Asset Input

Input fields have a blue font while informational fields are green. The informational fields are automatically filled for the user and can not be edited. Errors are listed in red.

Search Section

Year - Entering a year will filter assets in the combo box to assets placed in service for that year.
Description - Alphabetical list of all asset for the selected company.
Asset ID - Input the asset's ID to displace the data for a particular asset.
Retrieve - Populates the form with the selected data.

Asset Section

Required Fields:

Description of the property. The maximum length is 35 characters.
Type - Depreciation method.
Life or Class (property classification) If Class is selected then the Life is automatically populated once the cursor is moved off the class field. Also the amortization code or vehicle number is displayed if appropriate for the asset. The Life field is populated with the lives associated with the selected depreciation method.
Cost - Enter the initial value of the asset. This includes legal fees, sales tax, freight, installation, and testing expenses.
Business Percent - Default value is 100%. See Business Percent
Convention - This field is determined for you. In some cases Mid Quarter convention must be used instead of Half Year. This can be determined by clicking Chk Convention Button. See Conventions for more information.
In-Service - Month and year you began using the asset. The default is the current month and the default year. The Default year can be set using menu item Tools\Set Default Year. This date is a calendar date.

Optional Fields:

179 Deduction - This is the amount of the asset cost to apply to the 179-expense deduction instead of depreciating. This can be any amount up to the total cost of the asset. The total 179 deduction is limited to a certain dollar total for each year. To determine this total, use the Chk 179 Button. See 179 for more information.
Salvage - This field can be used for the salvage value of the asset or it can be use for a miscellaneous deduction. Its use can be documented in the Notes field.
30%, 50% and 100% Allowance check boxes - use to take the special depreciation allowance.
Cost Basis - This field is determined for you. It is the asset cost times the business percent minus 179 deduction minus Salvage minus special allowance. This value is used in calculating the depreciation deduction.
Notes - Use for comments, miscellaneous information, or additional description for the asset. It is 75 characters long.
Check box for 179 - Use to manually exclude or include an asset as 179 property.

Book Section

All book assets are depreciated using straight-line depreciation.
Cost - Book cost of the asset. It defaults to the tax cost.
Life - Book life.
Accounts - General ledger classification.
Adjust Depr - If a current year asset is added after its in service date, missed depreciate will be booked in the current month.
Exclude - When checked the asset will not be included in book depreciation.

Detail Section

All fields in this section are optional.
Tag Nbr - This field allows you to assign your own asset tag number. It can be crossed reference with the Asset ID. Menu item Tools\Tag Nbr to Asset ID.
Serial Nbr - Use for the manufacture serial number. This is an optional field.
Location - Physical location of the asset. Use menu item Default\Location to edit these values.
Long Desc - Enter full description of the fixed asset, or use for miscellaneous data.

Disposition Section

Disposition Date - Month and year the asset was sold or disposed.
Disposition Amount - If the asset was sold, then this is the amount received for the property. This field is required. If there is no value enter zero.
Gain\Loss - This field is calculated automatically. The value will not be populated until the asset is saved and then redisplayed.