Mass Disposal or Retirement of Fixed Assets

We have previously written about disposal of a single asset but there are also situations where a whole group of assets are retired or sold. When an organization sells a plant, building or part of their business they need to record the retirement of all associated asset records.

Below is a screen shot of the Mass Disposal feature of Bassets eDepreciation:

Mass Disposal or Retirement of Fixed Assets

This form accepts disposal date, proceeds of sale and disposal method as input values. A filter can then be applied to select a group of asset records to apply the disposal properties. All of the associated asset records will be updated and then treated as disposals on any reporting periods after the disposal date.

The mass disposal utility is a handy feature to specifically address this request. If you need to make other changes to a group of records then a mass update from Excel is a good option.

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.

Apply Bonus Depreciation to 2014 Fixed Asset Acquisitions

Slide1At the end of 2013, Congress let bonus depreciation tax breaks expire.

We went the whole year without bonus depreciation only to see it just recently extended through 2014. If you had this turned off in Bassets eDepreciation, you can now go back and apply bonus depreciation to any 2014 acquisitions. Here are the steps:

 

  1. Export fixed asset data to Excel
    1. Set a filter to select the 2014 acquisitions (Filter: Acquisition Date is greater than 1/1/14)
    2. Open the Asset Maintenance Form’s Browse tab
    3. Click the export button to create an Excel spreadsheet
  2. Edit values in Excel
    1. Open the newly created spreadsheet in Excel
    2. Add a column for “Bonus Code” and set the value equal to “U” for all appropriate asset numbers
    3. Save the changes in Excel
  3. Import the changes back into Bassets eDepreciation
    1. Close any open forms
    2. Open the data import module (Activities, Import Data)
    3. Select the Excel spreadsheet created in step 2
    4. Check “First Row Has Column Headers”
    5. Select “Update Assets”
    6. Click on the “Preview Data” button
    7. Click on the “Map Fields” button
    8. Map “AssetNo” in the Import Column to “System Asset No” in the Field Label
    9. Scroll down and map “Bonus Code” in the Import Column to “ITC Option” in the Field Label
    10. Click on the “Validate” button
    11. Click on the “Process Import” button
    12. You will see the records processed and then click on the “OK” to start a Mass Recalculate

By setting the bonus code to “U” for (bonUs) the system will now calculate the appropriate bonus amount for all 2014 acquisitions. Note that this requires you have applied the 2015 annual update. If you have not applied this, please contact our technical support department for the required download information.

NOTE: The above procedure can also be used for the 2015 PATH Act. The bonus code of “U” is our default value. If you have any Qualified Leasehold Property then you should use the code “L” to ensure the correct bonus rules are applied.  Again, if you have any questions please contact our support department for further assistance.

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.

One Asset General Ledger Code to Many Expense Codes

In many corporations there is a one to one relationship between the asset and expense general ledger codes.

An asset is purchased for a particular department and also expensed against that same department. In other instances there is a need to allocate the expense to a different department and in these instances you can define multiple expense codes:

One Asset General 1

For example, furniture and fixture assets that are used in an administration area could have a specific expense code identifying “Admin” while the same type of asset used in the manufacturing area could have a specific expense code identifying “MFG”. Bassets eDepreciation offers this flexibility to provide the user with a master list for the Expense G/L field in addition to the existing master list for the Asset G/L field.

We have previously talked about Multi-segmented General Ledger Code for Fixed Assets. Combining this feature with multiple expense codes covers most general ledger code scenarios.

Depreciation expense dollar amounts can also be distributed to divisions or cost centers within a corporation. If you need to spread your expense amounts, take a look at our Expense Allocation module:

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

More information about Bassets eDepreciation software can be found at Bassets.net. While there you can set up a demonstration, download a free evaluation copy and get a personalized pricing estimate.

Define Parent and Child Relationships between Fixed Assets

Some fixed assets consist of several components and each of these pieces may need to be tracked separately.

The components may also be of different class type and thus depreciate using dissimilar recovery lives. Even though these assets are accounted for on their own terms, they still have a need to be linked together.

In these scenarios, a parent and child relationship will establish a bond between two or more asset records. A parent record can have multiple children assets, but a child record can only have one parent. For example, a large machine can contain several sub-components.

The Bassets eDepreciation Asset Maintenance Form features a group by function on the Browse tab that can easily display all associated child records with each parent as shown below:

Define Parent and Child

These parent and child relationships determine if one or more assets are dependent on a parent asset and in turn create a structured hierarchy. This enhances the ability to manage these connected assets and accurately reflect any changes in fixed asset reporting.

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

More information about Bassets eDepreciation software can be found at Bassets.net. While there you can set up a demonstration, download a free evaluation copy and get a personalized pricing estimate.

Dynamic Summary of Current Accounting Period Depreciation Results

Bassets eDepreciation Management Home Page presents seven different views of the Capital Asset data as of the selected Current Period. The Current Period can be any accounting period(s) during the current tax year, prior tax year or future tax year.

Rather than sifting through many reports, the summary views present critical data in a very simple format. This combined with dynamic calculations allow for instant screen refresh for any single accounting period or group of periods. To view asset records behind any summary, just click to launch a detailed listing.

Dynamic Summary

The 7 Summary Views are:

  • Depreciation by schedule
  • Active – net book value greater than zero and current period depreciation
  • Fully Depreciated – net book value equal to zero at the end of period
  • Acquisitions – purchased during the selected Current Period
  • Sales – sold during the selected Current Period
  • Disposals – disposed during the selected Current Period
  • Transfers – transferred during the selected Current Period

Filters can be applied to view the totals for a smaller group of assets in a company’s hierarchy based on any combination of field properties. Additionally, columns and sorts definitions can be applied to impact the display when drilling into the asset detail. The Management Home Page in Basset eDepreciation can be a very useful tool to quickly view fixed asset and depreciation data at a high level. This allows an asset administrator to easily answer questions and provide the supporting detail.

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

More information about Bassets eDepreciation software can be found at Bassets.net. While there you can set up a demonstration, download a free evaluation copy and get a personalized pricing estimate.