Find Fixed Asset Detail with Global Search Feature

Depre123 is a cloud based application to manage fixed assets and generate a variety of depreciation reports on any desktop or mobile device. Get all of your depreciation answers based on just 3 key values (cost, date, asset class) and then utilize the open design to add all necessary fixed asset detail.

Whether you manage hundreds or thousands of assets, finding the details about an individual or group of fixed assets can be a challenge. Depre123 is built on the Salesforce platform and includes a global search feature to quickly locate information in Depre123. Here are some tips for better searching:

1. Auto Suggestions

find-fixed-asset-detail-with-global-1Type a keyword into the search box and the system will respond with some auto suggestions. The suggestions are based on recent items that you have opened. You can select a suggested item of hit enter to search all records.

2. Minimum Characters

You have to enter at least three characters in your search to get a set of matching results. Less than three characters will result in “No matches found” as shown below:

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A search with three of more characters will return valid results.

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3. Wild Cards

If you are not sure of the exact spelling, you can use the asterisk wildcard character to find any items that start with a given string. For example, ex* would find any items that begin with the letters ex. As you can see below, the global search will look at assets, reports, accounts, asset classes and people.

find-fixed-asset-detail-with-global-44. Search Options

You can use search options to limit the results to only the items you own or match an exact phrase:

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Use “exact phrase” when you want to search for a complete phrase with two or more words. By default search will look for all of the words in each record. So “Fixed Assets” will search for both words but not necessarily together. Selecting Exact phrase will search for the complete phrase together.
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The search options make it very easy to find all matching fixed asset data stored in Depre123. You can then select any individual record to see all the associated fields and depreciation calculations.

Questions? Comments? Let us know in the comments section below.

More information about Bassets eDepreciation software can be found at Bassets.net or depre123.com. At Bassets register for our live webinar, download a free evaluation copy and get a personalized pricing estimate. At depre123 try out our Free Depreciation Calculator and check out our cloud based fixed assets application.

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Liz Lemon Isn’t The Only TV Character Who Would Make a Good CPA

Most of us love nothing more than a little escapism after a hard day’s work and an hour or so of TV usually fits the bill. But who among us doesn’t look at TV characters and think “I wonder how she would handle my job?” Well you are not alone. Amber Trimble from AICPA had the same thought. However she went one step farther. She went out, did some research and wrote an article about about what TV characters would make the best CPAs.

liz-lemon-isnt-the-only-tvFor help, we asked participants in the 2015 AICPA Leadership Academy for their suggestions, and they gave us six that we thought really fit the bill. These iconic characters shake up accountant stereotypes while emphasizing the valuable attributes that make CPAs stars in their own right. 

Leslie Knope, Parks and Recreation. “Knope would be a FANTASTIC CPA,” said Diego J. Baca, CPA, an assurance manager at EY. “Her integrity, wit, charm, ambition, and dedication to the stakeholders was unmatched by anyone in her fictional TV town.” Knope is involved in the government sector, and her love interest is a CPA specializing in auditing government entities.

Tyrion Lannister, Game of Thrones. Caleb Bullock, CPA, CGMA, business development manager at Somerset CPAs, P.C., said Lannister could put his wit and intellect to good use as a CPA. Bullock observed that, like CPAs, “he is an incredibly valuable resource to anyone he serves.” And he already has a motto that would be perfect on his business card, “A Lannister always pays his debts.” 

Liz Lemon, 30 Rock. Renee Bardenwerper, CPA, said that Liz Lemon “is serious when it comes to getting the job done.” Liz runs into a lot of hilarious trouble with her colleagues and staff on the show, but manages to maintain her position as the voice of reason.

Dwight Schrute, The Office. Alex Bybee, CPA, manager, Barnard Vogler & Co., shared his favorite quote from salesman Schrute: “Whenever I’m about to do something, I think, ‘Would an idiot do that?’ and if they would, I do not do that thing.” Bybee said, “He might drive clients crazy, but Schrute would be extremely efficient….”

Leroy Jethro Gibbs, NCIS. Gibbs is an investigator who is a former U.S. Marine scout sniper. Cheryl L. Exline, CPA, CGMA, tax manager at Arnett Carbis Toothman LLP, said, “Gibbs would make a good accountant. He is very observant. He is great at reading people and is good with details.”

Jerry Seinfeld, Seinfeld. Andrew Beyeler, CPA, tax manager at Lenhart, Mason & Associates LLC, said that Jerry has the characteristics of a great CPA: “Jerry is an organized, detail-oriented character who is often a voice of reason among his friends.” He is trustworthy, and his friends often come to him for help coping with their wildly unique problems.

Read The Full Article Here:

Questions? Comments? Let us know in the comments section below.

More information about Bassets eDepreciation software can be found at Bassets.net or depre123.com. At Bassets register for our live webinar, download a free evaluation copy and get a personalized pricing estimate. At depre123 try out our Free Depreciation Calculator and check out our cloud based fixed assets application.

Fantasy Football Drains Productivity – And It’s A Good Thing!

College football has started and the NFL kickoff is right around the corner. That means it’s also the launch of the fantasy football season. With literally 10 of millions of Americans participating, it rivals the NFL itself in popularity! According to an article by Martha C. White in Money and new research from executive outplacement firm Challenger, Gray & Christmas, it also sets in motion a nearly $17 billion productivity drain for American companies.

fantasy-football-drains-productivityAccording to estimates, anywhere from 57 million to 75 million Americans participate in fantasy football. Roughly two-thirds of them also hold down jobs — jobs that can get pushed to the back burner when a fantasy draft deadline is looming.

Challenger crunched the numbers and determined that, across the country, every hour those fans spend revising their draft picks, researching stats, or engaging in other fantasy football activities cost employers nearly $990 million collectively. Over the course of the year, that number piles up to the tune of $16.8 billion.

Still…it would be a mistake for companies to launch a crackdown on all of these virtual leagues; thanks to the always-on expectation in many fast-paced workplaces. So even if the guy in the next cube over is fiddling with his roster over the course of the day, there’s no way to tell if he’s making that time up later….

(F)antasy football can have a positive effect on the morale of workers who play it, giving them a little bit of short-term, well, fantasy escapism that can break up the monotony of what for many can feel like a perpetual workday.

What’s more…fantasy football’s net effect on the economy is actually positive: Because each player spends an average of a little over $550 a year in various league dues and membership fees, research costs and the like, the hobby pumps nearly $32 billion into the economy — almost twice the amount lost to workday fantasy football distractions.

Read The Full Article Here:

Questions? Comments? Let us know in the comments section below.

More information about Bassets eDepreciation software can be found at Bassets.net or depre123.com. At Bassets register for our live webinar, download a free evaluation copy and get a personalized pricing estimate. At depre123 try out our Free Depreciation Calculator and check out our cloud based fixed assets application.

IRS Releases PATH Act Procedures to Recoup 2014 Deductions

The PATH act was enacted late in 2015 and was made retroactive to 2014 providing taxpayers with Section 179 and Bonus Depreciation deductions. However, since many had already filed their 2014 taxes, they may not know how to take advantage of these tax breaks retroactively. The IRS has released Rev. Proc. 2016-48 to guide taxpayers on just what to do and Sally P. Schreiber, J.D. in a post on Journal of Accountancy provides the details.  

IRS Releases PATH Act ProceduresThe revenue procedure provides the procedures taxpayers must follow.

For Sec. 179, the revenue procedure explains how taxpayers should treat a disallowed deduction for qualified real property. A taxpayer that treated the amount of a 2010, 2011, 2012, 2013, or 2014 disallowed Sec. 179 deduction for qualified real property as property placed in service on the first day of the taxpayer’s last tax year beginning in 2014 may either continue its treatment of that property or, if the Sec. 6501(a) period is open, amend its federal tax return for the last tax year beginning in 2014 to carry over the 2010, 2011, 2012, 2013, or 2014 disallowed Sec. 179 deduction to any tax year beginning in 2015. However, if the taxpayer’s last tax year beginning in 2014 is open under Sec. 6501(a) and an affected succeeding tax year is closed, the taxpayer must continue to treat the amount of a 2010, 2011, 2012, 2013, or 2014 disallowed Sec. 179 deduction as property placed in service on the first day of the taxpayer’s last tax year beginning in 2014.

For bonus depreciation, the revenue procedure applies to a taxpayer that did not claim the 50% additional first-year depreciation for some or all qualified property placed in service after Dec. 31, 2014, on its fiscal-year tax return beginning in 2014 and ending in 2015 or on its return for a short tax year of less than 12 months beginning and ending in 2015. The procedure explains what these taxpayers should do, depending on what choices they make with regard to bonus depreciation.

Finally, the revenue procedure permits taxpayers to elect to treat round 5 extension property (property eligible for bonus depreciation under the PATH Act) as eligible for the AMT credit in lieu of bonus depreciation. The procedure explains how to do this and warns taxpayers that they must make the election in the first tax year ending after Dec. 31, 2014, even if they do not place any round 5 property in service in that year, if they wish to apply the election to property placed in service in a subsequent year.

Read The Full Article Here:

Questions? Comments? Let us know in the comments section below.

More information about Bassets eDepreciation software can be found at Bassets.net or depre123.com. At Bassets register for our live webinar, download a free evaluation copy and get a personalized pricing estimate. At depre123 try out our Free Depreciation Calculator and check out our cloud based fixed assets application.

New Standards from GAAP and IFRS Result in Significant Differences

The Financial Accounting Standards Board (FASB) and the International Accounting Standards Board (IASB) began a joint project in 2006 intended to comprehensively restructure the existing lease accounting guidance for both lessees and lessors. While one might expect that many of the recently released standards match up, some of them do not. Specifically when it comes to leasing. We learn more from Mandi Polick in this excerpt from her article on AccountingWeb.com

New Standards from GAAP and IFRS 2One of the most significant differences between the two standards relates to the classification of a lease. Under US GAAP, a lessee must determine whether a lease is an operating or a finance lease. The lease expense is typically higher in the earlier years of the lease term. IFRS does not distinguish lease classifications for a lessee. 

Lessor accounting is also slightly different between the two bases of accounting. A lessor has three categories to determine classification under US GAAP: an operating, a direct financing, or a sales-type lease. A lessor only has two categories to classify a lease under IFRS: an operating or a finance lease. 

The two standards also differ in the definition of a lease. Under US GAAP, the definition of a lease is specific to identified property, plant, or equipment. Under IFRS, a lease can be any asset and the definition of a lease is not restricted to just property, plant, or equipment. IFRS 16 further notes that a lessee may, but is not required to, apply the leasing guidance to leases of intangible assets other than those under licensing arrangements.

IFRS also includes a threshold exemption for leases of low-value assets, such as tablets and personal computers, small items of office furniture, and telephones. This exemption allows a lessee not to recognize these leases on its balance sheet. The IASB noted low-value assets referred to assets less than $5,000 during its deliberations. No such exemption exists under US GAAP.

Another key difference between the two standards relates to the classification of a sublease. (GAAP) requires an initial lessee that subleases the underlying asset, therefore becoming a sublessor, to determine the classification of the sublease by referencing the leased asset in the original lease. IFRS 16 requires that the sublessor determine the sublease classification by referencing the right-of-use asset that arose from the original lease.

Read The Full Article Here:

Questions? Comments? Let us know in the comments section below.

More information about Bassets eDepreciation software can be found at Bassets.net or depre123.com. At Bassets register for our live webinar, download a free evaluation copy and get a personalized pricing estimate. At depre123 try out our Free Depreciation Calculator and check out our cloud based fixed assets application.