Fixed Asset Inventory Report

A Fixed Asset Inventory Report lists all of your fixed assets to ensure you are accurately accounting for your inventory. This report can be shared with department managers to show all assets under their control. Managers can ensure that the report reflects current inventory and properly accounts for any additions, transfers, disposals or other changes. Here is a sample of some inventory data:

Fixed Asset Inventory Report

This report can include:

  • System Asset Number
  • Description
  • Purchase Price
  • Acquisition Date
  • Location
  • Vendor
  • Purchase Order Number

Alternatively, you can build a quick view of all your assets with a dynamic browse feature:

http://www.depreciationguru.com/category/asset-maintenance/browse/

Either way an inventory listing is a critical element in accurately tracking the status of your fixed assets.

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.

Federal Tax Depreciation Detail with Bonus Report

The Federal Tax Depreciation Detail with Bonus Report shows a “snapshot” of your fixed assets as of the end of the selected accounting period.  This means all the numbers presented reflect their true value at the end of the period. Here is a sample image of this report:

Federal Tax Depreciation

The columns of this report include:

  • System Asset Number
  • Service Date
  • Depreciation Method
  • Life – Years and Months
  • Purchase Price
  • Section 179 deduction
  • ITC Amount
  • Bonus Depreciation
  • Depreciable Basis
  • Prior Accumulated Depreciation with date
  • Period Depreciation with Begin and End dates
  • Total Accumulated Depreciation with date
  • Net Book Value

The Depreciable Basis is calculated by taking the Purchase Price and subtracting any Section 179, ITC Amount and Bonus Depreciation. All Prior, Current Period and Total Accumulated Depreciation amounts are then computed based on the Depreciable Basis. Net Book Value is determined by reducing the Depreciable Basis by the Total Accumulated Depreciation through the end of selected reporting period.

This report is very useful in determining the total amount of any special depreciation or section 179 deductions in the selected year since it breaks out them into a separate columns from standard depreciation. The report can be run in summary or detail with filtering if necessary to display critical depreciation amounts for your organization.

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 register for our live webinar, download a free evaluation copy and get a personalized pricing estimate.

Earnings & Profits (E & P) Depreciation Report

Earnings-&-Profits-wAICPA has a monthly publication called The Tax Adviser that reports and explains federal tax issues to tax practitioners. In the October 2013 issue they have an interesting case study on computing Earnings and Profit:

As part of the case study he details some import issues regarding depreciation:

To compute E&P, depreciation deductions generally must be determined under the alternative depreciation system (ADS). Under the ADS, depreciation calculations use a straight-line method and depreciable lives that are generally longer than the accelerated depreciable lives permitted for regular tax purposes. If corporations use the accelerated cost recovery system (ACRS) or the modified accelerated cost recovery system (MACRS) method in computing depreciation for regular taxable income purposes, Sec. 312(k) requires them to adjust E&P for the difference between the two methods.

The Earnings & Profits calculation does not use the standard tax method, convention and recovery periods stored in IRS and AMT schedules. In most fixed asset software this requires setting up a new schedule to maintain the E&P values. Bassets eDepreciation produces the E & P Report without the need of another schedule by using information contained in the IRS depreciation schedule to determine the correct E&P numbers based upon IRS regulations.

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.

Fixed Asset Continuity Schedule Report

A continuity schedule report is a valuable instrument to view monthly asset activity.  It shows your opening balance at the start of the accounting period, monthly transactions and then the closing monthly numbers.  This report can be run for a single period, quarter, multiple periods or an entire calendar year. On this report the additions can be both new acquisitions as well as assets that have been transferred in. The disposals column represents disposals and also transferred out assets.

This report shows four columns for the depreciable basis and another four columns for accumulated depreciation over one of more accounting periods. Here are the columns of the report:

Depreciable Basis

  • Assets Opening Balance – cost of acquisitions from previous periods
  • Additions – new assets acquired during the reporting period(s)
  • Disposals – dispositions during the reporting period(s)
  • Assets Closing Balance – assets opening balance plus additions minus disposals

Accumulated Depreciation

  • Accum Dep Opening Balance – amount of depreciation calculated from the service date through the previous accounting period
  • Additions – amount of depreciation in the current accounting period or periods
  • Disposals – amount of any disposals
  • Accum Dep Closing Balance – opening balance

Continuity Schedule

In addition, this report includes columns for system asset number, asset description and net book value at the close of the selected accounting period. It is also common for this report to be sorted and grouped by general ledger code, asset class or branch within organization. A summary version is useful to view just the totals and suppress the asset detail.

This is very similar to a “roll forward” report and gives a nice snap shot of asset changes during the selected period(s). In an advanced continuity report, the additions and disposals columns are further separated to break out transfers into their own columns. Bassets eDepreciation features all three variations of this data in the form of a roll forward, continuity schedule and advanced continuity schedule reports to answer all activity inquiries.

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

Depre123-Main w Try Free SF

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.

How to Prepare Your Annual Business Property Statement

Many local and state government agencies require that you file an annual business property statement. This statement shows the total original cost of all acquisitions for each year. In addition to year of acquisition, these costs are filtered by the taxing authority (city, county) and grouped by asset type (machinery, computers, furniture, etc.). Here is a sample of the basic format:

This statement can be run for each of the required taxing authorities. For instance, you could set a filter to select only the assets in a particular city or county. You could then repeat this process for any other taxing authorities to get the associated totals.

Preparing an annual property statement doesn’t have to be complicated. In Bassets eDepreciation you can select the key columns:

  • Taxing Authority
  • Acquisition Date
  • Asset Type (or General Ledger code)
  • Purchase Price

These values can then be easily exported to an Excel spreadsheet to be summarized using the year of acquisition. Alternatively, you could define a two level sort definition (acquisition date, asset type) to group and total the cost in a report. It would then just be a matter of running the report with a filter set for each of your different taxing authorities. Either way, we can assist you in preparing the necessary information for your annual business property statements.

Questions or comments about this post? We invite you to respond in the space 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.