|
|
Asset Features
- Up to 52 separate books of depreciation data may be maintained on each
asset. The customary uses of these books are:
- Book 1 - Corporate accounting
- Book 2 - Federal tax
- Books 3 through 52 - State tax, ACE, AMT, etc.
- The System allows for the specification of depreciation books with AMT
depreciation controls and ACE depreciation controls.
- Nineteen depreciation methods, plus user-defined methods:
- Seven conventional methods (straight-line, declining balance, etc.)
- 10 Accelerated Cost Recovery System (ACRS) schedules
- OPT
- Optimum
- UOP
- Units of production
- Nine prorate conventions.
- Option to automatically switch depreciation method at the optimum point.
- Optional Asset Depreciation Range (ADR) calculations and reporting.
- Investment tax credit and recapture calculations and reporting.
- Additional first year depreciation.
- Calculation of gain/loss at asset retirement, including depreciation
recapture and capital gains.
- When old assets are placed on the System, but their life-to-date
depreciation is unknown, the System can calculate total depreciation to date
and update the Book Master File with the calculated amounts.
- When new assets are placed on the System, an option is provided whereby
corporate book data may be used as a default for the corresponding values
not specified for other books. This feature simplifies input, since most
assets have the same cost and acquisition/installation date on all books.
- Accumulated reserve is recomputed and compared to actual reserve any time
there is a change to an asset's depreciation controls.
- Asset Master File and Book Master File information may be printed out on
request.
- Assets eligible for the Energy Investment Credit may be identified. The
amount of the credit is computed by the System and reported on the Energy
Tax Credit Report.
- Assets may be grouped into categories, with most of the depreciation
controls (such as depreciation method and estimated life) for each category
entered as a category (model) asset. As new assets are set up, only the
information not provided by the category asset need be entered. Distinct
controls for all depreciation books may be entered for each category.
- The System may be used to track Construction-In-Progress. Information on
budget items and non-capitalized expenses, as well as asset acquisitions,
may be carried on the Asset Master File and reported by project and/or
location.
- Information on expenditures for asset maintenance is recorded and
reported.
- Information on leased assets is maintained and reported on a special
Leased Property Report. A Lease Accounting Module is delivered as part of
the system to supply all information required of the lessee by FAS-13.
- Insurance data may be entered for each asset. The System reports insurance
coverage and insured value as adjusted for both depreciation and inflation.
- Up to 10 lines of additional description data may be entered for an asset.
At user option, all or part of this additional description may be printed on
reports (this option can be specified independently for each version of each
report).
- The portion of asset cost qualified for Investment Tax Credit may be
specified for an asset. This allows calculation of the maximum allowable
credit for pollution control facilities and commuter highway vehicles, which
qualify for larger credits than would be claimed based on estimated life.
- Adjustments to cost, reserve, and year-to-date depreciation on each book
are retained and reported by the System.
- Groups of assets may be changed, transferred or retired with a single set
of Mass Maintenance transactions.
- Additional user-defined tax credit amounts, including cost basis
adjustments, may be entered for a given asset.
- Each asset may have its cost divided among six elements. Total asset cost
may be negative, and the system is capable of computing negative
depreciation on these credit assets.
- Each asset may be assigned a three-character Cost Recovery Class used to
categorize assets for report sequencing purposes.
- The System can identify and report assets that qualify as tax preference
items.
|
 |
|
