Import Spreadsheet Data to Start Calculating Depreciation in the Cloud

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.

If you currently have your fixed asset data in a spreadsheet or another system that can export to a spreadsheet then you can easily import that data into Depre123. Here are the 5 basic steps:

1.Format your data in Excel:
The key to converting data is to format all of the fields to match your asset layout. Depre123 includes a utility to create a spreadsheet template by clicking on the “Download CSV Import Template” button. This is a dynamic process that will build the template based on your current asset configuration. You can then use this template to map each column of the spreadsheet to the corresponding field in Depre123. Below is a sample spreadsheet:

Import Spreadsheet Data to Start 3

2.Launch the data import wizard:
The import wizard allows you to replace any existing data on an initial data load. Going forward you can then append any new assets through the import processing.

Import Spreadsheet Data to Start 2

3.Select the file to process and set a few options:
Select the spreadsheet file from step 1 with all of your asset detail. Since this is an append you do not need to match on asset number so you can just click the Next button to advance to the mapping page.

4.Review field mapping:
The field mapping shows each field of the Dpere123 Asset object and the associated column in your import file. Before you proceed, you can verify everything is mapped correctly.

Import Spreadsheet Data to Start 1

5. Process the import:
The final screen displays that you are about to add new records to your assets. Click the Start import button to begin processing. Depre123 will then respond with a message indicating the import has started. Based on the number of records being processed, you can view the results of your import and see when the update is complete. At this point your new assets are available for further maintenance and reports.

The data import wizard makes it very easy to add asset records from another system or spreadsheet into Depre123. Once the assets are added then Depre123 will generate all of the depreciation calculations and fixed asset reports.

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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Standard Depreciation Schedules for Fixed Asset Accounting

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.

Depre123 utilizes four standard depreciation schedules to generate all of the necessary calculations, they are:

  1. The IRS Schedule
    The information contained in this schedule pertains to the depreciation calculation required for filing your company’s federal tax return. During the addition of a new asset record, Depre123 will determine the depreciation method, first year convention and the recovery period based upon the selected asset class using IRS regulations.
  1. The Financial Book Schedule
    The financial book depreciation schedule provides the depreciation calculation required by your company’s internal accounting and financial reporting. As in the IRS depreciation schedule, the key calculation variables are determined by the selected asset class. The data validation procedure for the financial book depreciation schedule is based upon Generally Accepted Accounting Principles (GAAP).
  1. Alternative Minimum Tax (AMT) Schedule
    IRS Code Section 57 defines the rules for calculating depreciation for the Alternative Minimum Tax, which was enacted as part of the Tax Reform Act of 1986.
  1. State Schedule
    Depre123 includes a state depreciation feature. The report selection form provides a drop down of purchased states. When a specific state is selected the depreciation calculation will be based upon that state’s specific income tax regulations.

Here is a sample screen shot showing the calculated totals and monthly numbers for a selected year on one of the schedules:

Standard Depreciation Schedules for Fixed Asset

The same level of detail can be viewed for any of the 4 schedules. These calculated numbers are then used on all of the various reports to display the corrected numbers for a range of accounting periods on the selected schedule.

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.

Depreciation Details on an Individual Fixed Asset Record

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.

From the Manage Asset page you can click on any individual asset to open a new tab with all the details for the selected record. Up to 500 custom fields can be added to help track fixed assets and each of these fields can be text, numeric or pick lists. Here is a sample asset:

Depreciation Details on an Individual Fixed Asset Record 1

There are many options to customize the Asset Maintenance form to fit any organization. In the above screen shot you can see the required fields and then at the bottom there are some sample properties like Company, Division and Department Code that are completely optional. These are simply an example of the types of fields that can be tracked for each individual asset, this page can be customized to fit the unique needs of your organization.

Below the asset properties there is a section for Asset Depreciation Summary. This part of the page holds all of the calculation parameters including bonus type, depreciation method, first year convention, property type and recovery life. In addition the calculated depreciation amounts for the selected period are shown for bonus, prior accumulated, current period, total depreciation and net book value.

Depreciation Details on an Individual Fixed Asset Record 2

The monthly calculations are available in the depreciation detail section. Running down the left hand side, as rows, are the 12 fiscal periods with 5 years’ worth of detail as columns showing depreciation values for each individual period. The years displayed are based on the period settings and can be changed by altering the selected tax year. At the bottom of the detail there are annual, cumulative and remaining totals for each year. This detail display is very useful in answering calculation questions.

As you can see, there is a lot information available for each individual fixed asset record that is tracked in Depre123. This gives an organization incredible flexibility to customize the asset maintenance page to meet the unique needs of your asset tracking properties. The fields and calculations of the depreciation summary and detail sections are then available to satisfy all reporting requests.

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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Manage a List of Fixed Asset Records with a Web Browser

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.

A key feature of Depre123 is a simple asset management form to view a list of selected records. Below is a sample screen shot showing several different assets:

Manage a List of Fixed Asset Records with a Web Browser 1

The list shows the default column format with some of the main asset properties. The manage asset page has many available options:

  • Period Settings allow the selection of tax year, period start & end, and type of schedule to determine the calculated results shown at the bottom of the page for any highlighted asset. In this example, you can see we clicked on row with asset #158.
  • Asset Filters allows further refinement of the list to only display records that meet the selected criteria.
  • The default columns can be changed to display the most important asset properties for your organization.
  • Each record in the list can be easily edited or viewed by clicking on the corresponding hyper link to open a new browser tab with the asset record detail.
  • Just below the list are a series of links for First, Previous Page, Next Page and Last to easily navigate through the complete list of asset records.
  • Below the list is an example of the calculated results for highlighted asset #158 for the periods of January through December of 2017 for the IRS schedule:

Manage a List of Fixed Asset Records with a Web Browser 2

As you can see, the manage assets page is very flexible and responsive to dynamically refreshing a list of assets, their associated properties and calculated results. This allows for very intelligent maintenance of individual assets by simply selecting them from a filtered list. We will look at the details of an individual asset in our next post.

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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Calculate Depreciation with Asset Classes in the Cloud

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.

Depre123 utilizes asset classes to ensure consistency in your depreciation for all assets of the same type. Below is a sample asset listing for some common types of fixed assets, such as Furniture, Computer Equipment and Automobiles:

Calculate Depreciation with Asset Classes in the Cloud 2

There are over 150 pre-defined asset classes include d in Depre123 based on IRS Publication 946. Each asset can be associated with one of these classes or you can also create user-defined asset classes based on your unique requirements. Here is a sample asset class:

Calculate Depreciation with Asset Classes in the Cloud 1

For each asset class there is a defined bonus code, property type, class life years and associated general ledger code. For each schedule you can select the appropriate depreciation method, first year convention and recovery periods. This combination of pre-defined and user defined asset classes provides flexibility in defining each class of asset while ensuring consistency for all associated fixed asset records.

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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