Sage FAS Version 2007.1 Release

The FAS 2007.1 Tax Update contains exciting new features and enhancements to your Sage FAS solution.

The following changes apply to FAS Asset Accounting:

1. Updated Tax Forms. The 2007.1 tax update includes the updated IRS Form 4562 – Depreciation and Amortization for 2006.
2. Updated Tax Limits. The 2007.1 tax update complies with the scheduled iincrease in the Section 179 limits and luxury auto limits.
3. Updated Section 179 Rules. Availability of Section 179 for off-the-shelf computer software has been extended for assets placed in service through 2009.
4. Extended Indian Reservation Property Rules. Indian Reservation property must be placed in service before January 1, 2008, an extension of two years.
5. Extended Leasehold Improvement and Restaurant Rules. The 15-year recovery period for leasehold improvements and restaurant property applies to property placed in service before January 1, 2008, an extension of two years.
6. Updates to Audit Advisor. Audit Advisor contains two new validations:
   • MACRS Depreciation Election: You can make sure that certain MACRS
     elections were made for an entire class of assets.
   • Assets with Beginning Information: Quickly locate assets with beginning
     information so that you can determine if the data in these fields was entered
     correctly.
7. Updated Import Helper Imports Latest Microsoft Excel Files. Import asset data from Microsoft Excel 2000 or later.

The following changes apply to FAS Asset Accounting, FAS Asset Inventory, FAS CIP Accounting, FAS Canada Asset Accounting, and FAS Canada Asset Inventory:

1. Support for Microsoft SQL Server 2005. You can now run your Sage FAS application on Microsoft SQL Server 2005.
2. Improved Security Feature. The Security feature includes the following improvements:
   • Case-sensitive passwords
   • •Ability to reset passwords to the user name

The following change applies to FAS Asset Accounting, FAS Asset Inventory, FAS Canada Asset Accounting, and FAS Canada Asset Inventory.

1. New Customer Support Tool. A new tool allows a Customer Support representative to quickly diagnose your computer problems by temporarily taking control of your computer (with your permission, of course).

The following change applies to FAS Asset Accounting:

1. New Version of FAS Compliance Advisor. You must install the latest version of FAS Compliance Advisor to be compatible with FAS Asset Accounting version 2007.1.

The following change applies to FAS Asset Inventory and FAS Canada Asset Inventory:

1. Two New Standard Reports. We have added the following new standard reports:
   • Asset Listing Report displays information about the assets in the current company or organization.
   • Readers Report displays information about your bar code readers.

Download White Paper on Sage FAS Version 2007.1 Release.