Asset Maintenance

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

Search Types:

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 your company.
Asset Id - Input the asset's Id to display the data for a particular asset.
Tag Nbr - - Input the asset's Tag Number to display the data for a particular asset.
Retrieve - Populates the form with the selected data.

Asset Tax Section

Required Fields:

Description of the property. The maximum length is 50 characters.
Depr Method - Depreciation method.
Life - The Life field is populated with the lives associated with the selected depreciation method, if MACRS or ADS is selected. Other wise type in the life of the asset.
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
In-Service - Month and year you began using the asset. The default is the current month and year. This date is a calendar date.
Convention - This field is determined for you. In some cases Mid Quarter convention must be used instead of Half Year. See Conventions for more information.

Optional Fields:

Tag Nbr -An alpha numeric field to identify the asset.
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. 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. Salvage value is usually only used with straight line depreciation.
30% or 50% 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.
Amortization #
Location - Where the asset is physically located. The maximum length is 25 characters.
Serial Nbr - The assets serial number. The maximum length is 15 characters.
Misc - Miscellaneous asset data. The maximum length is 35 characters.
179 Property - Use to manually exclude or include an asset as 179 property.
Note- Comments or notes for the asset. The maximum length is 100 characters.

Disposition Date - Month and year the asset was sold or disposed.

Book Section

G/L Account - See G/L Account Maintenance
Life - Book Life.
Cost - Book Cost.
Populate Button - Click this will fill in the life & cost from the Tax Section

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.