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Add Custom Method window
Enter a name for the custom method, choose a period convention, and select Continue. The Annual Rates window then opens automatically, allowing you to enter depreciation percentages for up to 40 years.
To open this window, select the Add button in the Setup, then Custom Methods window.
Fields and buttons
Method name
Enter the name of the new custom method.
note
Enter a descriptive name when the method is not time based and when assets using this method will be marked as section 168(f)(1) assets. The method name is printed on the subschedule for property subject to 168(f)(1) election on Form 4562.
Period convention
Choose one of the following options.
- Monthly:Based on number of months held during year of transaction; full month or no month for month of transaction.
- Half Year:Give one-half year's depreciation in year of transaction.
- Full year / No year:Full year or no year, depending on when during the year the transaction occurs.
- Full year at acquisition / global disposal treatment:Full year at acquisition, or monthly if using an UltraTax CS client or a global disposal treatment for a Fixed Assets CS client.