After many years of confusion amongst the masses, I’m here to set it straight on the differences between Sage FAS Asset Accounting and Sage FAS Asset Inventory.
Say it simple….
- Sage FAS Asset Accounting is simply the ‘depreciation engine’ of the Sage FAS family. Asset Accounting is where all the action happens from running depreciation, disposing and transferring assets to providing you with the paper trail necessary to track all your fixed asset movement. FAS Asset Accounting also keeps you current on all the federal tax rules and regulations, as well as provides you with the necessary filing forms: 4562, 4626, 4797, 3468 and the 4255.
- Sage FAS Asset Inventory is the automated reconciliation engine of the family. Asset Inventory allows companies to physically track their fixed assets with the use of industry leading bar code scanners and custom bar code tags/labels. Once you have collected all your data out in the field, FAS Asset Inventory can receive the data electronically from your bar code scanner and then allows you the flexibility to automatically reconcile your results — which in turn will update your data.
The wonderful thing about the Sage FAS family of solutions is that they can either: work separate from one another, or integrate ‘seamlessly’. With that little bit of knowledge, FAS Asset Accounting and FAS Asset Inventory can be, and are seamlessly integrated, using the same database and companies. Therefor, when you perform reconciliation in Asset Inventory, the changes you make to your assets will show in both solutions, Asset Inventory and Asset Accounting.
Obviously, there are other ways that the two integrate… but I’ll leave that for another day.
Fun Fact: Sage FAS is, and has been, the leading software that provides true, full-circle fixed asset management!