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Reporting Fixed Assets

Fixed Asset Manager Reports

There are predefined reports that work with Fixed Asset Manager. These reports can help summarize information for Fixed Asset Manager and prepare tax information. If you do not have a full understanding about how depreciation and the implications work for your business, please consult a tax preparer or accountant.

Below you will find an explanation of the reports that can generate from Fixed Asset Manager. Included will be the sections on specific fields and any special fields that you may not see anywhere else.

Note: When working with reports that have multiple columns, sometimes it is easier to view in Landscape. To change the page orientation of the report:

  • Click on File
  • Select Print Setup
  • Select Landscape
  • Click OK

ACE Adjustment Calculation:

This report is to determine the total ACE adjustment that is needed to compute a corporations tax return. Grouped, subtotaled by category, then sorted by asset number within each group.

  • Preparing this report for printing
    • Make sure to complete the federal basis information
    • Make adjustments to AMT life
    • Enter additional deductions, if needed
    • Select the number of months to use for the calculations
(Table 1)

Column

Description

Asset Number Number assigned to this asset in Fixed Asset Manager
Asset Description Name entered for this asset
Date Acquired Date this asset was placed in service
Tax System Tax System choice entered for the asset under View > Basis Detail
Federal Depreciation Current federal depreciation as calculated by Fixed Asset Manager
AMT Depreciation Current AMT depreciation as calculated by Fixed Asset Manager
ACE Depreciation Current ACE depreciation as calculated by Fixed Asset Manager
ACE Adjustment Difference between the current AMT depreciation and the current ACE depreciation calculations

Amortization Schedule by G/L Account Number:

This report is the summary of activity for each of your amortized assets, and groups by general ledger account. Grouped, subtotaled by general ledger account number, sorted by asset number within each group.

  • Preparing this report for printing
    • Complete required information in the Asset tab
    • Apply general ledger account numbers
    • Select Basis
    • Select number of months to use with calculations

(Table 2)

Column

Description

Asset Number Number assigned to this asset in Fixed Asset Manager
Asset Description Name entered for this asset
Date Acquired Date this asset was placed in service
Method Calculation method used for this asset
Life Asset’s useful life in a YY/MM format
Sold? A Yes or No to indicate whether the asset has disposal information
Cost Original price of this asset
Accumulated Amortization (beginning of year) Column lists prior amortization as entered in the Asset tab of each asset
Current Amortization Column shows the current amortization as calculated by Fixed Asset Manager
Accumulated Amortization (end of year) Sum of current amortization and accumulated amortization.

Amortization Schedule by User Defined Fields, 1 to 5:

Depending on how many user-defined fields are in use, this report is one of five reports that appear. Grouped by one user-defined field classification, the predefined report produces a summary of activity for each amortized asset. Grouped, subtotaled by year of acquisition, sorted by asset number within each group.

  • Preparing the report for printing
    • For each amortized asset
      • Complete required information in the Asset tab
      • Apply the user-defined fields to the assets
      • Select the Basis
      • Select the number of months to use for the calculations

To see the Columns and Descriptions for these reports, see Table 2

AMT Adjustment Calculation:

This report gathers the necessary information for AMT adjustment. (Federal depreciation - AMT depreciation = AMT adjustment) Grouped and subtotaled by category, sorted by asset number within each group.

  • Preparing this report for printing
    • Complete required information in the Asset tab
    • Apply any categories to the assets
    • Select the Basis
    • Select number of months to use for calculation
(Table 3)

Column

Description

Asset Number Number assigned to this asset in Fixed Asset Manager
Asset Description Name entered for this asset
Date Acquired Date this asset was placed in service
Tax System Set of depreciation rules that apply to this asset
Federal Depreciation Current Federal Depreciation for each asset
AMT Depreciation Column shows the current AMT depreciation for each asset
AMT Adjustment Column lists the difference between the current Federal depreciation and the current AMT depreciation calculations

Asset Disposition by Sale Description:

The summary of disposition information as stated by the sales description assigned to the asset is what is seen with this report. Grouped and subtotaled by asset sale description, sorted by asset number within each group.

  • Preparing this report for printing
    • Complete required information in the Disposal tab
    • For multiple assets
      • Sold in the same transaction
        • Assign the same sales description to each asset
    • Select the Basis
    • Select number of months to use for calculation
(Table 4)

Column

Description

Asset Number Number assigned to this asset in Fixed Asset Manager
Asset Description Name entered for this asset
Date Acquired Date this asset was placed in service
Date of Sale/Disposal Date the asset was taken out of service
Gross Sales Price Amount received at the time of disposal
Cost or Basis Original price of the asset
Expenses of Sale Amount paid to sell each asset, including advertising and delivery
Accumulated Depreciation Any prior depreciation taken for each asset
Gain/Loss on Sale Difference between the unrecoverable basis and the sales price

Asset, Basis and Disposal Detail Report:

The asset details for each asset in the Asset and Disposal tabs seen on-screen is what this report shows and prints.

  • Preparing this report for printing
    • Complete required information in the Asset tab
    • Apply any categories to the assets
    • Enter the information for the assets that have been disposed of
(Table 5)

Column

Description

General Asset Information General information such as the asset number, description, warranty expiration date
Link to Federal Form Tax form to link to the asset
General Ledger Accounts Account numbers assigned for this asset
Groupings Category, location, vendor, and department assignments for this asset

Assets Acquired in the Current Year:

This report shows the summary of each asset purchased in the current fiscal year. Grouped and subtotaled by General Ledger Asset account number, sorted by the date acquired within the group.

  • Preparing this report for printing
    • Complete required information in the Asset tab
    • Apply any categories to the assets
    • Select the Basis
    • Select number of months to use for calculation
(Table 6)

Column

Description

Asset Number Number assigned to this asset in Fixed Asset Manager
Asset Description Name entered for this asset
Date Acquired Date this asset was placed in service
Method Calculation method for this asset
Life Asset’s useful life in YY/MM format
Cost Original price of the asset
Section 179 Deduction Section 179 deduction made for this asset
Current Depreciation Current depreciation as calculated by Fixed Asset Manager

Depreciation Schedule by G/L Account Number:

Shows an activity summary for each asset. Grouped by General Ledger account number, sorted by asset number within each group. An additional predefined report is on the Reports List that group the same depreciation expense information by User Defined fields.

  • Preparing this report for printing
    • Complete required information in the Asset tab
    • Apply any categories to the assets
    • Select number of months to use for calculation
(Table 7)

Column

Description

Asset Number Number assigned to this asset in Fixed Asset Manager
Asset Description Name entered for this asset
Date Acquired Date this asset was placed in service
Method Calculation method for this asset
Life Asset’s useful life in YY/MM format
Sold? A Yes Or No to indicate whether an asset has any disposal information
Cost Original price of the asset
Accumulated Depreciation (beginning of year) Depreciation as entered in the Asset tab of each asset
Current Depreciation Current depreciation as calculated by Fixed Asset Manager
Accumulated Depreciation (end of year) Sum of the Current Depreciation and Accumulated Depreciation columns

Depreciation Schedule by User Defined 1 through 5:

When User-Defined fields are in use, this report will create up to five reports. This is based on the number of user-defined fields that are allowed. These reports are predefined reports that summarize the activity of each of your amortized assets. Grouped and subtotaled by year of acquisition, sorted by asset number within each group.

  • Preparing this report for printing
    • Complete required information in the Asset tab
    • Apply user-defined fields to the assets
    • Select the Basis
    • Select number of months to use for calculation
(Table 8)

Column

Description

Asset Number Number assigned to this asset in Fixed Asset Manager
Asset Description Name entered for this asset
Date Acquired Date this asset was placed in service
Method Calculation method for this asset
Life Asset’s useful life in YY/MM format
Sold? A Yes Or No to indicate whether an asset has any disposal information
Cost Original price of the asset
Accumulated Amortization (beginning of year) Prior amortization as entered in the Asset tab of each asset
Current Amortization
Current amortization as calculated by Fixed Asset Manager
Accumulated Amortization (end of year) Sum of the Current Amortization and Accumulated Amortization columns

Note: The next four reports are based on Lead Schedules. These reports are designed to give an alternate report to show as much asset information as possible with a traditional lead schedule format. All four reports show are used to view an activity summary of assets. Grouped by the year in which the asset was placed in service, sorted by Date Acquired.

Lead Schedule by Category:

Lead Schedule by G/L Asset Account:

Lead Schedule by Location:

Lead Schedule by Tax Forms and Property Description:

  • Preparing these reports for printing
    • Complete required information in the Asset tab
    • Apply any categories to the assets
    • Select number of months to use for calculation
(Table 9)

Column

Description

Asset Description Name entered for this asset
Date Acquired Date this asset was placed in service
Cost Original price of the asset
Sold? A Yes Or No to indicate whether an asset has any disposal information
Tax System Set of depreciation rules that apply to this asset
Method Calculation method for this asset
Life Asset’s useful life in YY/MM format
Convention Averaging convention applied to this asset
Business Percentage
Percentage of time this asset is used for business purposes
Section 179 Deduction Section 179 deduction made for asset
Depreciation Basis Basis that is still available for asset
Prior Depreciation Total amount of depreciation taken for asset in prior years of service
Current Depreciation Current year depreciation calculation for asset
Accumulated Depreciation Total depreciation taken for asset

Monthly General Ledger Accumulated Account Summary:

To see total monthly additions or deletions, and their beginning and ending balances, this is the report to run. Grouped by General Ledger Asset Account Assets. If an asset is not assigned an account number, these are grouped by "No Account Number". A page with a "Grand Total" will generate at the end of this report.

  • Preparing this report for printing
    • Complete required information in the Asset tab
(Table 10)

Column

Description

Beginning Prior amortization of each asset
Additions Shows current amortization of each asset
Deletions Lists amortization to subtract for assets that have sold
Ending Lists accumulated amortization for each asset

Monthly General Ledger Asset Account Summary:

This report shows the monthly accumulated depreciation/amortization additions and deletions, with their beginning and ending balances. Grouped by General Ledger Accumulated Depreciation and Amortization accounts. If an asset is not assigned an account number, these are grouped by "No Account Number". A page with a "Grand Total" will generate at the end of this report.

  • Preparing this report for printing
    • Complete required information in the Asset tab

To see the Columns and Descriptions for this report, see Table 10

Personal Property Schedule by Year of Acquisition:

This report if for assets marked as personal property. The report will show depreciation summary amounts. Grouped and subtotaled by year the asset was placed in service, sorted by the date acquired within each group.

  • Preparing this report for printing
    • Select the Basis
    • Select number of months to use for calculation
(Table 11)

Column

Description

Asset Number Number assigned to this asset in Fixed Asset Manager
Asset Description Name entered for this asset
Date Acquired Date this asset was placed in service
Method Calculation method for this asset
Life Asset’s useful life in YY/MM format
Sold? A Yes Or No to indicate whether an asset has any disposal information
Cost Original price of the asset
Accumulated Depreciation (beginning of year) Prior depreciation as entered in the Asset tab of each asset
Current Depreciation Current depreciation as calculated by Fixed Asset Manager
Accumulated Depreciation (end of year) Sum of the Current Depreciation and Accumulated Depreciation columns

Projection by Category:

This report shows the five year projection of each asset in the file. Grouped and subtotaled by category.

  • Preparing this report for printing
    • Complete required information in the Asset tab
    • Apply any categories to the assets
    • Select the Basis
    • Select number of months to use for calculation
(Table 12)

Column

Description

Asset Number Number assigned to this asset in Fixed Asset Manager
Asset Description Name entered for this asset
Current Depreciation/Amortization Current year Depreciation/Amortization
Projected Depreciation/Amortization Year (1-5) Projected Depreciation/Amortization for the following five year period

Remaining Basis Over Remaining Life Report:

Identify assets not fully depreciated. Grouped and subtotaled by category.

  • Preparing this report for printing
    • Complete required information in the Asset tab
    • Apply any categories to the assets
    • Select the Basis
(Table 13)

Column

Description

Asset Number Number assigned to this asset in Fixed Asset Manager
Asset Description Name entered for this asset
Date Acquired Date this asset was placed in service
Recovery Period Calculation method for this asset
Salvage Value Salvage value entered for this asset
Cost or Other Basis Original Price for this asset
Convention Averaging convention applied to asset
ITC Basis Reduction Amount of investment tax credit Basis reduction
Tax System Set of depreciation rules that apply to asset
179 Reduction Section 179 deduction made for asset
Business Percentage Percentage of time asset is used for business
Depreciation Method Calculation Method used for asset
Other Deductions Dollar amount of any deductions made for this asset that do not fall into an existing categories
Switch to Straight Line Option to maximize current and future depreciation for assets under the tax system Other


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