NetAsset - Tax Engine: Apply Tax Years
Overview
After Tax Engine has been set up and the tax years have been created, the tax treatments need to be applied to the assets so they populate on the alternate tax depreciation schedules. This should be done at the end of the tax year after tax years have been set up.
Apply Tax Rules
Navigate to NetAsset > NetAsset Setup > Apply Tax Rules
On the Apply Tax Rules page, the only required field is the "Tax Year" field. From there, it can be filtered down by subsidiary if you desire the tax rules to be applied based on subsidiary. Based on the tax year set-up, the other fields will auto-populate.
The Overwrite Depreciation Method checkbox is optional. Checking this box will overwrite the depreciation method if there is one already assigned to the selected assets. If it is left unchecked, any assets that already have a depreciation method applied in the system will not be re-evaluated.
When desired filters have been applied, select Apply Tax Rules.
Once redirected to the processing screen, Refresh the page until the status says "Complete".
When completed, all applicable assets will be shown below. This page will also show if the asset had a depreciation method reassigned based on whether or not the Overwrite Depreciation Method box was checked on the previous screen.
When the tax rules have been applied, it is time to generate the depreciation schedules. Go to NetAsset > Create New Assets > Generate Depreciation Schedules
Select the appropriate Alternate Depreciation Schedule from the drop-down. Filter for any additional criteria. Select Generate Depreciation Schedules.
Tax Schedules will be generated for all the selected assets. When the schedules have completed processing, the new tax depreciation schedules will be visible on the alternate schedules tab of each asset record. Additionally, after the tax year has been applied, the Depreciation Method and Tax Information sections will be updated.