NetAsset - Alternate Schedule Setup
Overview
NetAsset can generate alternate depreciation schedules for an asset beyond just the primary schedule. This is frequently used for tax or statutory reporting. Up to 10 schedules are available per asset to be used to create an alternate depreciation schedule. This section outlines how to enable, setup, and rename those schedules.
Step by Step Process
Configure System Setup
Navigate to NetAsset > NetAsset Setup > System Setup > System Features and begin by enabling "Alternate Schedules" and the "Create Alternative Schedule" quick access button. If you are using the schedules for Tax purposes, also check the "Tax Schedules" box.
Select "Save"
The "Tax Schedules" box enables tax specific fields on the alternate schedules like 168 Bonus and 179 Bonus depreciation. These fields are used in the schedule when populated and can be uploaded to via CSV. If you are using alternate schedules for tax purposes, view the Data Upload for Tax Assets guide for more information.
Naming your Alternate Schedule on the Schedule List
Navigate to the NetAsset alternate schedules setup page by selecting NetAsset > NetAsset Setup > Manage Alternate Schedules
Click Edit on one of the NetAsset Alternate Schedule records and change the name to match the name you’ll give to the matching schedule on the NetAsset form
Naming your Alternate Schedule on the Asset Form
To update the name on the actual schedules to match, navigate to Customization > Lists, Records, & Fields > Record Types
Select the NetAsset Asset record hyperlink
On the Forms subtab, select “Edit” to the left of the Preferred Form.
Be certain that the first time you save the form, you rename it and select "Save As" from the Save button dropdown to ensure that updates to the Netgain Asset Form do not wipe out customizations that you have made to your NetAsset Asset form.
On the Subtabs subtab, rename one of the Alt. 1-10 subtabs to match the newly renamed NetAsset Alternate Schedule record. If the "Show" checkbox is not already checked, check the box to show the new subtab on your asset forms.
(Optional) Naming Your Alternate Schedule Fields
On the Fields subtab on your Preferred Form selected in the step above, navigate to the subtab for the alternate schedule you are working on. Add a unique identifier to each field label in order to differentiate the field on the alternate schedule from the corresponding field on the main schedule and any other alternate schedules. Select "Save."
(Optional) Defaulting Via Asset Type
For alternative schedules, the system is able to default in alternate schedule depreciation methods and useful lives as desired. If you have the Tax Complete add-on, this step is not necessary. If you are using Alternate Schedules for another purpose, it may be helpful to have these secondary methods default in.
Follow the below steps to add these defaults:
- Navigate to NetAsset > NetAsset Setup > Manage Asset Types & Mapping
- Select "Edit" next to the asset types that will have alternative schedules
- Under the Alternate Schedule Defaults subtab, enter the default depreciation method and useful life for each applicable schedule
- Select "Save"
(Optional) Importing Tax Depreciation Method
For alternative schedules, often new depreciation methods are needed outside of the methods installed in the bundle. Reference the configure depreciation methods article for how to do this process manually.
NetAsset can automatically import the tax tables below, or these can be manually uploaded via CSV import. For instructions on how to automatically import these using NetAsset, follow the instructions in the NetAsset - Tax Depreciation Method Import Tool article which is our recommended approach.
