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If you are currently keying manual journal entries for fixed asset depreciation, PFW Fixed Assets can help save you time by making this process automatic.
PFW Fixed Assets is completely integrated with the dealer business system. This means that when any new information is added and/or changes are made to any fixed asset, all corresponding programs and data are immediately updated with the appropriate information. As well, no “double keying” is required when you add a fixed asset (e.g., an equipment unit) in PFW Fixed Assets. Any fixed asset information that resides elsewhere in the PFW system (e.g., in Equipment), will automatically display when it is added in Fixed Assets.
PFW Fixed Assets posts depreciation amounts to the G/L, so that every time a fixed asset depreciation month-end procedure is run from Fixed Assets, all depreciation is calculated and automatically posted to the appropriate general ledger account. This eliminates the manual keying of invoices for posting depreciation, and saves you time.
PFW Fixed Assets gives you information power through its ability to track all historical depreciation records (e.g., last depreciation period and amount, depreciation year-to-date, and life-to-date, etc.). These history records are available by using one of the simple commands from the Fixed Assets Maintenance screen, allowing you to see all records, on-screen, for every fixed asset you have entered.
Following the industry standard for most U.S. businesses, PFW has included Alternate Depreciation Books in PFW Fixed Assets in addition to the regular Accounting Depreciation Book. Representing multiple depreciation methods, Alternate Books work exactly the same way as the regular Depreciation Books, but are used for reporting purposes only, as the G/L is not updated. This allows you to set up to four depreciation methods for each fixed asset — one for accounting, and three for federal, state and/or minimal purposes.