Fixed Asset Inventory and Disaster Recovery

Insuring your fixed assets is useless if you aren’t prepared to substantiate your cliams when your worst nightmares come true.  Does your recovery plan include YOUR valuable fixed assets?

Del Papa Distributing is celebrating 100 years distributing fine beer and beverages across 17 counties in Texas. The company sells more than 10 million cases each year from three distribution centers and employs more than 340 individuals. To ensure its numerous assets are efficiently tracked and accurately accounted for, Del Papa Distributing relies on Sage FAS Fixed Assets software and Paragon Systems. Recently, the company sought to better control its assets through a barcode system, and contacted Paragon Systems, a Sage business partner specializing in the implementation of asset management and asset inventory applications.

Maximize Your Investment

“We have a large number of assets throughout the company and tracking them by barcode makes good business sense,” says Crystal Bryan, director of accounting services for Del Papa Distributing.

“Barcoding speeds the count of assets and the simple presence of an asset tag on a piece of equipment lets people know an asset is being tracked,” Bryan explains. “We looked at several other asset tracking systems, but selected FAS Asset Inventory for its capabilities and also because it integrates with our existing asset accounting software. The integration helps us to maximize our overall investment in technology.

How did we (Paragon Systems) help Del Papa get back on track?  What should you be thinking of?  Read the full article…. Fixed Asset Inventory and Disaster Recovery

New FAS Asset Accounting v2012 Coming in September

I am finally back into my humble office after attending the Sage Software Summit 2011 with an immediate trip to some customers out in Boston and Maine, now playing a serious game of catch up.  Ugg, one thing is for sure, when you leave, nothing just stops and goes away. 

What I wanted to bring to everyone’s attention is the new version of Sage FAS (v2012) that will soon be released – starting in mid-September.  Sage FAS division had a handful of breakout sessions @Sage_Summit letting both Business Partners and Customers play around with the latest version – one even showcased the ease-of-use on customizing the new interface and layout.  Feedback was a-m-a-z-i-n-g!  I myself am extremely excited to start implementing it world-wide.

Some of the changes to the Sage FAS Asset Accounting software that I (and my customers) are excited about are:

  • The capability to perform Task Based functionality (like you do in Outlook).
  • Ability to drag and drop columns in the Group View – now appropriately named: Asset ListNew Sage FAS Asset Accounting v2012 Layout.
  • A user can now drag the general field section (in Asset View/Detailed View) down to view all the fields as needed – seriously, this is a HUGE one for every user.
  • Capability to UPDATE asset information through the custom import wizard – this is the big dog!
  • Much, much, much more…

I don’t have all day to type out this blog entry so I am trying my best to keep it short and sweet and highlighting only a handful of things I and you will love about the upcoming release of Sage FAS Asset Accounting v2012.  It may seem a bit young for a facelift… but 14 [personal] years in the business — well, in software years, that facelift is long over due.  To Sage FAS division I say – GOOD JOB and way to be the best plastic surgeon in the U.S.!

Sage Summit 2011 Fixed Asset Management Workshops

Sage authorized consultants from Paragon will team with current Sage FAS customers in three breakout sessions to discuss best practices in fixed asset accounting and management at the Sage Summit 2011 conference.

Chicago, IL – July 5, 2011 – Paragon Systems (www.FixedAssetExperts.com), a nationwide provider of Sage FAS Fixed Asset Management software, has announced participation in the Sage Summit 2011 conference as an exhibitor as well as a workshop host.  In addition to their display in Booth 733, Paragon will also present three breakout sessions discussing the advantages of fixed asset accounting and management with Sage FAS Software.  The conference will be held at the Gaylord National Hotel and Conference Center in Washington, DC.  July 10 – 15, 2011.  Sage Summit 2011 represents a new format that combines both Sage Authorized Business Partners and Sage customers at the same event.

FULL PRESS RELEASE ]

Love Your Assets – Tag Em’

Do you truly love your fixed assets?  How about giving them a Valentine today and get serious about conducting a physical inventory!  Sounds romantic doesn’t it.

Ask yourself this question, has your business or organization ever conducted a fixed asset inventory audit?  Is your answer no?  This is all too common.  What everyone doesn’t understand is that knowing what you have and what you don’t have is a really big deal and greatly impacts your budget amongst other benefits.

Not only does conducting an inventory audit ensure your accuracy of asset information on your books, it also sets a best practice of managing your assets.   Before you even think about starting your inventory, you need to make sure you have everything planned out and ready to be executed BEFORE you (or anyone off the accounting street) hit the floors with a clip board and some inventory tags.  This will turn out to be a disaster!  A few things to think about prior to auditing:

  1. Company-wide Participation — Make sure everyone and all departments are on board with this project.  If not, this project will fail before it even gets started.
  2. Asset Tagging — What are you going to tag?  Where will you place the tag? How many tags will you need, will they be customized?  What about the starting sequence?  The best one… what TYPE of tag are we going to implement?
  3. Data Collection — What information will be obtained when we are out there?  Where in the heck will all this information go both in the field and out of the field?
  4. Reconciliation — Now that you’ve collected your asset data, make sure you match to your original records and CLEAN THEM UP.
  5. On-going Management — Now what’s your plan for the future?  Don’t take all that time to clean just so you can get dirty again.

Now that you have shown some love to your fixed assets — nothing says you really care like an automated full circle fixed asset management solution!  No, spreadsheets don’t count here – nor do clipboards.  What should you choose?  Hahahaaaa… well, Sage FAS Track Pack with industry leading bar code readers of course!  Email me a valentines asking how you can get started showing the love.

From my assets to yours, Happy Valentine’s Day!

Balancing SAP Costs Before Importing Into Sage FAS: Live Update 5

A couple of weeks have gone by and we are progressing nice and easy — on schedule and on budget.  Our client has multiple entities (with thousands of data) and we are finished balancing on one and about 95% balanced to another with only 3 more to go. 

The struggle has been with SAP and their transaction codes.  Current FY data is sometimes hidden – which is a small struggle, but we persevere!  Another small struggle for the client is trying to assist us in reconciling starting balances between what SAP could/can handle against what they’ve had to manipulate off-line out of the system.  Hence the reason they are implementing Sage FAS Asset Accounting – NO OFF-LINE ADJUSTMENTS NECESSARY!

Remember when converting and implementing any system for the first time, the VERY first thing you should do is pick a date to balance out to.  This ensures that no data gets left behind and you will have a clean start.

Sage FAS Asset Accounting: Release of Version 2011.1

The moment has arrived for all you Sage FAS Asset Accounting users out there (over 300,000 active users).  The release of version 2011.1!  Yes, it incorporates tax law changes made during the year including the Tax Relief, Unemployment Insurance Reauthorization, and Job Creation Act of 2010 and the Small Business Jobs Act of 2010. 

This release is only available for CURRENT Sage Support members and new licenses.  If you need to renew your support to take advantage of this slick automation and updated depreciation methods and provisions, call me now at (847) 2402981 ext: 164 or shoot me an email with the SUBJECT: RENEW.

The FAS 2011.1 Tax Update contains exciting new features and enhancements to your:

  1. Tax Law Updates: Sage has updated the Sage FAS program to comply with the latest tax law changes:  
  • Updated Tax Forms and Worksheets. The 2011.1 Tax Update includes the updated IRS Form 4562 – Depreciation and Amortization for 2010. 
  • Updated Tax Limits. The 2011.1 Tax Update complies with the scheduled updates to the Section 179 limits and luxury auto limits, including changes to allow up to $250,000 of the Section 179 deduction to be claimed for qualified real property.
  • 168 Allowance of 100% for Certain Property. Assets placed in service after September 8, 2010 and before January 1, 2012 can take a 100% bonus deduction.
  • Extension of Tax Provisions. The Tax Relief, Unemployment Insurance Reauthorization, and Job Creation Act of 2010 has extended several tax provisions, such as allowing a 15 year estimated life on qualified leasehold improvements, qualified restaurant property, and qualified retail improvement property.

2. Updated Audit Advisor. Sage FAS made the following updates to the Audit Advisor:  

  • Check for the increased Section 179 limits as stated above. 
  • Extend the check for Qualified Restaurant, Leasehold, and Retail Improvement Property. 
  • Added a new check for assets that claimed a 50% 168 Allowance when they are eligible to take the increased 100% depreciation allowance. 
  • Added a new check for real property that may be qualified for the Section 179 expense deduction.

3.  New Sage Timberline Enterprise Link. We have added a new general ledger link that enables you to post depreciation expense and accumulated depreciation from Sage FAS to Sage Timberline Enterprise.

NOTE: Please note that no database conversion is required to upgrade from version 2010.1 of Sage FAS to version 2011.1. However, if you are currently using an older version of Sage FAS, you must first upgrade to version 2010.1 before installing Sage FAS version 2011.1. 

If you DON’T have all the CDs or other material available for versions lower than 2010.1, you need a data schema upgrade.  Contact me today for competitive rates.

Post Recovery Adjustments in Sage FAS

Post Recovery, the adjustment amount would be claimed in the first period after the recovery period. 

For example:  You have a fiscal year-end (FYE) of December.  You have an asset with a remaining net book value (NBV) after the end of its estimated depreciation life — i.e. ended in 10/2010 with a NBV of $250. 

If your company book settings are set to Post Recovery, you will see the $250 in the assets NBV through Q4.  However, after running depreciation in January, 2011 (01/11), FAS will true up the $250 to net to zero.  This will affect your balance sheet for Jan.  Then you can make the adjustment in your GL.

For other questions or inquiries about adjustments in Sage FAS, contact me at (877) 824-6834, email or just reply through the blog.

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