Bassets eDepreciation – Data Import

Basset eDepreciation - Data ImportThe Bassets eDepreciation Data Import Module will easily import your existing fixed asset data. All selected fixed asset records will be imported from either Excel, ASCII text files or other fixed asset software programs.  A great feature is our on-screen preview which displays the existing fixed asset data in a simple spreadsheet like grid to assist in the field mapping. Bassets also allows for customized mapping of each field. A user defined import map allows each field in the source fixed asset data to be directed to the corresponding Bassets field and you can preview user selected sample fixed asset data for each field. No need to worry about mistakes because Bassets will verify the accuracy of all depreciation methods, first year conventions and recovery periods based upon the property type and acquisition date and then check each fixed asset record against the defined field lengths. When you process the import Bassets calculates fixed asset depreciation to tie out with existing total accumulated depreciation. It imports only the required depreciation schedules and will automatically build drop down or pick lists for any Master List fields.

Watch this video to see the details:

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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.

Bassets eDepreciation – Asset Property Class

IRS Publication 946 explains the use of depreciation to recover the cost of business or income-producing property. One of the key elements in determining the correct annual depreciation amount is selecting the appropriate property class that is listed in Appendix B of this publication to get the correct recovery periods for both General Depreciation System and the Alternative Depreciation System. This is not always an easy task.

The Asset Class form feature of Bassets eDepreciation provides a simple lookup for the IRS property classes. Take a look at this video to see how Bassets can greatly simplify asset data entry while also ensuring accurate and consistent tax depreciation information.

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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.

Bassets eDepreciation – CIP (Construction in Progress)

CIP or Construction in Progress is an optional module in Bassets eDepreciation. It is also sometimes referred to as the Invoice and Procurement Tracking module. It is utilized by companies that build their own assets, such as stores in the retail industry or tools and machinery in the manufacturing sector.

CIP allows you to:

  • Track invoices by project
  • Consolidate invoices into depreciating assets
  • Create up to 12 levels of hierarchy
  • Log all consolidations to an audit trail for easy review
  • Undo consolidations
  • Add the optional A/P Import to connect with your payables.

Watch this video to see exactly how it’s done.

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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.

Bassets eDepreciation – State Reporting

Forty-six states and the District of Columbia require an annual business income tax filing. Most fixed asset software solutions have a state schedule and the numbers can be exported to Excel for manipulation. Besides being an extremely time consuming task, there is great potential for problems such as, asset level detail for each state, incorrect calculations and possible spreadsheet errors. Bassets eDepreciation solves these issues with the included state depreciation option that simplifies this complicated procedure to comply with unique depreciation requirements of every state. See the video below for more details.

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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.

Bassets eDepreciation – Adjusting Accumulated Depreciation

A standard, and extremely useful, feature of Bassets eDepreciation is adjusting accumulated depreciation. This allows the user to match the data that has been imported into eDepreciation with the calculations of the user’s previous fixed asset system. Simply put, the user can move forward with eDepreciation while retaining the prior accumulated amounts that have been booked to the general ledger at the close of the last accounting period. eDrepreciation automatically performs this operation on all incoming assets during a data import to ensure accurate calculations for total depreciation.

Watch this video to learn more.

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.