FAM Updates
The new 2010.03 version of Fixed Assets Manager has recently been updated.
Fixed Assets Manager Release Considerations Version 2010.03
The following sections contain new features and considerations that apply to this version:
What's New?
The following features are now available with this version:
•· Bonus Depreciation for 2012
The Tax Relief, Unemployment Insurance Reauthorization and Job Creation Act of 2010 extended 50% bonus depreciation to eligible property placed in service in 2012. Property placed in service after 9/8/2010 and before 1/1/2012 is eligible for 100% bonus depreciation.
On Mar 29, 2011, the IRS released Rev Proc 2011-26 that provided additional provisions and clarification concerning bonus depreciation.
Qualified Restaurant Property (QRP) and Qualified Retail Improvement Property (QRIP) that also meet the definition of Qualified Leasehold Improvement Property (QLIP) are eligible for bonus depreciation. Previously, QRP and QRIP were specifically excluded from bonus depreciation by IRC Sec 168(e)(7)(B) and Sec 168(e)(8)(D). If, however, these properties can also meet the definition of QLIP, they are eligible for bonus depreciation.
A new Safe Harbor election has been provided to mitigate the effects of taking 100% bonus depreciation on listed property subject to the luxury auto/truck limits. Without the Safe Harbor election no depreciation deductions are allowed in years 2 - 6 of the asset's life. If the Safe Harbor is elected, depreciation deductions are allowed for years 2 - 6. The Safe Harbor checkbox is located on Book Setup/Book Type Setup. Book Setup/Book Type Setup is accessed by right clicking on a book and clicking the edit button. You will want to remember that any elections or changes in elections at the Book level will affect all entities that are using this Book Type. You can also select the Safe Harbor election for an individual asset in Asset Input/Safe Harbor.
You can elect to deduct 50%, rather than 100%, bonus depreciation for all qualified property in the same class (e.g., 5-yr, 7-yr) and placed in service in tax years that include Sept 9, 2010 (i.e., calendar year 2010, or fiscal years starting in 2009 or 2010 that include 9/9/2010). If you choose this election you will have to override the 100% bonus calculation amount for all assets in your class election and enter the 50% amount. If you have a small amount of assets you can do this by entering the amount in the Bonus Depreciation field in Asset Input. If you have a large amount of assets to override you can import all of the bonus depreciation amounts through the import function. The most efficient way would be to run a Depreciation export, change the bonus depreciation amount and delete all unnecessary data from the excel file, except for the asset ID, entity name and bonus depreciation amount. Save the file as a .csv and reimport, assigning the bonus depreciation amount to the column ‘Bonus Depreciation Override'.
•· New Exports
Accounting Information Fields for Non-Active Assets Export - This new export can be accessed through the ‘Print' screen dialog and is located under the folder, ‘Excel Formatted Export'. The export includes these asset fields; Asset ID, Description, Date Acquired, Original Cost, Asset Type, Classification, Calculate Under, Book Name, Book Cost, Reason, the 15 FAM default accounting information fields and all user defined fields. All assets that are fully depreciated and all previously retired assets are included on the export. The report can be run by selected entity(s) and full tax year (fiscal or calendar).
Depreciation with All Accounting Information Fields Export - This new export can be accessed through the ‘Print' screen dialog and is located under the folder, ‘Excel Formatted Export'. This export includes all of the fields on the Depreciation Export plus the 15 FAM default accounting information fields and all user defined fields. The report can be run by selected entity(s) and full tax year (fiscal or calendar).
Accounting Information Fields Exceptions Export - This new export can be accessed through the ‘Print' screen dialog and is located under the folder, ‘Excel Formatted Export'. When creating text-formatted Accounting Information Fields (AIF) and choosing the options ‘Require field in Asset Input' and/or ‘Accept only Unique values at entry' you may have omitted entering data for those assets. This error export will provide you with asset fields requiring data.
•· New Report
Intra-entity Transfer Report - This new report includes the Asset ID, Description, Placed in Service date, Life, Method and Convention, Transfer Date In, Transfer Date Out, Cost, and Depreciation (Prior, Transferred In, Current and Accumulated) of intra-entity transfers where depreciation is prorated between the source and destination accounting information field. Intra-entity transfers that do not prorate depreciation between accounting information fields will not appear on the report.
The report can be accessed through the ‘Print' screen dialog and is located in the ‘Transactions' folder. When you run the report, you must select at least one ‘Grouping' field. This ‘Grouping' field will be the Accounting Information field where you entered a new value when you initiated the intra-entity transfer.
•· Accounting Information Fields Export - Additional fields have been added to the Accounting Information Fields Export; Date Acquired, Original Cost, Asset Type, Classification and Calculate Under.
•· Check for unique values in Accounting Information Fields - When creating or editing an Accounting Information Field that is a text format you have the option to select ‘Check for Unique Values'. This option allows you to restrict the data to only unique entries for each asset. Since Accounting Information Fields are used across entities, the restriction is applied to all entities in your database. The checkbox can be accessed from the FAM toolbar by selecting, Tools/Accounting Information/New or by right clicking on an existing Accounting Information field that is a text format.
•· Additions Report - A line for Transferred-Out Additions has been added to the Additions Report. This line includes the cost and depreciation amounts for assets that were new additions to the entity in the current tax year and then transferred out. This line will reconcile to your Transfer and Depreciation reports.
•· Asset Detail Export and Asset Detail Report - The Asset Detail Export and the Asset Detail Report can now be run for multiple books simultaneously. You can select one or many books on the ‘General' tab of the ‘Properties' screen under Books.
•· Depreciation Projection - You will now have the option to run a depreciation projection report simultaneously for multiple books for an entity. On the first screen of the Projection Wizard you can select single or multiple books for the Yearly and Monthly Projection reports.
•· Event Viewer Enhancement - The Event Viewer contains filtering functionality. You can filter events by Event, User, Entity and Date. The Event Viewer can be accessed from the FAM toolbar under View/View Events.
•· Depreciation Export - You will now have the ability to select one or many books for the Depreciation Export.
Considerations
The following considerations apply to this version:
•· Check for unique values in Accounting Information Fields - When creating or editing an Accounting Information Field that is a text format you have the option to select ‘Check for Unique Values'. This option allows you to restrict the data to only unique entries for each asset. The unique entry is compared to all assets in all entities in your database, including assets that are retired, inactive and the source entity for a transfer or split.
•· Retirement Report and Export - The Retirement report and the Retirement export include prior depreciation for assets that have been transferred into an entity.
•· Import Map Assignment - On the ‘Text File Import - Map Assignment' screen the ‘Unassigned Values' box and the ‘Assigned Value' box have been enlarged to accommodate more characters.
•· Users accessing Projection simultaneously - Two users will now be able to run simultaneous projection reports on different entities in the same database.
