New Functionality Enhancements in Sage Fixed Assets 2023

Sage Fixed Assets is a unique solution in the Sage portfolio beyond its singular focus on asset management and depreciation capabilities. Not only is Sage Fixed Assets popular as a stand-alone solution, but it seamlessly integrates with other Sage accounting products providing clients exceptional best-in-class solutions from a single publisher. The solution spans the industry from distributors and manufacturers to non-profits and construction.

Sage Fixed Assets keeps track of your assets outside of the ERP but integrates at critical touch points for asset creation and to record activities that affect the General Ledger. The solution organizes your assets while staying compliant with IRS regulations saving you money over its useful life. You can also budget and capitalize costs for projects before they become fixed assets so you know the asset’s true value. 

What’s New in Sage Fixed Assets v2023.1?

The latest release reinforces its market leading position meeting critical tax compliance updates along with usability enhancements especially for depreciation functions.

Tax Compliance Updates

The following tax compliance updates apply to U.S. Companies only:

• IRS Form 4562–Depreciation and Amortization supports the 2022 tax year.
• The maximum Section 179 deduction increased by $80,000 to $1,160,000 for tax years beginning in 2023. You can use the Audit Advisor or the Tax Expense report to check how much Section 179 you have claimed across all assets in a tax year.
• The maximum Section 179 deduction for Sports Utility Vehicles (SUVs) increased by $1,900 to $28,900 for tax years beginning in 2023.
• The depreciation caps for Automobiles (property type A) and Light Trucks and Vans (property type T) increased for vehicles placed in service during 2023.
• The Audit Advisor has been updated for 2023 tax years with two new validations for first-year bonus rules.
• The clean vehicle credit available under IRC Sections 30D and 45W per the Inflation Reduction Act of 2022 (IRA) is supported.

Enhanced features based on your feedback

Similar to other Sage products, Sage Fixed Assets product enhancements are driven by customer suggestions and feedback. Enhancements to v2023.1 include:

• For Batch Reports, the Group selected for each report is now included in the exported file name to easily identify the contents of the file.
• The Title of a customized field is now required to be unique. This enhancement eliminates potential confusion when viewing fields throughout the application.
• The SAP Crystal Reports component used for reports within Sage Fixed Assets has been updated to Service Pack (SP) 30. This update adds security improvements and a new export option to Microsoft Excel XLSX.
• When the same asset tag number is received from more than one scanner the asset may appear multiple times in Reconciliation. Sage Fixed Assets-Tracking now provides a file to assist with identifying and reconciling assets with this scenario.

Want to Learn More?

Register below for a Sage Fixed Assets Product Tour and watch the pre-recorded videos based on your specific interest at your pace. There are 29 videos – each less than three minutes in length - organized by topic including: Depreciation, Planning, Tracking, and Reporting.