The CSS FIXED ASSETS SYSTEM is designed to provide accurate record keeping of assets for income tax reporting and internal accounting control. The system allows all standard depreciation methods (straight line, declining balance, sum of digits, ACRS).

The system will permit handling individual assets or grouping of individual assets in a single asset record. This feature allows most existing manual assets systems to be converted with no significant research to split the group approach back into individual assets.

The system calculates Investment Tax Credit for first year in service and supports the 1982 and prior ITC calculation as well as the 50% ITC capitalization reduction for 1983 and forward.

All ACRS and ITC rates are carried in user accessible control records to allow future rate changes without program modification.

The system produces a General Ledger asset depreciation schedule for each period. If the CSS General Ledger System is installed, an interface program is supplied to post the schedule automatically each period.

Declining Balance depreciated assets automatically switch to the straight line technique when appropriate.

The asset record is divided into tow separate depreciation systems to allow different depreciation techniques to be used for accounting and tax purposes.

The accounting sub-system is used to perform accounting functions of General Ledger asset expense posting for each period.

Any assets retired in the current processing period will generate General Ledger entries to remove the asset from the appropriate General Ledger accounts. If the asset is early retired (asset not fully depreciated), the "Loss or Gain From Sale of Assets" account number will be affected as required.

Assets fully depreciated or non-depreciable assets (expense items), may be carried to insure proper inventory control.