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.

Perform a Mass Update in 3 Easy Steps

Slide1There are times when you need to change many fixed asset records and manually editing each one would be very time consuming. In these situations a bulk import is the best solution. This can be accomplished in three easy steps:

  • 1. Export fixed asset data to Excel
    • a. Select each field with the column selection form
    • b. Set a filter to work on a subset of asset records
    • c. Open the Asset Maintenance Form’s Browse tab
    • d. Click the export button to create an Excel spreadsheet with asset
  • 2. Edit values in Excel
    • a. Open the newly created spreadsheet in Excel
    • b. Edit any values that need to be changed, such as: User defined fields; Dollar amounts; Dates; Depreciation Methods or Conventions; Deleted flag
    • c. Save the changes in Excel
  • 3. Import the changes back into Bassets eDepreciation
    • a. Close any open forms
    • b. Open the data import module
    • c. Select the Excel spreadsheet to preview
    • d. Set any necessary field mappings
    • e. Run the import

That’s it. The updated information from Excel will be processed to make the appropriate change to each fixed asset record. This is very useful when you have to deal with a large number of fixed assets changing location, ownership or other reasons. A mass update can save you many hours of editing time by using the flexibility of a spreadsheet with the power of bulk import utility to quickly apply updates to many fixed asset records.

Click here for our detailed series on importing data into fixed assets.

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.

Convert Existing Fixed Assets into a Database

This is the sixth and final post in a series that deals with the import of existing and/or new asset data into fixed asset software. In the first 5 posts we have covered an overview with basic steps, data requirements, formatting, mapping and adjusting depreciation:Covert Existing FA Data 2

Think of the data import module as a translator that will read your existing fixed asset records and convert them into our database. Each row of the spreadsheet will be read, analyzed and processed into a new fixed asset record. Once converted, you can perform asset maintenance, run reports and do detail review of all your information.

Importing fixed asset data is a very powerful feature that can be used to convert data from an external source. This module will process records from both spreadsheets and other accounting packages. Data import is critical for a new client to establish their database and begin using Bassets eDepreciation.

We hope that this series has explained the import process and answered your questions. To see all posts in this series, click on the link below:

Importing Excel Spreadsheet Data in Fixed Asset Software

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.

Adjust Calculated Depreciation While Importing Fixed Assets

This is the fifth in a series of posts that deals with the import of existing and/or new asset data into fixed assets software. In the last post we talked about mapping the spreadsheet columns to the corresponding fixed asset fields, now let’s see how to adjust calculated depreciation. Below is a sample screen shot of the data mapping in Bassets eDepreciation:

Adjust Calculated Depreciation

The two key fields involved are:

  • Adjustment Amount
  • Adjustment Date

The adjustment amount is the accumulated depreciation that has been calculated up to the adjustment date. As each record is being processed, eDepreciation will then compute the difference between the adjustment amount from the spreadsheet and the calculated value. The delta will become the actual adjustment amount to ensure a match to your accumulated depreciation.

When calculating depreciation, there are many variables (Cost, Depreciation Method, Recovery Periods, First Year Convention, etc.) involved that impact the amount generated for each period.  This complexity causes differences between eDepreciation and other software packages or spreadsheets.  Since the previously calculated numbers have already been loaded to the General Ledger, the import processing will adjust our calculation to “match” the existing amounts.

To read the previous post in this series, click here: http://www.depreciationguru.com/2013/09/map-spreadsheet-columns-fixed-asset-data-fields-data-import/

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.

Map Spreadsheet Columns to Fixed Asset Data Fields for Data Import

This is the fourth in a series of posts that deals with the import of existing and/or new asset data into fixed asset software. In the last post we talked about formatting the spreadsheet cells, now let’s take a look at mapping the spreadsheet columns to the corresponding fixed asset fields. Below is a sample screen shot of the data mapping in Bassets eDepreciation:

Map Spreadsheet Columns

The Map Fields tab enables the mapping of import columns from the source spreadsheet to the appropriate data fields in the Bassets eDepreciation software. Each spreadsheet column can be selected from a drop down list and sample data will be displayed to verify the correct selection. After all fields are mapped there is a validation process to test each of the mapped source data fields for proper data type and field length. An error message will be generated for any records that are blank and/or contain an invalid data type.

Mapping is a key component of data import as it allows you to process data from different data sources and control the flow of information into your fixed assets. Without a mapping feature, you need to follow a pre-defined template and ensure that the incoming spreadsheet matches the template. Mapping allows for much greater flexibility in processing, with the ability to save map definitions for each external file format and then reuse as needed.

For reference here are links to the first three posts in this series

Import Fixed Asset Data from an Excel Spreadsheet

Fixed Asset Data Requirements for Importing

Format Cells in Excel Spreadsheet for Data Import

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.