Is FAMS-Fixed Assets Management System right for your business?

FAMS-Fixed Assets Management System is a great fit for many businesses. Find out if it's the right choice for you! Are you looking for a FAMS-Fixed Assets Management System demo, technical support, product or pricing information or to simply to compare FAMS-Fixed Assets Management System with competitive options? Quickly get answers and the information you need.

FAMS - Fixed Asset Management System is available for the Windows Environment and AS/400 and includes the following features

FAMS Facilitates Change

  • Mass or partial transfers and disposals as well as reinstatement functions are all available.
  • Mass change feature allows user to quickly update data when information changes
  • Unlimited additional text may be associated with each asset record for tracking service history, improvements, etc.

Depreciation

  • Display or report depreciation for any period of the fiscal year at any time
  • Allocate depreciation expense for a single asset to multiple expense accounts
  • Short fiscal year calculations are supported according to all IRS regulations
  • Independent fiscal year closing of depreciation books allows staggered closing of a year-end to accommodate timing differences in audit and adjustment periods
  • Accommodates 52–53 week year including thirteen accounting periods and unequal accounting periods (4-4-5, 5-4-4, 4-5-4)
  • Complies with Luxury Auto Limits including increased limit according to JCWA 2002
  • Suspend depreciation for idle assets
  • Assets with negative or zero cost/depreciation are accommodated
  • Like-kind exchange depreciation according to IRS Notice 2000-04 as well as GAAP
  • Manages and reports the adjustment of depreciable basis of Section 179 property
  • Process trade-ins according to GAAP and federal tax guidelines
  • Election to take additional 30% first-year depreciatino on qualified assets according to JCWA 2002
  • Additional depreciation benefits for NYLZ assets
  • Projections - Depreciation projections are available
    • For future years in 5,10,15 and 20-year increments and any increment between 1 and 30
    • By individual asset
    • In summary form
    • For FASB 109 reporting

Compliance With Tax Code And Regulations

  • Complete integration of pre-ACRS, ACRS and MACRS tax regulations to ensure compliance with applicable tax laws.
  • Tax law changes created by ERTA of 1981, TEFRA of 1982, TRA of 1984, TRA of 1985, TRA of 1986, TAMRA of 1988, Revenue Procedure 89-15, Revenue Reconciliation Act of 1989,
  • Revenue Reconciliation Act of 1990, Revenue Reconciliation Act of 1993, Small Business Reform Act of 1996, Taxpayer Relief Act of 1997, IRS Notice 2000-04, Job Creation and Workers Assistance Act of 2002, Jobs and Growth Tax Relief and Reconciliation Tax Act of 2003.

Security-By-User Profile

  • Menu /Option Security
  • Database Security’
  • Field Level Security
  • Group Profile Capability

Complete Audit Trails

  • Optional audit trail file reflects additions, changes and deletions to an asset by user and workstation ID
  • Available on-line or via reports

Establish up to 36 books of depreciation for each asset, including

  • Book
  • Federal
  • State
  • AMT
  • ACE

Supports numerous methods of depreciation, including

  • MACRS 150% and 200%
  • ACRS
  • Straight line
  • Declining Balance
  • Sum-of-the-Years-Digits
  • Units of Production
  • User-defined Methods

Supports numerous conventions such as

  • Half year
  • Mid-month
  • Mid-quarter
  • Actual months

Maintain comprehensive asset information including

  • Acquisition information
  • Serial number
  • Asset classification
  • Disposal and transfer data
  • Control groups
  • Replacement cost values
  • Optional Multi-Currency module allows currency tracking and reporting of multiple currencies(including Euro)
  • Define field literals with terminology that is consistent within the corporate environment
  • Customize system values to reflect each organization’s specific requirements
  • Maintain additional asset information with 25+ User Defined Fields

FAMS Reports

The wide range of reports provides the necessary information for internal and external accounting, tax reporting and planning – in a format that’s readable and easy to interpret.

Internal/External Management Reporting

  • Company consolidation summary reporting
  • Division summary reporting
  • Asset transfers/disposal/trade-ins with prorated depreciation expense
  • Gain and loss reporting
  • Inventory worksheet
  • Component summary reports
  • Monthly depreciation summaries
  • Complete projection reporting
  • Analysis of assets (Sec 10-K format)
  • FASB109 reporting

Income Tax Reporting

  • Tax form 4562 – Depreciation and Amortization
  • Tax form 4626 - Alternative Minimum Tax Worksheet
  • Tax form 4797 - Sales of Business Property
  • Mid-quarter determination analysis
  • AMT, ACE and E&P

Multi-Currency Reporting

  • Additions
  • Disposals, Gain/Loss
  • Transfers
  • Analysis of assets (Sec 10-K format)
  • Monthly depreciation summaries

Other Reporting

  • Property tax reporting by class and by in-service year
  • Property tax reporting by territory
  • Appraisal values by insurance company
  • Replacement values

FAMS Is Easy To Use

  • Easy-to-use Graphical User Interface (GUI) available
  • Custom Asset Templates for faster and more accurate data entry
  • All data is validated on-line against tax laws and user defined tables
  • Access to assets with 15 pre-defined Asset Inquiry options or User Defined Inquiry

FAMS Specialized Modules

Foreign Currency

  • Maintain assets in multiple currencies with automatic currency translation
  • End of period, average period and average annual rates available
  • Depreciation expense calculated in the currency utilized
  • Extensive reporting
  • General Ledger transactions may be booked in multiple currencies

Inflation Adjustment

  • Calculate and track the impact of inflation on the cost and accumulated depreciation for companies who operate in areas of hyper-inflation
  • Inflation adjustment percentages defined by period, fiscal year and books of depreciation affected
  • Inflation adjustment amounts tracked separately from original asset
  • General Ledger transactions may be booked for monetary correction income/expense, asset cost and accumulated depreciation

Other Applications

The following applications are designed to work hand-in-hand with FAMS - Fixed Asset Management System:

"FAMS - Fixed Asset Management System" is part of the FAMS-Fixed Assets Management System line of products, developed by GBA Systems.

Related Products

The following software product lines are also offered by GBA Systems: