ONESOURCE FIXED ASSETS
ONESOURCE Fixed Assets powered by BNA Software® provides the expert guidance, most accurate depreciation calculations, and most reliable, timely regulatory updates that enable more than 35,000 tax and accounting professionals to maximize their productivity.
ONESOURCE Fixed Assets brings a whole new measure of power and control to today's largest enterprises. The system provides consistent, efficient, accurate management of fixed assets and depreciation across multiple companies, locations, and divisions.
Built-in Accounting and Depreciation Expertise You Can Trust
ONESOURCE Fixed Assets already includes all of the latest tax tables, forms, methods, and rules so you don't have to spend countless dollars and hours building the tax code into the system. This means you're ready to go from day one with the most reliable, complete tax law interpretations and calculations.
ONESOURCE Fixed Assets provides a powerful validation engine that enforces compliance to tax regulations and GAAP rules, automatically applying the necessary requirements. And it's quickly updated to reflect the very latest regulatory changes. Accuracy is never compromised.
With expert tax and accounting knowledge and precise depreciation calculations embedded in the system, novice users and seasoned professionals alike have the same high level of confidence when it comes to handling even the most complex compliance issues.
Complete, Central Control - Everyone's on the Same Page
ONESOURCE Fixed Assets lets you set up your most important depreciation policies from a single, central point. Characterize assets the way you want. Specify which depreciation methods to apply.
The software makes it easy to set clear, consistent policies that are automatically applied across all operating divisions. The result: tracking and reporting against any and all data entered into the system is easier, no matter where that data is entered.
What's more, ongoing, overall adherence to policy is stronger. With all your data in one place, users with the appropriate level of access can report on the activities in any operating division to:
- Ensure that depreciation policies are being followed, and
- Look across the entire organization anytime to track, analyze or forecast numbers as necessary.
This real-time visibility across the enterprise brings a higher degree of clarity, control, and peace of mind.
ONESOURCE Fixed Assets also provides role-based security that lets you grant users only the appropriate level of access, create and enforce the workflow, and manage and audit every activity, whether it's adding, changing, or removing assets. Nothing is compromised.
More Time to be Productive
With ONESOURCE Fixed Assets powered by BNA Software®, you'll lighten your load and heighten your accuracy. Expert, built-in wizards take the drudgery and guesswork out of routine fixed assets management tasks. Adding assets is streamlined - easy-to-follow steps and convenient drop-down lists speed up the entire process.
The accuracy of the data is improved and fewer adjustments are necessary at period close. When adjustments are needed, they are easy to make, fully supported and fully auditable.
ONESOURCE Fixed Assets delivers precise handling and greater reliability without workarounds, guesswork, or risky exposure. You can reconstruct and review historical data easily with a built-in audit trail. The system automatically tracks changes made to asset data at any point in the lifetime of the asset - while preserving the entire history of that asset. There are no reporting gaps. You can prepare all reports for prior, current, and future years, and maintain every value reported in the past.
FEATURES AND BENEFITS OF ONESOURCE FIXED ASSETS
- No Limits" fixed assets management. Handles an unlimited number of assets, companies, and users throughout the entire enterprise.
- Simple consolidation. All data is in one spot, for all companies. Just select the companies to report against and run the reports. No copying, moving, or file merging required.
- Instantaneous reporting. Create reports that give you the answers you need in a matter of minutes. The days of putting in a report request and waiting are a thing of the past.
- Built-in tax and depreciation expertise. Complete tax support-and best accounting practices-are fully integrated.
- Available as a Web-hosted solution. Provides a quickly implemented, secure, efficient, and robust alternative to traditional solutions.
- Provides quarterly SAS 70 report.
- Keeps costly IT resources in check; reduces the overall cost of fixed assets management and operations.
- Includes daily and weekly automatic backups.
- Always current. No installation or updates required.
- Minimal software required. Microsoft Internet Explorer 6.0 or higher.
- Multicurrency support:
- Easily manage assets in many currencies and reports in just one format.
- Efficiently manage and report on currency translation issues for depreciation. Enter and track assets in the appropriate functional currency, while still enabling the corporate office to report in a single currency.
No need for a separate, complicated spreadsheet to translate assets for consolidation purposes. Get clean, consolidated, fully translated reports, all in a single currency, all with the same accuracy and precision of ONESOURCE Fixed Assets.
- Translation can be done based on historical or current rates, enabling you to manage assets in both standard and hyper-inflationary currencies.
- U.S. tax law can be applied to translate reports, allowing for the application of luxury auto limitations.
REPORTING WITH ONESOURCE FIXED ASSETS
With ONESOURCE Fixed Assets, you'll never have to spend hours combining, merging, or manipulating data. The system's robust reporting goes above and beyond traditional reporting to provide information the way you want it - by location, asset class, you name it.
ONESOURCE Fixed Assets comes with more than 30 predefined, standard reports, including 5 fileable tax forms and supporting worksheets. Consolidated reporting and analysis are simple; an intuitive interface enables even a novice user to quickly group or filter any data item in the system.
For more advanced reporting needs, you can extend the standard reports or create customized reports using the Report Writer application. This integrated tool harnesses the power of the popular Crystal Reports® engine, enabling users to design virtually any report- including support for external data sources, formulas, and presentation-quality charts and graphics.
Create High-Powered Reports & Graphs Seamlessly
- Design every aspect of your report - you specify every data element, even user-defined fields; column widths, totals, and placements; all titles, headers, and footers; asset grouping levels and more
- Create special reports to select or export asset data
- Include graphics on your reports - even your company logo
- Incorporate information based on your own formulas, such as variances or inflation-adjusted replacement values
- Print reports quickly; either one at a time, or store your custom reports in batches for printing at will
Maximize the Value of the Report Writer
- Boost the usefulness of ONESOURCE Fixed Assets' Open Timeline feature by creating reports, which detail a full audit trail for any depreciation element and any time interval
- Quickly and easily build charts and graphs, which clearly and accurately illustrate any report's contents
- Revise any custom report template built within the company, or re-use a custom report template as the foundation for new custom reports
- Report Writer expands ONESOURCE Fixed Assets standard report capabilities for "custom fields" columns to include any asset or book data elements
- Title and store report templates so their purpose is clear and concise for your situation
- Build reports for any number of assets
- As a fully integrated report solution, you have immediate access to all Report Writer tools and capabilities
- Add any report element to the report using at-your-fingertips right-click menus
- Take advantage of quick drag-and-drop positioning of report elements - column headings, fields, graphics, lines, etc.
- To get a quick look at your report, preview any report on-screen with sample data
Easily Create your own Template
Report Writer contains exactly the asset data you want, precisely the way you want it, enabling you to select from:
- Fields presented on each report
- Asset grouping and sort order
- Fonts for each part of the report, including typeface, size, and color
- Subtotals and grand totals
- Page headers and/or footers
Or, Select a Predefined Template
Thanks to Report Writer's unique functionality, you can select from a predefined report template list, which includes:
- Depreciation Expense
- Gain and Loss
- Comprehensive Depreciation
- Net Book Value
- Asset Acquisition
- Asset Disposition
- Asset Balance Reconciliation
Choose from Several Print Selections
Since the look of your report is important, you can choose various print formats:
- Popular Spreadsheet
- Word Processing Formats, etc.
EFFICIENTLY MANAGE YOUR FIXED ASSETS DATA ACROSS THE ENTERPRISE
Now there's a way to ensure your fixed assets data is synchronized and up to date for all companies or entities across your accounting and tax compliance systems. The Data Manager module of ONESOURCE Fixed Assets powered by BNA Software® eliminates manual efforts and improves productivity while keeping your data in sync across your critical systems of record.
With the Data Manager module, you can automatically add, dispose, modify, and transfer fixed assets data between your Enterprise Resource Planning (ERP) system and ONESOURCE Fixed Assets, make mass data changes across multiple entities, and integrate with tax compliance software. It's ideal for organizations with a large number of fixed asset transactions or business units.
The Data Manager module is a productivity tool that will help you automate fixed assets data management processes, including:
- Integration with any ERP system
- Mass additions, disposals, transfers, and modifications
- Book and tax depreciation reconciliations
- Integration with tax compliance software
- Mergers and acquisitions
Eliminate tedious, manual efforts to input asset activity from your ERP system. Integrating with virtually any general ledger or ERP software, including PeopleSoft, Oracle, SAP , Great Plains, and others, the Data Manager module of ONESOURCE Fixed Assets captures all relevant fixed assets information from your ERP with minimal manual intervention.
Here's how it works:
- Standard reports (data extract) from your accounting system run automatically or on demand. These reports contain all your fixed assets transactions (e.g., additions, retirements, transfers, and any other changes to the fixed assets data) for all of your business units for a set period.
- The Data Manager module imports this fixed assets data (from ERP data extracts) automatically or on demand after review. It can quickly upload and import data directly into all business units. ONESOURCE Fixed Assets then processes the data changes, applies tax depreciation policies, and performs any required calculations.
The Data Manager module of ONESOURCE Fixed Assets is a multipurpose tool that integrates ONESOURCE Fixed Assets into your existing business systems and improves your overall workflow.
Whether it's a merger, a spin-off, or other business event with a significant impact on fixed assets, you can quickly make mass changes to hundreds or thousands of fixed assets at once. The Data Manager module automates the process, applying the changes across all business units as desired.
The Data Manager module of ONESOURCE Fixed Assets gives you the ability to:
- Integrate with your ERP or G/L system to perform routine fixed assets management
- Make mass data changes simultaneously to large numbers of assets in multiple entities
- Receive GAAP data from your ERP system and easily reconcile with tax depreciation
- Integrate with ONESOURCE Income Tax to automate the movement of data for completing tax forms
What would have taken weeks or months to accomplish, the Data Manager module makes possible in hours or days:
- In mergers or acquisitions when mass data changes typically need to be made to fixed assets data, such as revising costs, or changing asset life and placed-in-service dates.
- As a result of a cost segregation study when you may be required to make changes to real property assets including property type, asset life, method, convention, and more across a large number of assets.
- When you have thousands of assets that have to be transferred from one business unit to another.
If your company uses your accounting system to calculate GAAP depreciation and ONESOURCE Fixed Assets [links to Solutions/Data Collection/ONESOURCE Fixed Assets page] to calculate tax depreciation, the Data Manager module helps automate and gain efficiency in the process. It enables you to compare book and tax reconciliation for Schedule M3 or provision amounts, as well as generate state allocation and apportionment amounts for the tax return.
The GAAP cost, actual GAAP depreciation expense amount for each asset, and the GAAP accumulated depreciation amounts are extracted from an ERP report from your system and uploaded into ONESOURCE Fixed Assets. By using discrete, user-defined asset identification fields, ONESOURCE Fixed Assets will automatically associate those expense amounts with each asset, allowing for an accurate reconciliation of GAAP to tax.
Compared to manually reconciling actual GAAP depreciation with tax depreciation, the Data Manager module of ONESOURCE Fixed Assets will save you time and ensure accuracy.
Here's how it works:
- Standard reports (data extracts) from your accounting system are run automatically or on demand. These reports contain GAAP cost and depreciation amounts calculated in the accounting system for a period.
- The Data Manager module imports this data (from ERP data extracts) automatically or on demand after review. You can quickly upload and import data directly into ONESOURCE Fixed Assets for all business units at once.
The Data Manager module of ONESOURCE Fixed Assets automates the flow of fixed asset information for easy reconciliation of GAAP and tax depreciation.
Three time-consuming functions are simplified by the Data Manager module:
- Automating the flow of data between your ERP and ONESOURCE Fixed Assets.
- Making mass data changes across multiple entities.
- Integrating with tax compliance software to facilitate tax form preparation.
The Data Manager module of ONESOURCE Fixed Assets provides integration with your organization's tax compliance software, including ONESOURCE Income Tax.
By exporting your ONESOURCE Fixed Assets data to your tax compliance software, you'll eliminate retyping and errors introduced through manual efforts.
Exporting data from ONESOURCE Fixed Assets for import to your tax compliance software is straightforward and efficient:
- Using the Data Manager module of ONESOURCE Fixed Assets, a standard tax compliance report (data extract) from ONESOURCE Fixed Assets for a particular tax year is created and formatted for import into tax compliance software. This report contains source data for IRS Forms 4562, 4797, 4624, 3468, 8824, and others. You can also include state allocation and apportionments data in the reports, if GAAP depreciation amounts are available.
- Import the fixed assets data (from the ONESOURCE Fixed Assets data extract) into the tax compliance software. The data will be entered directly into the return.
Data Manager module of ONESOURCE Fixed Assets makes completing depreciation-related tax forms as easy as a few keystrokes.
EFFICIENTLY TRACK AND MANAGE CAPITAL EXPENDITURES AND CONSTRUCTION IN PROGRESS
Improve accuracy, increase visibility and control, and drastically reduce administrative effort for capital expenditures and construction-in-progress (CIP) projects from start to completion with the CIP module of ONESOURCE Fixed Assets powered by BNA software.
The CIP module enables you to efficiently manage and report on capital expenditures (CAPEX) and capital-intensive projects such as construction of new factories, machinery upgrades, building renovations, and more.
When a project is completed or a capital expenditure is made, the CIP module automatically converts the appropriate expenses to depreciable assets in ONESOURCE Fixed Assets. You gain end-to-end control of both capitalized and expensed assets and the ability to track capital expenditures.
The CIP module helps you:
- Efficiently track capital expenditures
- Control spending on capital projects by comparing budget to actual expenses
- Simplify reconciliation of CAPEX balances with the General Ledger
- Gain quick insight into project expenses
- Automatically create depreciable fixed assets from invoices
- Provide more financial documentation for Sarbanes-Oxley compliance
Eliminate Manual Efforts
Accounting departments often have to resort to error-prone manual tracking and reporting of capital expenditures and construction-in-progress invoices and expenses. Accounting systems (ERP) and other software systems lack the capabilities needed to fully support the tracking of these projects and expenditures.
The CIP module lets you:
- Easily handle multiple concurrent projects and hundreds or tens of thousands of individual invoices.
- Manage data at multiple levels, including: project, multiple contracts within each project, and multitudes of invoices for each project.
- Automatically track project status, including budgeted expenses, changes to budget, actual expenses, contacts, and notes
- At project completion, convert all or part of the project expenses into depreciable assets and enter them into ONESOURCE Fixed Assets.
Gain Better Insight and Control into Project Expenditures
With the CIP module, you gain the visibility and control you need to manage capital expenditures and construction-in-progress projects - down to individual invoices and line items.
You can report on actual expenditures, ensure projects remain within budget, and track invoices to appropriate projects and items.
The CIP module enables you to:
- Control budgeted, committed, and actual expenses on CIP projects
- Track invoices and categorize expenses
- Reconcile capital expenditures and CIP project expenses with General Ledger balances
- Create detailed financial reports
Automatically Create Fixed Assets from Invoices
Once a capital expenditure is entered into the system or your construction project is finished, the CIP module automatically creates new fixed assets in ONESOURCE Fixed Assets. You can quickly create depreciable fixed assets from line items/invoices.
ONESOURCE Fixed Assets will apply and ensure compliance with GAAP and tax depreciation rules while ensuring the new assets are characterized correctly according to your corporate policies.
Trusted Fixed Assets and Depreciation Management
For companies with construction-in-progress projects, the CIP module is a valuable add-on option to ONESOURCE Fixed Assets. You gain greater control and visibility into capital expenditures and construction-in-progress project finances while significantly reducing manual efforts and errors.