Frequency Asked Questions
I DO NOT SEE A FIELD FOR ASSETS ALREADY PARTIALLY OR FULLY DEPRECIATED - DOES THE SYSTEM ACCOMODATE THIS?
For a fully or partially depreciated asset it is entered the same way as a new asset. Make sure it has the correct in-service date. Our product stores the depreciation data for the full life of the asset. This way a report for a past, present, or future period can be produced because all the reports are date sensitive.
When I input a disposed asset, with a disposition amount, the amount doesn’t show up in the gain loss field, can you help?
As long as you input the date & the disposition amount the gain or loss will be calculated and visible the next time the asset is retrieved.
It seems to be ignoring my fiscal year. I entered a year-end of June.
If your fiscal year ends in June then an asset placed in service in 4/06 would be included in 2006. An asset entered for 8/06 would be in fiscal year 2007. Fiscal year 2006 would be from 7/05 to 6/06.
I need to know how to add another depreciation method to the Asset Classes, under the Defaults menu. I need to add Straight Line Depreciation.
The asset classes are the federal tax classes. There is no federal method called straight line. What you want to use is ADS, Amortization, or Macrs for buildings, which all really use straight-line depreciation.
We recently purchased Depreciation 4562 Pro, from you folks and had a couple questions regarding inputting information. I have consulted the help file and do not seem to find any information on these issues. Under the ‘Book” menu, under “Property Tax Data” there is a column named “Category,” I do not see a way to fill this field. We also need to roll back the Depreciation Calculator to 12/2005. This can be found under the “Book” menu, under “Do Monthly Depreciation.” Lastly, under the “Book” menu, if I select “Asset listing” at the bottom of the screen it states “No Data Found” even though I have already inputted a number of assets. Any help you can give us would be greatly appreciated.
The Category information comes from the class combo on the asset maintenance form. There is no way to undo a month's depreciation once it has been calculated. The first time depreciation is calculated for a company it requires you to input the start date. After that depreciation is automatically calculated for the next accounting period. Your “No Data Found” problem is probably caused by the difference between calendar date and financial period. The asset maintenance form's in-service date is a calendar date. All the book reports except the "Asset Listing" are based on the fiscal period. Under the menu Defaults\Company Maint, make sure that the "Year end month" is set correctly.
Can this software Depreciation Pro run on 2003 Terminal Server?
It should run fine on a Terminal Server, but it has not been tested in that environment.
I have assets on the books that were purchased as far back as 1990 and as recently as last week. I entered the first asset – a building purchased for $292,487, depreciated straight-line for 31.5 year, purchased in February 1990. When I computed the accumulated depreciation on this asset by hand, I come up with an annual depreciation of $9285.30. Your program wants to depreciate it at $9140 per year, which when you figure it out, is over 32 years. No matter what I do, I can’t get the proper depreciation for this asset. Is there something I can do? I tried creating a class of assets with 31.5 years of life, but when that class is selected it depreciates it over 5 years, even thou I have 31.5 filled in under life on the asset class field.
For a building purchased in 1990 the proper tax depreciation method is MACRS. Select 31.5 from the Life combo, and enter a cost of 292,487. Straight-line depreciation with a mid month convention will be used to calculate a yearly rate of 9285. If you select the 'Depreciation Schedule' button on the bottom left, of the Asset Maintenance form you can see the complete depreciation schedule for this asset. You are have a problem with setting asset classes, because the combination of method and life are not a valid federal tax depreciation method. Try referring the help file. There is a lot of detail information on tax methods in the help file. If the assets are entered properly you should match the depreciation from your old system or only be off by rounding.
Can you send me more information on your company? How long have you been in business, phone # and address, etc.?
Microtechware has been in business for over twelve years. It is an Internet only company that supplies support by email. Our low overhead is what enables us to have some of the lowest prices for depreciation software.
I have vehicles that Bonus Depreciation was taken on and I don't understand how to account for this?
When inputting the asset on the asset maintenance form you have the option of selecting the 30% or 50% allowance which will adjust the assets depreciation schedule for bonus depreciation.
When I choose Asset Maintenance, and retrieve a particular asset, I click onto the Depreciation Schedule tab to view the calculations. The Depreciation and Accumulated Depreciation amounts do NOT match our Accumulated Depreciation amounts.
If you input the asset with the same cost, method, and in-service date it should match your current schedule. You may see small differences due to rounding. Also the Depreciation Schedule tab show a tax schedule, so make sure you are comparing tax to tax
The sample calculator doesn't appear to allow for mid-month calculations for nonresidential real property. Please advise if there are some limitations.
The on line calculator is limited, but none of our applications have any limitations.