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.
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.

Accounts - General ledger classification.

Optional Fields:

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.
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.
Location - Physical location of the asset. Use menu item Default\Location to edit these values.
Serial Nbr - Use for the manufacture serial number. This is an optional field.

Notes - Use for comments, miscellaneous information, or additional description for the asset. It is 75 characters long.

Note: Books AMT, State, and Other can be enabled/disabled on a company basis. Use menu option Default\Company Maint

Books Section - Enter the Federal data first. it can then be copied to the other books using the Copy button.

Cost - Enter the initial value of the asset. This includes legal fees, sales tax, freight, installation, and testing expenses.
Method - Federal depreciation method. See Depreciation Methods
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.
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.
Check box for 179 - Use to manually exclude or include an asset as 179 property.
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.

Allowance - 30%, 50% or 100% Selecting the check box or combo box and the amount will be computed. - See special depreciation allowance.
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. Salvage value is usually only used with depreciation method S/L.
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.
Method - Actual depreciation method used.
Book Options

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.