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This article applies to:

  • Product: Fixed Assets CS

Set up a new asset class in the Method/Life Wizard

To set up a new asset class for the Method/Life Wizard, perform the following steps.
note
You can't add new asset classes if the system is maintaining the Method/Life Wizard.
  1. Open the client.
  2. Select
    Setup
    , then
    Method/Life Wizard
    .
    note
    Depending on your security configuration, you might need to enter the master password before you can open the
    Method/Life Wizard
     window.
  3. Select the tab (
    General
    ,
    Farm
    ,
    Indian Reservation
    ,
    Indian Reservation Farm
    , or
    Governmental
    ) that contains the asset classes to which you want to add.
  4. Select the
    Add
     button.
  5. In the
    Asset Class
     field, enter the name of the new asset class.
  6. In the
    Comments
     field, enter any comments regarding this asset class that will be helpful during data entry.
  7. Select the tab of the treatment for which you want to enter methods and lives.
    note
    In the Method/Life table on the
    Treatment
     tab, the methods and lives are listed in ascending order. That is, the oldest method and life is at the beginning of the list and the most current method and life is at the end.
  8. Select the
    +
     button by the Method/Life table to add the 1st method and life for the asset class.
  9. The date in the
    What date will the new method or life start?
     field defaults to today's date. Enter the oldest date that an asset using this class would have been placed in service, then select
    OK
    . (The application automatically enters 12/31/2999 as the end date.)
    note
    If the start date is entered incorrectly, the method or life must be deleted from the table and reentered. You can only delete the last row in the table. To delete a row, select the
    -
     button next to the line you want to delete.
  10. In the Method column, choose the proper depreciation method from the dropdown list.
  11. In the Life column, enter the proper life.
  12. In the ADS Life column, enter the ADS life to be used (when necessary) for AMT, ACE, and E&P calculations.
  13. To add the next method or life for the asset class, select the
    +
     button again.
  14. In the
    What date will the new method or life start?
     field, enter the 1st date that the asset class's method or lives changed. The application automatically calculates and enters the ending date for the previous method and life and enters 12/31/2999 as the end date for the new method or life.
  15. To continue adding methods and lives, repeat steps 10 - 14.

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