. Click Save. Lock/Unlock Clients Within the Client Properties and the New Client dialog, you have the ability to enter a password for clients' file. If this have been done you will prompted to enter the password when opening the file. A will be displayed in the lower corner in thumbnail view or in the Locked column for the client in grid view. Options With the Options dialog, Fixed Asset Manager allows you to configure certain settings to be persistent. All changes made within the Options from the Client Manager are global and will be applied to all client files. Some of the settings in the Options dialog can be changed on a client by client basis on the Asset Global Settings tab within the open client. -44-

54 Chapter 5: Client Manager To access the Options, do one of the following: Click the Options icon on the toolbar, or Click the Tools menu and select Options. State Calcs The State Calcs can be found in the Options (Client Manager) and the Asset Global Settings tab. If you make changes to the Section 179 Defaults or State Bonus Defaults in either location it will modify the calculations for all clients with that state. On the Asset Global Settings tab if you change the State Situs using the drop-down list this applies that state's conformity to Bonus and Section 179 limitation rules. For example, if a client's address is in Georgia, but their business is in Alabama the drop-down list may default to Georgia. If so, you can select Alabama on the State Calcs tab (Asset Global Settings) to have Fixed Asset Manager to apply the Alabama rules. This will have no effect on the State Calcs located in the Options. This tool allows you to control options that affect state calculations for all Fixed Asset Manager clients. Within this dialog, there are tabs for 1040, 1041, 1065, 1120, 1120S, and 990 entity types. Each tab contains information about the selected state s compliance with sections 168(k) and 1400L as well as other pertinent information regarding state 179 limits, or whether or not additional Go Zone or disaster area Section 179 is allowable. Info is preset for each state and will be updated to reflect changes in future years. The information in this dialog regarding each state s compliance to federal with bonus depreciation and limitations on section 179 is current as of the latest release of the Fixed Asset Manager program (version 12.0). If the state law regarding bonus depreciation or section 179 limits changes after the latest release of Fixed Asset Manager (12.0), you can make the appropriate changes in this dialog instead of waiting for an update. Any clients having the same default state and a reporting year ending 2012 will be updated in the state column of the Depreciation/Section 179 tab (current year assets only). To make changes to the state calculations, use the following steps: 1. Do one of the following: Click the Options icon on the Client Manager toolbar, or Click the Client Manager Tools menu and select Options. 2. Click the State Calcs tab. 3. Select the state from the drop-down list that needs to be updated. 4. Select the package tab that needs to be updated. -45-

55 Chapter 5: Client Manager State 179 Defaults 1. Select the year for which you wish to modify the section 179 limitations from the drop-down list. 2. Select the check box if the state requires an addback of Federal depreciation at Federal AGI. 3. Select the appropriate check box for additional GO Zone Section 179 or additional disaster area Section 179 if they are allowed for the state. 4. If the state has a section 179 limit other than the program default limit, enter the correct amount in the State 179 Limit field. 5. If the state has a threshold other than the program default, enter the correct amount in the State threshold field. State Bonus Defaults 1. Select the Never check box to indicate that the selected state should never follow IRC sections 168(k) and 1400L. 2. Select the For Dates check box if the selected state follows sections 168(k) and 1400L only for specific date ranges, then enter specific date ranges for which the selected state follows sections 168(k) and 1400L. 3. Select the Allows NYLZ 30% bonus check box if the NYLZ 30% bonus depreciation is allowed. 4. If the selected state conforms to the IRC section 1400N, select the check box. 5. If the selected state conforms to the IRC section 168(n), select the check box. 6. If the selected state conforms to the IRC section 168(i), select the check box. 7. If the selected state conforms to the IRC section 168(m), select the check box. Year End Close The Year End Close tab allows you to setup the defaults for when closing the year end. -46-

56 Chapter 5: Client Manager Deleting Clients Use caution when accessing this feature. Once a client is deleted, all information associated with that client is deleted as well. If you have assets in the client file, they are not recoverable once the deletion is completed. If you do need to delete a client, follow these steps: 1. Select (highlight) the client in the Client Manager. 2. Do one of the following: Click the Delete icon on the toolbar. Click the File menu and select Delete Clients. Press the Ctrl+D keys simultaneously. Fixed Asset Manager displays the Delete dialog: Importing your Client Data from Fixed Asset Manager to ATX If a client is created in Fixed Asset Manager it will not automatically import into ATX, it must be done manually in the tax program, using the steps below. If you create a return in ATX and add a Form 4562, a client will automatically be created in Fixed Asset Manager. To import your client data into ATX, use the following steps: 1. From the Return Manager, do one of the following: Click the New button on the toolbar. Click the Returns menu and select New Return. Press the Ctrl+N keys simultaneously. 2. In the Select Forms window, highlight the form(s) you want to add to the return. To select multiple forms, simply click each desired form. 3. Click the Open Forms button. 4. Once the return opens, enter the taxpayer's name and social security number. -47-

57 Chapter 5: Client Manager 5. Do one of the following: Click the Add Forms button on the toolbar. Click the Forms menu and select Add New Forms. Press the Ctrl+F keys simultaneously. 6. In the Find box, type in Highlight the form and click Open Forms. 8. Click the Returns menu, point to Import Data, and click Fixed Asset Manager. Your client data is imported from Fixed Asset Manager. Stages The Stages feature allows you to assign stages to your clients' file in order to determine if the clients' file needs work, is complete, or somewhere in between. To assign a stage to a client, use the following steps: 1. Select the desired client. 2. Do one of the following: Click the Stages button on the toolbar and select the appropriate stage, or Click the Tools menu, expand the Stages fly-out menu and select the appropriate stage. Adding a Custom Stage A new stage may be added which allows you to assign stages to your clients' files in order to determine if a particular file needs work, is complete, or somewhere in between. To add a new stage, use the following steps: 1. Click the Actions menu and select Customize Stages. -48-

58 Chapter 5: Client Manager Fixed Asset Manager displays the Client Stages dialog: 2. Click New at the bottom of the list. -49-

59 Chapter 5: Client Manager Fixed Asset Manager changes New to an empty box, allowing you to enter the name of the new stage. 3. Once you enter the name of your new stage, press Tab. 4. Click the drop-down menu to select the icon you wish to use. 5. Do one of the following: Press Tab if you wish to enter additional new stages. Click Save to exit the dialog. Asset Classifications Asset classifications identify and characterize similar assets, gathering them into groups, locations, or any custom classification. -50-

60 Chapter 5: Client Manager To create a group or location asset classification, use the following steps: 1. In the Client Manager, click the Actions menu and select Asset Classifications. Fixed Asset Manager displays the Asset Classifications dialog: 2. Select Groups or Locations in the Classification column. 3. Click New in the Items column and enter the name of the group or location. 4. Once you have completed entering all your groups and locations, click Save. To remove any classification or item, click the what you wish to delete. next to the To create a new asset classification, use the following steps: 1. Click the Actions menu and select Asset Classifications. -51-

61 Chapter 5: Client Manager Fixed Asset Manager displays the Asset Classifications dialog. 2. Click New in the Classification column and enter the name of the classification you wish to create. 3. Click New in the Items column and enter the name. 4. Once you have completed entering all your new classifications, click Save. To remove any classification or item, click the what you wish to delete. next to the Duplicating a Client Fixed Asset Manager has the ability to duplicate a client's information and the asset information. To duplicate a client, use the following steps: 1. Select (highlight) the client on the Client Manager. 2. Do one of the following: Click the Duplicate icon on the toolbar. Click the File menu and select Duplicate Client. Fixed Asset Manager will duplicate the client and open the Client Properties dialog. In the name field or company name field "Copy" will automatically display depending on the entity of the client. To have multiple duplicates of a client, use the following steps: 1. Select (highlight) the client on the Client Manager. 2. Press the Ctrl+Shift keys simultaneously. 3. Do one of the following: Click the Duplicate icon on the toolbar. Click the File menu and select Duplicate Client. -52-

62 Chapter 5: Client Manager Fixed Asset Manager displays the Duplicate Client dialog: 4. Enter the number of copies you wish to have and click Duplicate. Fixed Asset Manager will duplicate the client and open the Client Properties dialog. In the name field or company name field "Copy" will automatically display depending on the entity of the client. Move Clients The move client(s) feature allows the users to move clients from one user to another. To move clients, use the following steps: 1. Do one of the following: Click the Move icon on the toolbar. Click the File menu and click Move Clients. -53-

63 Chapter 5: Client Manager Fixed Asset Manager displays the Move Clients dialog: 2. Select a user from the drop-down box located next to From:. This will be the user where the client(s) is/are located. 3. Select a user from the drop-down box located next to To:. This will be the user where you would like the client(s) to be moved. 4. Use the arrows located in the middle of the dialog to move the client(s) from one pane to the other. Do one of the following: Click the > button to move the selected client from the "Clients for" pane. Click the < button to move the selected client from the "Move to" pane. Click the >> button to move all clients from the "Client for" pane. Click the << button to move all clients from the "Move to" pane. G/L Accounts This feature allows you to set up accounts for assets based on the chart of accounts for the corresponding client in Client Write-Up. -54-

64 Chapter 5: Client Manager Adding G/L Accounts To add G/L Accounts, use the following steps: 1. Click the Actions menu (Client Manager) and select G/L Accounts. Fixed Asset Manager displays the G/L Setup dialog: 2. Click the Add button. -55-

65 Chapter 5: Client Manager Fixed Asset Manager displays this dialog: 3. Enter the account number and description for the asset, accumulated depreciation, expense, disposition, gain\loss and offset associated with the asset in Client Write-Up. The Offset account is needed to even out transactions since Fixed Asset Manager does not have "cash" or "credit card" accounts to tie the buying of assets against. 4. Click the OK button. The information is now displayed in the Account Setup. 5. Click the OK button to close the G/L Setup dialog. Editing G/L Accounts To edit a G/L Account for a client, use the following steps: 1. Click the Actions menu (Client Manager) and click G/L Accounts. 2. Click on the line in the Account Setup that you wish to edit. 3. Click the Edit button. 4. Change the desired fields. 5. Click the OK button. The information is now displayed in the Account Setup. 6. Click the OK button to close the G/L Setup dialog. -56-

66 Chapter 5: Client Manager Removing G/L Accounts To remove a G/L Account for a client, use the following steps: 1. Click the Actions menu (Client Manager) and click G/L Accounts. 2. Click on the line in the Account Setup that you wish to remove. 3. Click the Remove button. 4. Click the OK button to close the G/L Setup dialog. -57-

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68 Chapter 6 Asset Entry In Fixed Asset Manager you are able to create an asset account for each depreciable, non-depreciable or amortizable asset that your client uses for business purposes. You can also export this data directly to the ATX tax program, reducing the time you have to spend actually keying asset information into the tax return. The Asset Entry tab is the default view when opening a client file. -59-

69 Chapter 6: Asset Entry Entering a New Asset In Fixed Asset Manager, you can create an asset account for each depreciable or amortizable asset a client has for their business. This enables you to have all of the client's asset information at your fingertips. To add an asset, use the following steps: 1. Do one of the following: Click the Add button on the Asset Entry toolbar. Click the Asset menu and select Add. Press the Ctrl+A keys simultaneously. Fixed Asset Manager displays the asset entry screen. The top portion is the Asset Information. 2. To complete the Asset Information, enter the following information: A unique item number for the asset (created by the user to identify the assets). A description of the asset. The date placed in service. Select the activity from the drop-down or create one by clicking the plus sign. Select a Category and Sub-category from the drop-down menu. Selecting the asset category and sub-category allows Fixed Asset Manager to automatically enter the Method, Recovery, and Convention. You can choose to leave this field blank and enter the method, recovery, and convention manually. Select from the drop down list Yes or No indicating if the asset is a new asset. Select from the drop down list the balance sheet category. Select from the drop down list the IRC Section. Select from the drop down list the type of adjustment for Alternative Minimum Tax (AMT). -60-

70 Chapter 6: Asset Entry Enter the percentage of business use. (This will default to 100%). Select the check box if the asset is a cost of goods sold. (Only in the 1065, 1120 and 1120S) Enter the serial number of the item, if you have one. Select the Multiple Asset Account check box, if the asset is part of a mass or group of individual depreciable assets. 3. Click the tab related to the type of entry you are making. Depreciation and Section 179 Auto/Listed Dispositions Asset History Additional Info Activity Setup The Activity Setup is where you setup the activity form type. The forms available will vary according to the tax package you selected in the Client Properties. To create the activity form type, use the following steps: 1. Do one of the following: Click the Actions menu and click Activity Setup. Click the, located to the right of the Activity field in the Asset Information section. -61-

71 Chapter 6: Asset Entry Fixed Asset Manager displays the Activity Setup dialog: 2. Click in the New Activity box and select the form type. If you select a form that allows multiple copies in a return the first copy would be shown as Form Name: 01, the second would be shown as Form Name: 02. For each activity that you setup, you have the option to enter a short activity name, principal business and the business name. 3. Click Close. Depreciation and Section 179 Tab This tab allows for the entry of the assets value in order to calculate the depreciation of the asset. To enter depreciation, use the following steps: 1. Enter the cost or basis of the asset in the Federal Cost or Basis box. 2. Fixed Asset Manager will calculate the following based on this entry: Federal AMT -62-

72 Chapter 6: Asset Entry State (based on what is entered as the resident state for depreciation on the Client Properties dialog) ACE (not available for the 1040 or 1120S packages) Book Recovery period, Method and Convention based on the asset category entered in the Asset Information 3. Enter any other applicable information in the space provided. The calculated entries can be changed if necessary, by selecting the field and entering the changes. The text of the overridden fields will be red. To restore the calculated field, right-click in the field and select Restore. Use caution when "restoring" overridden imported values because it will create an inconsistency between the return in ATX and the imported Fixed Asset Manager client. If the State, Federal AMT, or the Book cost or basis differ from the Federal cost or basis, you can change these entries and Fixed Asset Manager will populate the appropriate boxes based on the amount entered. Auto/Listed Tab This tab allows for the calculation of depreciation on listed property and vehicles. If you use a vehicle for business purposes, you ordinarily can deduct vehicle expenses. You generally can use one of the two following methods to figure the deductible expenses. Standard mileage rate Actual vehicle expenses Based on the destination form and the sub-category of the vehicle certain sections of this tab may be hidden. -63-

73 Chapter 6: Asset Entry Evidence Questions Select the appropriate check box: Evidence to support business or investment use claimed. Evidence is written Current Mileage Enter the following information for the vehicle: Total miles driven Business miles driven between January 1 and June 30 Business miles driven between July 1 and December 31 Commuting miles driven (if applicable) Enter Prior Business Use Percentage To enter any prior year business use percentages or prior year depreciation amounts for any listed property that Fixed Asset Manager does not currently have any history for, refer to the Prior Depreciation/Business Percentage for Listed Property topic. -64-

74 Chapter 6: Asset Entry 4562 Vehicle Questions (Section B, C) Select the appropriate check box(es) indicating: if the vehicle is available for personal use during off-duty hours if the vehicle is used primarily by > 5% owner or related person if there is another vehicle available for personal use if there is a written policy maintained that prohibits all personal use of vehicles, including commuting by your employees if there is a written policy maintained that prohibits all personal use of vehicles, except commuting by your employees if you treat all use of vehicles by employees as personal use if you provide > 5 vehicles to employees and retain information do you meet the requirements concerning qualified automobile demonstration use Actual Expenses If the taxpayer does not use the standard mileage rate, they may be able to deduct actual car expenses. If they have fully depreciated a car that is still used in the business, the taxpayer can continue to claim their other actual car expenses. Prior Depreciation/Business Use Percentage To enter any prior year business use percentages or prior year depreciation amounts for any listed property that Fixed Asset Manager does not currently have any history for, use the steps below. Do one of the following: Click the Prior Depreciation icon on the toolbar. Click the Asset menu and select Prior Depreciation. Click the Prior Bus Use % button on the Auto/Listed tab. -65-

75 Chapter 6: Asset Entry Fixed Asset Manager displays the Prior Depreciation/Business Use (Listed Assets) dialog: You are able to edit prior years for the business use percentages. The steps to update the prior year business use percentages differ based on whether the asset is a listed vehicle or non-vehicle listed asset. Listed Vehicle To enter the prior business use percentages for a listed vehicle, you can enter the percentage for each year directly on the Prior Depreciation/Business Use (Listed Assets) dialog continue with step 4 below) or use the steps below to enter the actual mileage for each year and have ATX Fixed Asset Manager calculate the percentage. 1. Click the Enter business mile... button. -66-

76 Chapter 6: Asset Entry Fixed Asset Manager displays the Business Mileage History dialog: 2. Enter the total miles, business miles and commuting miles for each prior year. 3. Click OK. 4. In order to have the calculated amount reflected in the asset history, select the check box under "Check to accept Calculated" for each tax treatment. 5. Click OK. Non-vehicle Listed Asset To enter the prior business use percentages for a non-vehicle listed asset, you can enter the percentage for each year directly on the Prior Depreciation/Business Use (Listed Assets) dialog. 1. Enter the percent of business use for each year in the Prior business use percentages section of the dialog. 2. In order to have the calculated amount reflected in the asset history, select the check box under "Check to accept Calculated" for each tax treatment. 3. Click OK. -67-

77 Chapter 6: Asset Entry Dispositions Tab Fixed Asset Manager allows you to record and calculate several types of dispositions such as Sale/Abandonment, Installment Sales, gains and losses from a Casualty or Theft, Like Kind Exchanges, Conversion to Personal Use, etc. When you import to ATX, converted data will map to the Disposition tab (s) of the Asset Entry form, then flow to the respective disposition forms in the return where the calculation of the gain/loss will be completed. (Schedule D, 4797, 6252, 8824, 4684). Be sure and check the mapped results on the Asset Entry form s disposition tab(s) after importing from Fixed Asset Manager. Certain disposition types may require additional data once in the tax return. If entering an installment sale, casualty/theft or like-kind exchange be sure to complete the Additional Info tab located within the Disposition tab. The disposition will not calculate correctly if information is missing for these type of dispositions. For an installment sale there is a Related Party tab that will also need to be completed. Creating Bulk Sales If the sale of a group of assets is to be reported on Form 4797, Sales of Business Property or Form 6252, Installment Sale Income, use the Bulk Sales feature to link the assets together into one sale with one sale price. -68-

78 Chapter 6: Asset Entry Fixed Asset Manager will calculate the gain/loss for a group of assets tied together in one sale using the Bulk Sales feature. When the bulk sale is exported to the tax program, data will be mapped to the Asset Entry form to each asset s disposition tab and the Bulk Disposition tab. Fixed Asset Manager offers two types of Bulk Dispositions: Sale/Abandonment and Installment sales. Be sure to review the IRS reporting requirements and explanation of how to treat different classes of assets if grouping assets together in a sale. (Publication 544, Sales and Other Dispositions of Assets) Assets grouped in a bulk sale should be of the same property type, for example, all the assets are Section 1245 property (depreciable personal property tangible or intangible) or Section 1250 property (real property). To create a bulk sale, use the following steps: 1. Do one of the following: Click the Bulk Sales icon on the toolbar. Click the Asset menu and select Bulk Sales. Click the Dispositions tab and select Sale/abandonment or Installment sale from the drop-down. Select the Bulk Disposition check box and then select New Bulk Sale from the drop-down. If using this step, skip to number 3. Fixed Asset Manager displays the Bulk Dispositions dialog: -69-

79 Chapter 6: Asset Entry 2. Click Add. Once a bulk sale is created, you will have the option to Edit or Delete. Fixed Asset Manager displays the Bulk Dispositions Setup dialog: 3. Enter a description for the bulk disposition. 4. Enter the date of disposition. 5. Select from the drop-down list the type of disposition. 6. Enter the date placed in service, leave various if the assets where placed in service on different dates. 7. Select the 4797 section from the drop-down list. 8. Select from the drop-down the activity. 9. Select from the drop-down list the holding period. 10. Enter the selling price of the assets. 11. Select the type of property from the drop-down list. 12. Enter the expense of the disposition. 13. Click the Assign or edit assets for this Bulk Disposition link. -70-

80 Chapter 6: Asset Entry Fixed Asset Manager displays the Assign Assets dialog: 14. Select the assets included in the bulk sale from the Available Assets column and move them to the Selected Assets column. To select multiple assets at once, hold the Ctrl key and select the assets with your mouse. You have the option to sort by description or date placed in service or search for the asset. 15. Click Assign. 16. Click Save. Asset History Tab The Asset History tab displays the history and projection of the asset by the different depreciation treatments starting with the first year placed in service through the last depreciable year. Each depreciation treatment is listed on a tab on the left. Additional Info Tab On the Additional Info tab you have to option to attach files to the asset record. This could be used to keep important information for the asset. To add a file to an asset record, use the following steps: 1. Select the Additional Info tab. 2. Click the Add Attachment button. -71-

81 Chapter 6: Asset Entry Fixed Asset Manager displays the Add Attachment dialog: 3. Click Browse and navigate to the location of the file. 4. Click Open. 5. Click OK. Fixed Asset Manager displays the file in the File Attachments. To open a file attachment, double-click on the file. To delete a file, use the following steps: 1. Highlight the file in the File Attachments. 2. Click the Delete Attachment button. Fixed Asset Manager displays the Question dialog box. 3. Click Yes to delete the file or No to cancel. Printing an Asset To print an asset, use the following steps: 1. With an asset open, do one of the following: Click the File menu and select Print. Click the Print button on the toolbar. Press the Ctrl+1 keys simultaneously. -72-

82 Chapter 6: Asset Entry Fixed Asset Manager displays the Print Current Asset dialog: 2. Select the tabs that you wish to print. If there is no information on a tab it will not be available to print. 3. Click Print. 4. Select the printer on the Print dialog and click Print. Duplicating an Asset This feature allows you to duplicate assets in the event your client purchases multiple assets that are the same. After you enter one asset, duplicating it will save you time entering the remaining assets. For example, if your client purchases 5 computers for their office, you can enter the asset information for one computer and duplicate the asset information for the remaining computers. The Item number and Serial number will not be included in the duplication. -73-

83 Chapter 6: Asset Entry To duplicate an asset, use the following steps: 1. Select the asset in the Navigation Pane. 2. Do one of the following: Click the Duplicate icon on the toolbar. Click the Asset menu and select Duplicate. Fixed Asset Manager displays the Duplicate Asset dialog: 3. Enter the number of copies of the asset you will need. 4. Select the appropriate check box(es) indicating the tabs you want to include in the duplication. 5. Click Duplicate. Move Assets The move assets feature allows you to move assets from one activity to another. This feature is helpful if you have multiple assets where the activity needs to be changed. -74-

84 Chapter 6: Asset Entry To move assets, use the following steps: 1. Do one the following: Click the Move icon on the toolbar. Click the Asset menu and click Move. Fixed Asset Manager displays the Move Assets dialog: 2. Select a activity from the drop-down box located next to From:. This will be the activity that the assets are currently assigned to. 3. Select a activity from the drop-down box located next to To:. This will be the activity to which you would like to assign the assets to. 4. Use the arrows located in the middle of the dialog to move the client(s) from one pane to the other. Do one of the following: Click the > button to move the selected asset from the "Assets for" pane. Click the < button to move the selected asset from the "Move to" pane. Click the >> button to move all assets from the "Assets for" pane. Click the << button to move all assets from the "Move to" pane. -75-

85 Chapter 6: Asset Entry Split Assets Use this feature to split an asset into multiple assets based on either units, cost/basis or percentage. Fixed Asset Manager creates new assets based on the information you enter in the Split Asset dialog and modifies the original asset's information as required by the split. To split an asset, use the following steps: 1. Do one of the following: Click the Asset menu and click Split. Click the Split icon on the toolbar. Fixed Asset Manager displays the Split Asset dialog: 2. By default, the asset will be split into two (2) assets. If you need to split the asset into more than 2, enter the number in the Split into field. If you select the "Use units in place of percentage" check box, the split will be by unit only. You will not be able to edit the cost or other basis or allocated percent. -76-

86 Chapter 6: Asset Entry 3. To make changes to the information in the grid, click in the field you wish to change and enter the information. You care able to edit the Item #, Description, Cost or other Basis, or Allocated Percent. 4. Click Split. Multiple Asset Account (Mass Asset) The multiple asset account is only available for the 1040, 1065, 1120 and 1120S entities. You must have the description, date in service, activity, cost, recovery period, method and convention completed before the Multiple Asset Account check box will become active. This is because the units are based on this information and must be the same as the main asset on the initial setup. If electing out of Bonus for example, all the units have to also elect out. The asset with this check box selected becomes the main asset under which units reside. To add a multiple asset account, use the following steps: 1. Complete all necessary fields(listed above) to have the Multiple Asset Account check box become active. 2. Select the Multiple Asset Account check box. -77-

87 Chapter 6: Asset Entry Fixed Asset Manager displays the Multiple Assets Account Setup dialog: 3. Enter the number of units that need to be included in the multiple asset account. In this dialog the description and units are the only fields that editable, any other changes should be made in the asset information. -78-

88 Chapter 6: Asset Entry 4. Click the View/Edit Units link to make any changes to the cost and/or allocated percent of the units. Fixed Asset Manager displays the Multiple Assets Account - Units dialog: 5. To make changes to the information in the grid, click in the field you wish to change and enter the information. You care able to edit the Item #, Description, Cost or other Basis, or Allocate Percent. 6. If an asset needs to be removed from the multiple asset account, select the check box in the Remove Units column next to the asset. Select the check box next to the Remove Unit header to select all assets. 7. Click Save. -79-

89 Chapter 6: Asset Entry View/Edit Mass Asset Once a multiple asset account has been setup, use the following steps to view and/or edit the mass asset. 1. Do one of the following: Click the Mass Asset icon on the toolbar. Click the Asset menu and click Mass Asset. Fixed Asset Manager displays the Multiple Asset Account dialog: 2. Select the Multiple Asset Account from the drop-down list. 3. Click OK. -80-

90 Chapter 6: Asset Entry Fixed Asset Manager displays the Multiple Asset Account Setup dialog: 4. Click the View/Edit Units link to make any changes to the units, cost and/or allocated percent of the units. 5. To make changes to the information in the grid, click in the field you wish to change and enter the information. You care able to edit the Item #, Description, Cost or other Basis, or Allocate Percent. 6. If an asset needs to be removed from the multiple asset account, select the check box in the Remove Units column next to the asset. -81-

91 Chapter 6: Asset Entry Select the check box next to the Remove Unit header to select all assets. 7. Click Save. Send to PaperlessPLUS If you have PaperlessPLUS installed on your computer you have the option to send your asset information or reports directly to PaperlessPLUS to be stored. To send the reports or asset information to PaperlessPLUS, use the following steps: 1. Do one of the following: To send asset information, click the Actions menu (Asset Entry) and select Send to PaperlessPLUS. On the Print Current Asset dialog, select the tabs you wish to send to PaperlessPLUS and click Print. If there is no information on a tab it will not be available to print. To send reports, click the Send to PaperlessPLUS icon on the report toolbar. Fixed Asset Manager displays the Send to PaperlessPLUS dialog: 2. The name of the asset information or report is automatically displayed, click in the field and make changes, if needed. 3. Click OK. -82-

92 Chapter 6: Asset Entry The Print to PaperlessPLUS dialog is displayed: 4. Select the desired client (and browse to the desired sub-folder if you wish). To search for a particular client, enter the client's Name or TIN in the Search by Name/TIN entry. If you want to print a document to a client that does not yet exist in PaperlessPLUS, right-click in a blank area of any cabinet and select New Client (New Folder if you want to print to the Review and Assign cabinet), then enter the client's information to create the client in PaperlessPLUS. The document can then be printed to the new client. -83-

93 Chapter 6: Asset Entry 5. The name of the asset information or report is displayed, click in the field and make changes, if needed. 6. Click Save. 7. Once the printing is complete, click OK on the Info dialog. CWU Export This feature allows you to send depreciation information from Fixed Asset Manager to Client Write-Up by way of journal entries posted to the accumulated depreciation and depreciation expense accounts for a particular client and period. Clients must be set up and active in both Fixed Asset Manager and Client Write-Up. Only the expenses and accumulated depreciation amounts are exported to Client Write-Up. For more information on setting up the G/L Accounts, refer to the Client Manager chapter. To export data to Client Write-Up, use the following steps: 1. Click the Actions menu and select CWU Export. Fixed Asset Manager displays the Export to CWU dialog: -84-

94 Chapter 6: Asset Entry 2. To create monthly journal entries, select the check box at the top of the dialog box. 3. Select the months you wish to export to Client Write-Up. Select the check box next to the Month Ending Date header to select all displayed months. 4. Click Export. Fixed Asset Manager displays the CWU Clients dialog: 5. Select the Client Write-Up client and click OK. Fixed Asset Manager displays the Confirm dialog. 6. Click OK. 7. Click Cancel to close the Export To CWU dialog. -85-

95 Chapter 6: Asset Entry Process Period The Process Period feature allows you to close the current calculation period (annual, quarterly, or monthly) or move back to a prior period. The options available in the Process Period dialog depend on the open client s calculation period (annual, quarterly, or monthly), as specified in the Client Properties. If you were to change the client s calculation period in that dialog, you would immediately see the change reflected in the Process Period dialog box. Close Year To close a period, use the following steps: 1. Do one of the following: Click the Process Period icon on the toolbar. Clicks the Actions menu and select Process Period. -86-

96 Chapter 6: Asset Entry Fixed Asset Manager displays the Process Period dialog: The options available depend on the client's calculation period. 2. Select the year that needs to be closed on the Year tab. 3. click Close Year. Move to Period Once a period has been closed, you are able to move back and forth between periods by following the steps below. 1. Do one of the following: Click the Process Period icon on the toolbar. Clicks the Actions menu and select Process Period. -87-

97 Chapter 6: Asset Entry Fixed Asset Manager displays the Process Period dialog: 2. Select the Year Ending date on the Year tab. If the client's calculation period is Annual, you will proceed to step If the calculation period for the client is Quarterly or Monthly, you will need to click the Quarterly or Monthly tab and select the period you wish to move to. 4. Click Move To. -88-

98 Chapter 7 Asset Global Settings Fixed Asset Manager allows you to configure certain settings to be persistent on the Asset Global Settings tab. Any changes made in the Asset Global Settings will only be applied to the client file that you are working in. -89-

99 Chapter 7: Asset Global Settings Input Defaults The Input Defaults tab allows you to setup defaults on a client by client basis. Display Cents By default, the "Display Cents " check box is not selected. If you want the cents to be displayed in your reports and in the calculations, select the check box. If the "Display Cents" check box is selected on the Setup tab of the Options dialog, then the check box will be selected here for each client. To change the default for all clients, de-select the "Display Cents" check box in the Options dialog. Calculations Select the check boxes to have book depreciation default to Federal treatment, to suppress the calculation of state depreciation, or if the client will use mid-quarter convention in the current year. If the "Default Book to Federal Treatment" check box is selected on the Setup tab of the Options dialog, then the check box will be selected here for each client. To change the default for all clients, de-select the "Default Book to Federal Treatment" check box in the Options dialog. Macrs Federal Elections Select the appropriate election that applies to the client. Bonus Elections Fixed Asset Manager defaults a bonus deduction for you on the Depreciation/179 screen, Special Allowance Deduction line, as you enter qualifying prior or current year assets. If you choose not to accept the bonus deduction for any year or class of property, IRS regulations require an election out statement must be made and filed with the tax return, otherwise the full rate of the Bonus deduction applies to any qualifying assets (see Form 4562 instructions). Check selections in this tab to indicate an election out of bonus depreciation for any year and class of property for which the election is/was made. This allows the system to remove the default Special Allowance Deduction from qualifying assets. Selecting the check boxes in this tab does not create an election statement. The election statement is available in the ATX Tax program. -90-

100 Chapter 7: Asset Global Settings If you need to override the system defaults to either force bonus or remove it for individual assets, select Custom from the Qualified Special Allowance drop-list for each treatment. To make bonus elections, use the following steps: 1. From within a client, select Bonus Elections on the Asset Global Settings tab. Fixed Asset Manager displays the Bonus Elections tab: 2. Select each MACRS Class that you wish to elect out of for bonus depreciation for each year. To elect out of all the classes, click the Elect All button located at the bottom of each column. 3. Click OK. State Calcs The State Calcs can be found in the Options (Client Manager) and the Asset Global Settings tab. If you make changes to the Section 179 Defaults or State Bonus Defaults in either location it will modify the calculations for all clients with that state. On the Asset Global Settings tab if you change the State Situs using the drop-down list this applies that state's conformity to Bonus and Section 179 limitation rules. For example, if a client's address is in Georgia, but their business is in Alabama the drop-down list may default to Georgia. If so, you can select Alabama on the State Calcs tab (Asset Global Settings) to have Fixed Asset Manager to apply the Alabama rules. This will have no effect on the State Calcs located in the Options. This tool allows you to control options that affect state calculations for all Fixed Asset Manager clients. Within this dialog, there are tabs for 1040, 1041, 1065, 1120, 1120S, and 990 entity types. Each tab contains information about the selected state s compliance with sections 168(k) and 1400L as well as other pertinent information regarding state 179 limits, or -91-

101 Chapter 7: Asset Global Settings whether or not additional Go Zone or disaster area Section 179 is allowable. Info is preset for each state and will be updated to reflect changes in future years. The information in this dialog regarding each state s compliance to federal with bonus depreciation and limitations on section 179 is current as of the latest release of the Fixed Asset Manager program (version 12.0). If the state law regarding bonus depreciation or section 179 limits changes after the latest release of Fixed Asset Manager (12.0), you can make the appropriate changes in this dialog instead of waiting for an update. Any clients having the same default state and a reporting year ending 2012 will be updated in the state column of the Depreciation/Section 179 tab (current year assets only). To make changes to the state calculations, use the following steps: 1. Do one of the following: Click the Options icon on the Client Manager toolbar, or Click the Client Manager Tools menu and select Options. 2. Click the State Calcs tab. 3. Select the state from the drop-down list that needs to be updated. 4. Select the package tab that needs to be updated. State 179 Defaults 1. Select the year for which you wish to modify the section 179 limitations from the drop-down list. 2. Select the check box if the state requires an addback of Federal depreciation at Federal AGI. 3. Select the appropriate check box for additional GO Zone Section 179 or additional disaster area Section 179 if they are allowed for the state. 4. If the state has a section 179 limit other than the program default limit, enter the correct amount in the State 179 Limit field. 5. If the state has a threshold other than the program default, enter the correct amount in the State threshold field. State Bonus Defaults 1. Select the Never check box to indicate that the selected state should never follow IRC sections 168(k) and 1400L. 2. Select the For Dates check box if the selected state follows sections 168(k) and 1400L only for specific date ranges, then enter specific date ranges for which the selected state follows sections 168(k) and 1400L. 3. Select the Allows NYLZ 30% bonus check box if the NYLZ 30% bonus depreciation is allowed. -92-

102 Chapter 7: Asset Global Settings 4. If the selected state conforms to the IRC section 1400N, select the check box. 5. If the selected state conforms to the IRC section 168(n), select the check box. 6. If the selected state conforms to the IRC section 168(i), select the check box. 7. If the selected state conforms to the IRC section 168(m), select the check box. Tax Year Information The Tax Year Information tab replaces the date information section that was on the 2011 Asset Entry form's Global Settings tab. Tax year and short year information is used to determine what year of the recovery period a particular asset is in. If the client's accounting period is a calendar year, with no current short year, you should not have to edit anything on this tab. If the accounting period is fiscal or any prior or current year includes a short year, edit the current year begin/end fields and prior short year information as needed. Enter short years by clicking on the Prior Short Years link and fill in the date ranges from earliest to most recent short year. For example, if you had only an initial short year you would complete the Most Recent fields with the begin and end of year dates. Fixed Asset Manager 12 will allow you to enter up to 3 short years. If you are converting from Fixed Asset Manager 11 to Fixed Asset Manager 12, note that "Business Start Date" will not be used in future versions to establish an initial short year. Instead, review or enter short year dates as needed in the Prior Short Years dialog. In the tax return, date of -93-

103 Chapter 7: Asset Global Settings incorporation (1120,1120S) or date business began) or current year begin and end on page 1 of the signature form will be used to populate the short year dialog automatically. Short years are not supported in Fixed Asset Manager or ATX for Form 1040 so no Tax Year Information table or current year begin/end date will display since January 1st to December 31st is assumed. -94-

104 Chapter 8 Working with Reports Fixed Asset Manager provides a variety of report options to help you manage and track your clients assets. -95-

105 Chapter 8: Working with Reports Standard Reports There are multiple standard reports in Fixed Asset Manager and they are grouped by the tax treatment. To view a report, use the following steps: 1. Do one of the following: Click the Reports button on the toolbar. Click the Actions menu and select Reports. Click the Reports tab. Fixed Asset Manager opens the Reports tab: 2. The list of Federal reports will automatically be expanded when you open the Reports tab. If you want to view any other type of tax treatment report, click on the treatment and the list will expand. 3. Double-click the report you wish to view. -96-

106 Chapter 8: Working with Reports 4. Complete the Columns, Sorting, Grouping, and/or Filtering tabs, if needed. The options on these tabs are explained in the Custom Reports Wizard section. If you make any changes in the Column Options for a standard report, you will be prompted to enter a report name after clicking Save. After saving the report, the report will be listed under Custom Reports for use in the future. Custom Reports Wizard The Custom Reports Wizard allows you to create reports that meet a variety of needs. In addition, you can modify the standard reports to accommodate any reporting needs that you have. To create a custom report, use the following steps: 1. Do one of the following: Click the Reports tab within an open client. Click the Reports icon on the toolbar. Click the Actions menu and select Reports. 2. Click the Custom Reports Wizard link. -97-

107 Chapter 8: Working with Reports Fixed Asset Manager displays the New Report dialog: Columns 3. Enter the name of the report. 4. If you wish to use one of the reports provided or one of your custom reports as a template, select the report from the dropdown list. 5. Complete the Columns, Sorting, Grouping, and/or Filtering tabs. The options on these tabs are explained below. 6. After saving the custom report, the report will be saved under Custom Reports in the for use in the future. The Show these types of fields drop-down menu allows you to select the type of fields you wish to choose from for your report. The default is ALL, but you have the option to select Common, General Asset Info, Depreciation and Section 179, Auto/Listed, Dispositions and Bulk Dispositions. After selecting the type of fields, do the following: 1. Select each column and use the arrow keys located in the middle of the dialog to move the desired columns to the Selected Columns pane. -98-

108 Chapter 8: Working with Reports To create a custom field, click the Create Custom Field button. See the Create Custom Field section below for more information. 2. To change the position in which a column appears, highlight the column in the Selected Columns pane, and click the arrow located on the right of the dialog to move the column up or down to the desired position in the report. 3. Select the check box in the "Calculate Column Total" to have the report calculate the total for that column. 4. The print width of the report depends on whether you have the Paper Orientation set to Landscape or Portrait. The progress bar will indicate how much space is remaining. If needed, you can change the font size of the report. The "Show" check box is selected by default, when creating a custom report. If for some reason you do not want the column to show in the report you can de-select the check box. Sorting On the Sorting tab you have the option to set up how the custom report is sorted. Your able to set the column name and whether you want the column to set ascending or descending. The buttons on the right side of the dialog allows you to add, delete and set the sort type. Grouping The Grouping tab allows you to group items together by column name. The buttons on the right side of the dialog allows you to add and/or delete the grouping. Filtering The Filtering tab allows you to filter columns by adding conditional filters. You need to select the condition, column name, operation and enter a value if necessary. The buttons on the right side of the dialog allows you to add and/or delete the filtering. Create Custom Field To create a custom field to be used in reports, use the following steps: 1. Click the Create Custom Field button located on the New Report dialog. -99-

109 Chapter 8: Working with Reports Fixed Asset Manager displays the Create Custom Column dialog: 2. Enter a description for the custom field. 3. Using the arrows, select a length for the field. 4. By default, the Calculate total will be selected, if you do not want the column total calculated, de-select the check box. 5. The drop-down menu allows you to select the type of fields you wish to choose from when creating your custom field. The default is ALL, but you have the option to select Common, General Asset Info, Depreciation and Section 179, Auto/Listed, Dispositions and Bulk Dispositions. 6. Using the field names (double-click the field name to have it appear in the formula box) and calculator buttons create your field. 7. Click Create. The custom field will automatically appear in the Selected Columns pane on the New Report dialog. Edit Mode and Preview Mode for Reports Edit Mode When viewing a report in Edit Mode there is a toolbar where you can make changes to the report

110 Chapter 8: Working with Reports Toolbar Button Description Allows you the option to add and/or remove columns, create new columns, select which columns should be shown, and etc. Allows you the option to set up how the report is sorted Allows you the option to set up how the report is grouped. Allows you the option to set up how the report is filtered. If you make any changes in the Column Options for a standard report, you will be prompted to enter a report name after clicking Save. After saving the report, the report will be listed under Custom Reports for use in the future. Print Setup Allows you change the paper orientation or font size (edit mode and preview mode) for the report. Preview Mode When viewing the report in Preview Mode you will see the report as it will print. Toolbar Button Description The Refresh icon will refresh the information in a report. This is useful if you have gone back and added or removed an asset while the report is open

111 Chapter 8: Working with Reports Toolbar Button Description The Zoom icon increases or decreases the size of the report displayed on screen depending on the choice you make. The left facing arrow with a line will take you back to the first page of a multi-page report. The left facing arrow will take you back one page in a multi-page report. The right facing arrow will take you forward one page in a multi-page report. The right facing arrow with a line will take you to the last page in a multipage report. The jump to page field allows you to type the page number you want to view. The Search icon allows you to search the report. The Print Report icon allows you to print the report to the printer of your choice. The Export Report icon allows you to save the report as a pdf. If you have PaperlessPLUS installed on your computer you have the option to send your reports directly to PaperlessPLUS to be stored

112 Chapter 9 Backing Up and Restoring Client Data Regularly backing up your Fixed Asset Manager data ensures that unexpected data loss does not disrupt your business

113 Chapter 9: Backing Up and Restoring Client Data Backup Backups are very important! If something goes wrong with your computer, backups are the only way for you to recover your data. It is a good idea to have a regular routine and perform backups daily. Be sure to write down pertinent information about each backup (e.g., date, time, who performed the backup, etc.). You should establish a separate regular backup procedure for your entire hard drive. Several commercially available software products perform well for short and long-term data storage. Consult a reputable computer product supplier for the best product to meet your needs. To backup your clients, use the following steps: 1. In the Client Manager, do one of the following: Click the Tools menu and select Backup. Press the Ctrl+K keys simultaneously. Fixed Asset Manager displays the Backup dialog: -104-

114 Chapter 9: Backing Up and Restoring Client Data 2. Click the button to browse to the desired location (folder) to backup to. 3. Select the check box(es) next to the desired client(s) under Select to Backup. Select the check box next to the Client Name header to select all displayed clients. 4. Click the Backup File Name entry box and enter a file name for your backup. The Backup button will not be available unless the Backup To: location and Backup File Name have been entered and at least one client has been selected for backup. 5. Click Backup. If you use a file name that has been previously used, you will be prompted to overwrite the existing file. Click Yes to overwrite or click No to cancel and enter another file name. Restore To restore data from a backup, use the following steps: 1. In the Client Manager, do one of the following: Click the Tools menu and select Restore. Press the Ctrl+R keys simultaneously

115 Chapter 9: Backing Up and Restoring Client Data Fixed Asset Manager displays the Restore dialog: 2. Click the to browse to the location of your backup file. 3. In the Open dialog, select the desired file you wish to restore and click Open. The Restore dialog displays all files contained in the backup file. 4. Select the check box(es) next to the client(s) you wish to restore. Select the check box next to the Client Name header to select all displayed clients. 5. Click Restore

116 Chapter 9: Backing Up and Restoring Client Data Fixed Asset Manager displays an Information dialog: 6. Click OK. 7. Click Close on the Restore dialog

117 -108-

118 Index A Activity Setup 61 Asset Classifications 50 group 51 locations 51 Asset Entry menus actions 19 asset 19 file 18 help 20 tools 20 view 20 Asset Global Settings 89 bonus elections 90 input defaults 90 state calcs 45, 91 tax year information 93 Asset Global Settings menus actions 21 file 21 help 21 Asset History 71 Assets duplicating 73 move 74 new 60 Auto/Listed 63 B Backup 104 Backup and Restore 103 Bonus Elections 90 Bulk Dispositions 68 Bulk Sales 68 C Client delete 47 duplicating 52 new 41 Client Manager 39 Client Manager menus actions 16 file 16 help 18 tools 17 view 17 Client Properties 41 contact information 42 password 43 setup 42 Client Write-Up 84 Clients lock/unlock 44 Convert Previous Data 13 CWU Export 84

119 D Deleting clients 47 Depreciation 62 understanding 2 Dispositions 68 Duplicating M Mass Asset 77, 80 Move assets 74 clients 53 Multiple Asset Account 77, 80 asset 73 client 52 New Asset 60 N F New Client Form type 61 create 41 G O G/L Accounts 54 add 54 edit 54 remove 54 Getting Started 15 Group add 28 modify or delete 30 I Importing 47 Input Defaults 90 Installing 5 Introducing 1 Options 44 year end close 46 P PaperlessPLUS 82 Passwords 33 admin 33 other users 36 Print 72 asset 72 Print to PaperlessPLUS 82 Prior Depreciation 65 listed asset 65 non-vehicle listed asset 65 L Logging in 12

120 Reports 95 custom 97 custom field 99 R Toolbar asset entry 23 asset global settings 25 client manager 22 edit mode/preview mode 100 U Restore 105 User Section S add 29 delete 32 Security Manager 27 Send to PaperlessPLUS 82 Short years 93 Split Assets 76 Stage adding a custom 48 assigning 48 State calculations 45, 91 Tabs T additional info 71 asset history 71 attach and detach 26 auto/listed 63 depreciation and section dispositions 68 Tax year information 93 prior short years 93