NetAsset - Alternate Depreciation Schedules (Tax Tables)
INDIVIDUAL ALTERNATE DEPRECIATION SCHEDULE
Use Case: NetAsset has the ability to generate alternate depreciation schedules for an asset beyond just the primary schedule. While a primary schedule is intended to be used for GAAP financials, a customer may also be required to maintain alternate schedules for tax or statutory reporting, which requires a different depreciation method, including table-based depreciation. Up to 10 subtabs are available per asset to be used to create an alternate depreciation schedule. This section outlines how to rename those subtabs and generate alternate schedules.
ONE-TIME SETUP PROCESS
- Visit the Manage Alternate Subtabs for more information on customizing the available Alternate Schedule Subtabs
STEP BY STEP PROCESS
- Navigate to an Asset to generate an alternate depreciation schedule for and click the Create Alt. Schedule button
- You will be redirected to the Create Alternate Schedule page where key asset information will be displayed alongside a space to enter information pertaining to the alternate schedule.
- Next, update the fields as necessary for the alternate schedule
| Field Name | Description | Example |
Alternate Schedule Subtab | The subtab the alternate depreciation schedule will be displayed on. | Alternate Subtab 1 |
Depreciation Method | The depreciation method used to generate the alternate schedule. | MACRS 7-YEAR PROPERTY, HALF-YEAR CONVENTION |
Basis Adjustment | The adjustment to apply to the normal capitalized asset value which is then used to calculate the alternate depreciation schedule. | 10,000
|
In-Service Date | The In-Service Date used to calculate the first period in the alternate depreciation schedule. | 1-Jan-2020 |
Useful Life at In-Service | The useful life used to calculate the alternate depreciation schedule. | 36 |
Residual Value Estimate | The residual value estimate used to calculate the alternate depreciation schedule. | 1,000
|
Residual Value Percentage | The residual value percentage used to calculate the alternate depreciation schedule. | 10%
|
- After double-checking inputs for the alternate depreciation schedule, click Create Alternate Schedule
- You will be navigated back to the asset record where you can refresh until the Processing Status no longer reads Processing Alternate Schedule...
- The schedule along with some of the header information entered Create Alternate Schedule page will appear on the selected Alternate Schedule subtab selected.
MASS CREATE ALTERNATE DEPRECIATION SCHEDULES (TAX TABLES)
STEP BY STEP PROCESS
- In order to create/update alternate schedules in mass, navigate to the Generate Depreciation Schedules page by selecting NetAsset > Update or Modify Assets > Generate Depreciation Schedules
- Specify the Alternate Subtab the schedule needs to be created on as well as any other desired filters and click Filter Results. Only assets with Locked unchecked on the alternate subtab will be available. Any schedule information that is not populated on the alternate schedule subtab already will default in from the main schedule unless the Depreciation Method is overridden via the “Override Depreciation Method” field. Once you’re happy with the assets displaying in the sublist, click the Mark All button then click the Generate Schedules button. Clicking the locked checkbox in the Options section will prevent the schedule from being updated following the schedule run.
- You will be redirected to a status page where you can refresh periodically to see the assets with updated depreciation schedules