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Effective Tax Management - The CDI Fixed Assets tax management capabilities are designed to aid you in reporting depreciation for tax purposes and to help you avoid paying unnecessary taxes. You can define depreciation methods and tables to reflect the most current tax laws. CDI Fixed Assets supports multiple tax books to allow independent federal, state and local reporting for the same asset.
Streamlined Preparation of Tax Returns - Comprehensive reporting capabilities speed the preparation of your tax returns. For example, a report automatically calculates the difference in depreciation between any tax book and an Alternative Minimum Tax (AMT) book to determine the proper adjustment for your tax return. Another report quickly calculates your adjustment for Adjusted Current Earnings (ACE).
Full Range of Depreciation Methods - Depreciation can be calculated on a periodic or daily basis using any standard method or an unlimited number of user-defined methods.
Fast Entry of Assets - You can enter prior or current period assets online, choose the book in which the asset is to be recorded, and identify specific asset components. For greater productivity, user-defined defaults speed data entry.
Flexible Information Tracking - Detail information for each asset can be as brief or lengthy as you like. You can store such information as general ledger codes, locations, serial numbers and purchase order numbers to keep a complete record of all your fixed assets.
User-Definable Asset Categories - Users can define fixed asset categories with the corresponding general ledger account numbers for depreciation expense, accumulated depreciation and asset cost. Automatic default values are in place based on the category you define, but users may override these if they have the proper system permissions.
Multiple Asset Transfer Methods - You can perform transfers for one asset or for a range of assets based upon different selection criteria such as asset category/subcategory, physical location, cost center, custodian or in-service date. Journal entries are automatically generated for transfers between cost centers.
Flexible Component Transfers - The component transfer capability of CDI Fixed Assets allows you to transfer only a portion, or a component, of the total asset. Transfers can be made from one asset to another, one custodian to another, or one component to another.
Up-To-Date Asset Information - You can elect to change basic asset information when necessary. Among the fields that can be changed are asset category, depreciation method, asset life, prorate convention, asset cost account, accumulated depreciation account, depreciation expense account or profit/loss account.
Easy Cost Revision - You can update the cost, or basis, of an asset after it is placed in service. The change can be either positive or negative. The system not only keeps track of current adjustments, it also tracks any prior adjustments made to the assets.
Choice of Partial or Full Retirements - CDI Fixed Assets will perform partial or full asset retirements. You can retire a range of assets or one asset at a time. All corresponding journal entries and gain-and-loss calculations are generated automatically. Asset dispositions can be effective as of the current period, or they can be retroactive.
Effective Forecasting and Analysis - The system calculates monthly projections for financial reporting. Also, for more effective short- and long-term planning, you may view projected depreciation schedules for multiple books and periods simultaneously.
Detailed Audit Trails - CDI Fixed Assets provides detailed audit trails of up-to-date transaction activity. Historical information on any given asset may be printed or viewed online. In addition, the module furnishes all the information necessary for SEC 10K reporting.
Extensive Query Capability - You can query off any field on any screen to get the information you need. For example: Find out an asset’s cost and its depreciation reserve; review all transactions for any depreciation book and accounting period; or check all the assets assigned to a given location. All of this is done quickly and easily with CDI Fixed Assets.
"CDI Fixed Assets" is part of the CDI Financial Control System line of products, developed by Tecsys.