CMI Fixed Assets Blog

There are a couple of methods for accessing past year data within CMI Fixed Assets. Today we're going to discuss one of the easiest methods for creating past year files under the Select Company screen. This method is a handy way to have current and past year files all at your fingertips.

First, you'll want to open your current company within CMI Fixed Assets. You'll notice my Demo company shown in the photo below is my 2013 file. Now we'll make a copy of the current year. {Make sure all of your Depreciation Schedules have been run for the most accurate data to be copied.}

Choose the Year End icons on the left hand side of your screen and then select Copy Company. Copy Company can also be found under File | Copy Assets | Normal Copy.

The Copy Assets screen will pop up as shown below. You'll want to make sure that the 'Copy Company from folder' gets copied and pasted down into the 'Copy Company to folder'. In other words you want the second line, the to folder, to match the top line, the from folder.

Select the option 'Copy One Company at a Time'. The Company Number copied from will automatically be populated with your current company. You'll want to leave that as is. The Company Number Copied to will need to be changed to the past year file that you're trying to create. In this case since my current year is 2013, the year I am getting ready to close, I named my file DEMO2013 so I know what year that file represents. Then click Copy in the top right corner.

A Question screen will then pop up asking if you want to copy the company backup data (assuming your current company has backup files available). I always choose yes since backup data can come in handy and doesn't take up much space on your computer or server.

The copy process will then complete and you'll be back at the Copy Assets screen. Here just click Exit.

Now we'll complete the process for closing our current year end, in this case I'm closing my 2013 file. Again choose the Year End icons on the right side of your screen and then the Year End Close icon. Year End Close can also be found under File | Year End Close.

The Year End Close dialog box will pop up. As long as all of your Depreciation Schedules have been printed the Close Year End button will be available. If any of your schedules say 'Not Printed' you'll need to run that schedule to the screen and then come back to the Year End Close process. Click the Close Year End button.

You can now follow through the prompts of the Year End Close wizard. They include such items as Deleting Prior Year Dispositions and performing a backup of your company.

Now you'll notice my current file has rolled over from 2013 to 2014 indicating that the Year End Close is complete.

Using the process we've just discussed I now have a file for last year (2013) that I can easily open and use to print prior year reports or look at other prior year data. I also have a current company (2014) available to continue with my fixed assets for the current year.

Now, next year I can perform this process over again to create a 2014 file for my past year and then roll over the current year to 2015. This creates a database of each past year under my Select Company screen that is easily accessible.

If you have any questions on this process or would like to discuss anything within CMI Fixed Assets please contact us at 1-800-678-3658.

Always, always back up your data!

There are several automatic backup prompts built into CMI such as during a Year End Close or a Multiple Asset Change. Whenever prompted choosing to backup is always the right answer.

One of the reasons backups are always recommended is that it makes it possible to retrieve a prior year's data, even if you didn't make a copy of that year within CMI Fixed Assets. As long as you choose to backup during the Year End close, you will have a copy of the prior year available to you within your CMI data folder that you can retreive at anytime. Once you retreive that file you can print reports just like when that year was open in CMI.

To retrieve a prior year's backup copy, first open the company related to that file. Then click Tools > Company File/Backup Restore. This is also the place to save a backup copy manually anytime you wish. At this point you would simply click Save in the top right hand corner to create a backup copy of your company at that current point in time.

However, if you already have a backup file made, you'll see a list of all available backup files with date and time stamps. They'll also have a note related to why they were backed up.

For example, if you made a backup during the Year End close process, that file will have a note that says Prior to MM/DD/YYYY year end close like the file highlighted in blue above.

To retrieve that file, click on it, so that it's highlighted in blue (again, as shown above), then the Retrieve button becomes available to you in the top right corner. Click Retrieve. You will then be prompted to give it a new company number. This is so the retrieved backup copy doesn't overwrite or become confused with your current copy. 

Once you've given it a new company number click OK. The retrieved company will now be available to you once you click Select Company in the company listing. From there you can print reports, look at assets, make changes, just as if you were still in that year.

Please let us know if you have any questions in the comment section below, or you can call 1-800-678-3658 from 8am to 5pm Mountain time during the winter months.

CMI Fixed Assets has a Depreciation Projection feature.

You can find it under Reports on the left side bar or across the top under Depreciation Projection. 

This feature/report allows you to project your depreciation either 5 years or 10 years into the future. 

Once you click the Depreciation Projection icon, the Projection box pops up. It shows the current year end as well as the first projection year end at the top of the box. 

The black arrow points to the spot where you can select 5 years into the future or 10 years into the future. 

You can also choose to project the data for all assets or selected assets as determined by your chosen criteria. And as with all other reports within CMI you can choose which schedule you would like to project AND whether you want totals only or asset details. 

These projections are based on the assets that you have currently entered into the CMI Fixed Asset software. To create a what if scenario, you could create a new company and enter data based on the possible acquisition and disposition of assets as well. 

If you have any questions concerning the projection of depreciation data within CMI Fixed Assets, or anything else related to CMI, please feel free to contact us at 1-800-678-3658.

Within CMI Fixed Assets, the depreciation that is shared through the Depreciation Schedule reports is your annual depreciation. If you want to see depreciation for just one month or by month that can be found under the Month/Quarter Depreciation report. 

Once you click the Month/Quarter Depreciation report icon, it gives you the option to choose Monthly or Quarterly. In this case I chose monthly. Now the Depreciation By Month box is available. 

Here you can choose to print the full year's depreciation by month, or you can choose a single month. 

If I had chose Quarter after clicking the Month/Quarter icon, the Depreciation by Quarter box would be available. Here you can see you now have the option to print the depreciation for the full year by quarter or you can choose a single quarter to print as well. 

Available at bottom of both boxes, is the option to include Year to Date Amounts, the Original Cost or the Net Book Value. You can choose to add any of these items simply by selecting the circle next to the information you would like to include.

If you have any questions concerning printing Monthly or Quarterly reports, please feel free to contact us here at CMI at 1-800-678-3658 and we would be glad to assist you! 

The latest update of CMI fixed assets is now available on the website. The current update, 4.1.92, includes all of the changes that were implemented from the Small Business Jobs Act of 2010. 

The tax changes in the Small Business Jobs Act that effect fixed assets and have thus been implemented into CMI's fixed asset program are:

-  Enhanced small business expensing (Section 179 expensing).

-  Extension of 50% bonus first-year depreciation.

-  Increased luxury auto depreciation.

 
Feel free to contact us if you have any questions on utilizing these changes or if you need any assistance with CMI Fixed Assets in general.

If you would like information on how to download this new version, contact us at 800-678-3658 for instructions.

How to Calculate the Depreciation to Fixed Assets Ratio

How to Interpret the Depreciation to Fixed Assets Ratio

Conclusion

In 1980 a local CPA firm, of which I was a partner, was just beginning to use office desktop computers.   We searched for appropriate accounting software, including a good fixed assets accounting program.  After using the selected program for a year I went to my partner and said, “We can write a better fixed assets program.”  Thus was born the idea that has developed into CMI Fixed Assets. 

Our Comprehensive Fixed Assets Accounting System (CFAAS), as the initial program was named, was written in CPM basic and released in 1983.  We still count among our users some of the original five purchasers of CFAAS.  Subsequently the name was changed to THE SYSTEM and finally to CMI Fixed Assets. 

What has not changed is our commitment to providing a quality product at an affordable price with top notch support.  CMI Fixed Assets was originally developed to serve the needs and desires of our own public accounting firm.  Over the years CMI Fixed Assets has grown due to our own wishes to improve, to keep up with accounting and tax changes and to respond to requests and suggestions from our users - accountants and CPAs in public practice, industry and  government - who are our greatest resource for ideas.  Of course the years have seen a substantial migration from the original CPM operating system to today’s Windows environment.

We invite you try CMI Fixed Assets.  We are ready and anxious to answer your questions.  We are always pleased demonstrate the special tools and capabilities that make CMI Fixed Assets more than just another “depreciation system”.  And after you decide to place your confidence in us we promise you more attention and satisfaction than you thought a software company could provide.

Welcome to CMI Software,

Ronald C. Tolman, CPA

President