1 - Options for Tracking Fixed Assets in RIMSS

There are multiple options for tracking Fixed Assets in RIMSS.

1. Simplified Tracking - you will use this option when your tax professional maintains the fixed asset schedule and provides the total depreciation and value of the assets on a periodic basis.
   1. Asset Values, Depreciation, and Amortization Expense are tracked in unreferenced G/L accounts in the RIMSS general ledger.
   2. A journal entry is created periodically to update the accounts to match the values provided by the tax professional.
   3. There is no asset tracking or detail reporting available in RIMSS. All detail reporting would need to be provided by your tax professional.
2. Detailed Tracking - you will use this option when you want to create and maintain detailed Fixed Asset records in RIMSS and post the depreciation amounts directly.
   1. A Fixed Asset master record will be created for each asset on the balance sheet.
   2. Detailed financial information will be posted to referenced Fixed Asset and Expense accounts for asset values, depreciation, and amortization expense.
   3. RIMSS can automatically calculate and post depreciation entries periodically.
   4. Detailed asset and depreciation reporting is available in RIMSS.
3. Combination Tracking - You can customize how you track assets in RIMSS in many ways.
   1. Create Fixed Asset Masters for an informational report on assets owned without tracking in referenced accounts.
   2. Create Fixed Asset Masters, but manually enter detailed transactions into referenced accounts as provided by a tax professional.
   3. Manage some assets with the simplified method and other assets with the detailed method.

Please refer to additional help documentation to learn how to manage Fixed Assets using the Simplified Method or the Detailed Method.