Summertime greetings to all!

Many of you are very busy closing your June 30th fiscal year and getting ready for audits. We know because we're busy helping with these procedures! DataTeam has also been hard at work completely rewriting our fixed asset inventory system. The new Fixed Asset Inventory² will have an easy-to-use interface plus new powerful features to help simplify managing your fixed assets. From robust reporting to mass updates to intuitive importing and updating, FAI² is the next generation in usability and power. FAI² even upgrades itself with a few simple steps. And the best news – FAI²’s upgrade is free of charge to all existing FAI clients enrolled in the support program.

Another pressing issue for most is depreciation and GASB 34 reporting. DataTeam is developing an add-on module to FAI² that will address these issues. This powerful module meets the ASBO guidelines on depreciating both an individual and a group of assets. Keeping a clear audit trail for a group of assets can make depreciation complicated, especially when you dispose of a portion of the group. With the add-on module, it’s a snap.

Many clients have expressed their concerns about getting their depreciation up-to-date so they can start GASB. FAI² does this all for you. All you do is indicate the starting date for detail depreciation, and the system condenses all prior depreciation into a single number. Plus, that value can easily be changed to match depreciation from your auditor. The GASB reporting portion of the add-on module easily allows the user to allocate depreciation expense to the function where the asset is being used.

Although Gershwin had the right idea in the song "Summertime and the Living is Easy," (from the Porgy and Bess opera), we at DataTeam are doing anything but taking it easy this summer. We’re working hard to provide software solutions to help make your workday easier.

Cheers!

Roger B. Haack
President & CEO