Peachtree Fixed Assets Conversion Utility Release Notes

Welcome to the Peachtree Fixed Assets Conversion Utility. 

Please read this document in its entirety.  It contains important information that you should know before using FAS for Peachtree.

Installation
Before starting the installation, please close all other applications and restart your computer.  This will ensure that all programs that may cause installation conflicts are removed from memory.

Before installing the FAS for Peachtree Conversion Utility, please ensure that Peachtree Complete Accounting is installed, as well as FAS for Peachtree OR FAS FirstStep for Peachtree.

For detailed information and instructions on converting your data to FAS for Peachtree, refer to the conversion guide, GuideFPT.pdf located in the \Files folder on this CD. FAS FirstStep for Peachtree users should refer to GuideFFSPT.pdf located in the \Files folder.

FAS for Peachtree vs. FAS FirstStep for Peachtree
Please note that FAS for Peachtree can manage up to 200 assets while FAS FirstStep for Peachtree can manage up to 1,000 assets.

Known Issues
Converting Assets from Peachtree Fixed Assets to FAS for Peachtree or to FAS FirstStep for Peachtree:

1) Differences in Calculating Depreciation

After you convert your assets from the Peachtree Fixed Assets program to the FAS for Peachtree or FAS FirstStep for Peachtree program, adjustments will arise on your newly converted assets. These adjustments are due to differences in calculations between FAS for Peachtree/FAS FirstStep for Peachtree and Peachtree Fixed Assets. For more information on calculation differences, please refer to Best Software Support at http://www.bestsoftware.com/support/.

2) Short Years Limit

A problem may arise if you have more than five short years in a Peachtree Fixed Assets company. This situation can occur if you enter short years with gaps between them. For example, suppose you enter the following short tax year dates in the Peachtree Fixed Assets program:

02/01/94 to 05/31/94

08/01/94 to 12/31/94

When you convert the company to FAS for Peachtree or FAS FirstStep  for Peachtree, the FAS system translates these dates as three short years; the gap between May and August is considered a short year.
FAS for Peachtree and FAS FirstStep for Peachtree allow you to have only five short years for each company. If your Peachtree Fixed Assets company has more than five short years, the system will not display the information for the most recent short year(s) when you convert your data to the FAS for Peachtree or FAS FirstStep for Peachtree program.

3) Short Years and Depreciation Method MT

Peachtree Fixed Assets allows you to enter an asset with a depreciation method of MACRS Declining Balance Table (ADSDB or GDSDB) in a short year. However, the FAS for Peachtree or FAS FirstStep for Peachtree program does not allow you to enter an asset with a MACRS Table depreciation method (MT) in a short year. In conformity with IRS tax laws, the FAS program requires you to use formula-based depreciation methods rather than table-based methods in a short year. Therefore, the system produces an error message and prevents you from converting the asset. You must manually re-enter the asset in the FAS for Peachtree or FAS FirstStep for Peachtree program and select another depreciation method, such as MACRS Formula (MF).

Company Directory Name Starts with the Letter "N":

1) If the name of your Peachtree company directory starts with the letter "N," you will not be able to post depreciation amounts for this company to Peachtree Accounting from either FAS for Peachtree or FAS FirstStep for Peachtree. This occurs because of a conflict within the programming code used to create FAS software. Before posting depreciation, we suggest you rename any Peachtree company directories that start with "N."