Business use percentage and investment use percentage.Investment Tax Credit options and ITC amount taken.Option to use tax rate tables or formulas for depreciation calculations.Personal property type (machinery and equipment, furniture and fixtures, small tools and supplies, real estate, leased property, exempt property, and add new categories).Asset adjustments for impairment or other write-downs.Listed property option to apply federal tax limits to luxury automobiles, trucks/vans and SUVs over 6000lbs.Tax disposal type (e.g., sale, exchange involuntary conversion, etc.), property type (1245 tangible, 1250 real, other) and time asset was held determine disposal classification on Tax form 4797 report.Disposal date, sales price and sale expense are used to automatically calculate the gain or loss on disposal.Land value for non-depreciable land assets.Original cost of the asset and prior depreciation taken.Convention (half-year, mid-quarter or mid-month) rules are applied automatically.Depreciation method easily selected from the list of available methods.New or used designation for certain tax calculations.15 custom user-defined fields (5 text, 5 date and 5 numeric value).Vendor name and serial number for section 179 record-keeping compliance.Assign GL account codes for fixed assets, depreciation expense and accumulated depreciation to drive journal entries.Assign a Group, Location and Department to each asset.When completed, place the project into service as one or more fixed assets. Track CIP (Construction-In-Progress) projects.In-Service Date determines when depreciation starts.Acquired Date determines when an asset first appears on the books.Detailed asset description (50 characters). Fixed Asset Pro automatically increments and suggests the next ID when you add an asset. You can use IDs from your previous system (up to 10 characters, alpha numeric).
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