FAMS provides substantial flexibility in accommodating the depreciation policies and accounting methods used by most companies while ensuring compliance with tax laws and GAAP.

FAMS is a fully integrated part of GBA Systems' accounting software suite, which includes Project Accounting Management System (PAMS) and the Lease Accounting Management System (LEASE).

FAMS Overview

Facilitates Change

• Mass or partial transfers and disposals as well as reinstatement functions are all available.
• Mass change feature allows user to quickly update data when information changes
• Unlimited additional text may be associated with each asset record for tracking service history, improvements, etc.
  
  Depreciation
  

• Display or report depreciation for any period of the fiscal year at any time
  
• Allocate depreciation expense for a single asset to multiple expense accounts
  
• Short fiscal year calculations are supported according to all IRS regulations
  
• Independent fiscal year closing of depreciation books allows staggered closing of a year-end to accommodate timing differences in audit and adjustment periods
  
• Accommodates 52–53 week year including thirteen accounting periods and unequal accounting periods (4-4-5, 5-4-4, 4-5-4)
  
• Complies with Luxury Auto Limits according to IRS regulations.
  
• Suspend depreciation for idle assets
  
• Assets with negative or zero cost/depreciation are accommodated
  
• Like-Kind exchange depreciation according to IRS Notice 2000-04 as well as GAAP
  
• Manages and reports the adjustment of depreciable basis of Section 179 property including the increased amount applicable to New York Liberty Zone Property.
  
• Election to take additional 30% first-year depreciation on qualified assets according to JCWA 2002.
  
• Additional depreciation benefits for NYLZ assets.
  
• Election to take additional 50% first-year depreciation on qualified assets according to JGTRRA 2003.
• Election to take additional 50% first-year depreciation on qualified assets according to the Gulf Opportunity Zone Act of 2005.

Projections

• Depreciation projections are available for future years in 1,5,10,15 and 20-year increments and any increment between 1 and 30
• By individual asset
  
• In summary form
  
• For FASB 109 reporting

Compliance With Tax Code And Regulations

• Complete integration of pre-ACRS, ACRS and MACRS tax regulations to ensure compliance with applicable tax laws.
• Tax law changes created by ERTA of 1981, TEFRA of 1982, TRA of 1984, TRA of 1985, TRA of 1986, TAMRA of 1988 and Revenue Procedure 89-15, Revenue Reconciliation Act of 1989, Revenue Reconciliation Act of 1990, Revenue Reconciliation Act of 1993, Small Business Reform Act of 1996, Taxpayer Budget Relief Act of 1997, IRS Notice 2000-04, Job Creation and Workers Assistance Act of 2002, Job Growth and Tax Relief Reconciliation Act of 2003, American Jobs Creation Act of 2004, and Gulf Opportunity Zone Act of 2005.
  

Security-By-User Profile

• Menu /Option Security
  
• Database Security
  
• Field Level Security
  
• Group Profile Capability
• Print user authority for menus, options and database security for Sarbanes-Oxley Controls 
  

Complete Audit Trails

• Optional audit trail file reflects additions, changes and deletions to an asset by user and workstation ID
• Available on-line or via reports
  

FAMS Features:

Establish up to 36 books of depreciation for each asset, including:

• Book
  
• Federal
  
• State
  
• AMT
  
• ACE
  

Supports numerous methods of depreciation, including:

• MACRS 150% and 200%
  
• ACRS
  
• Straight line
  
• Declining Balance
  
• Sum-of-the-Years-Digits
  
• Units of Production
  
• User-defined Methods
  
  Supports numerous conventions such as:
  
  
• Half year
  
• Mid-month
  
• Mid-quarter
  
• Actual months
• Actual periods
  
  Maintain comprehensive asset information including:
  

• Acquisition information
  
• Serial number
  
• Asset classification
  
• Disposal and transfer data
  
• Control groups
  
• Replacement cost values
  
• Optional Multi-Currency module allows currency tracking and reporting of multiple currencies (including Euro).
  
• Define field literals with terminology that is consistent within the corporate environment
  
• Customize system values to reflect each organization's specific requirements
  
• Maintain additional asset information with 25+ User Defined Fields
  

FAMS Reports:

Internal/External Management Reporting

• Company consolidation summary reporting
  
• Division summary reporting
  
• Asset transfers/disposals/trade-ins with prorated depreciation expense
  
• Gain and loss reporting
  
• Inventory worksheet
  
• Component summary reports
  
• Monthly depreciation summaries
  
• Complete projection reporting
  
• Analysis of assets (Sec 10-K format)
  
• FASB109 reporting
  

Income Tax Reporting

• Tax form 4562 – Depreciation and Amortization
  
• Tax form 4626 - Alternative Minimum Tax Worksheet
  
• Tax form 4797 - Sales of Business Property
  
• Mid-quarter determination analysis
  
• AMT, ACE and E&P
  
  Multi-Currency Reporting

• Additions
  
• Disposals, Gain/Loss
  
• Transfers
  
• Trade-ins
  
• Analysis of assets (Sec 10-K format)
  
• Monthly depreciation summaries
  
  Other Reporting
  
  
• Property tax reporting by class and by in-service year
• Property tax reporting by territory
• Appraisal values by insurance company
• Replacement values

FAMS Is Easy To Use

• Easy-to-use Graphical User Interface (GUI) available
  
• Custom Asset Templates for faster and more accurate data entry
  
• All data is validated on-line against tax laws and user defined tables
  
• Access to assets with 15 pre-defined Asset Inquiry options or User Defined Inquiry
  

FAMS Specialized Modules

• Multi-Currency
• European Monetary Union Compatible
  
• Maintain assets in multiple currencies with automatic currency translation
  
• End of period, average period and average annual rates available
  
• Depreciation expense calculated in the currency utilized
  
• Extensive reporting
  
• General Ledger transactions may be booked in multiple currencies

• Inflation Adjustment
• Calculate and track the impact of inflation on the cost and accumulated depreciation for companies who operate in areas of hyper-inflation
  
• Inflation adjustment percentages defined by period, fiscal year and books of depreciation affected
  
• Inflation adjustment amounts tracked separately from original asset
  
• General Ledger transactions may be booked for monetary correction income/expense, asset cost and accumulated depreciation

• Data Transfer
• User defined selection criteria - download only the data needed for reporting and analysis 
  
• Data security features ensures that users can only download data they are authorized to access
  
• Intuitive windows user interface
  
• Download to Excel, Access, ASCII, Comma separated values, tab separated values and custom file types.