Triva isn't available right now.
Check out the support page for our phone number and hours
Legal
Recommended Products
-
CoCounsel
Move faster and accomplish more with a professional-grade, generative AI assistant that transforms the way you work. Thomson Reuters CoCounsel is with you every step of the way, backed by authoritative content and industry-leading expertise.
-
Westlaw
Conduct legal research efficiently and confidently using trusted content, proprietary editorial enhancements, and advanced technology.
-
Practical Law
Accelerate how you find answers with powerful generative AI capabilities and the expertise of 650+ attorney editors. With Practical Law, access thousands of expertly maintained how-to guides, templates, checklists, and more across all major practice areas.
Questions? We are here to help
Tax & Accounting
-
Top products for corporations
-
Top products for accounting firms
Recommended Products
-
CoCounsel Tax, Audit, Accounting
Move faster and accomplish more with a professional-grade, generative AI assistant that transforms the way you work. Thomson Reuters CoCounsel is with you every step of the way, backed by authoritative content and industry-leading expertise.
-
UltraTax CS
Provides a full line of federal, state, and local programs. Save time with tax planning, preparation, and compliance.
-
1040SCAN
Automate work paper preparation and eliminate data entry
Questions? We are here to help
Trade & Supply
Recommended Products
-
Foreign Trade Zone Management
Software that keeps supply chain data in one central location. Optimize operations, connect with external partners, create reports and keep inventory accurate.
-
Indirect Tax
Automate sales and use tax, GST, and VAT compliance. Consolidate multiple country-specific spreadsheets into a single, customizable solution and improve tax filing and return accuracy.
Questions? We are here to help
Risk & Fraud
Recommended Products
-
CLEAR
Search volumes of data with intuitive navigation and simple filtering parameters. Prevent, detect, and investigate crime.
-
Fraud Detect
Identify patterns of potentially fraudulent behavior with actionable analytics and protect resources and program integrity.
-
ID Risk Analytics
Analyze data to detect, prevent, and mitigate fraud. Focus investigation resources on the highest risks and protect programs by reducing improper payments.
Questions? We are here to help
News & Media
Recommended Products
-
Reuters Connect
Around the globe, with unmatched speed and scale, Reuters Connect gives you the power to serve your audiences in a whole new way.
-
Reuters Plus - Content Studio
Reuters Plus, the commercial content studio at the heart of Reuters, builds campaign content that helps you to connect with your audiences in meaningful and hyper-targeted ways.
-
Reuters.com Platform
Reuters.com provides readers with a rich, immersive multimedia experience when accessing the latest fast-moving global news and in-depth reporting.
Questions? We are here to help
Books
Recommended Products
-
What's new in legal products
Shop our latest titles
-
Shop tax customer favorites
ProView Quickfinder favorite libraries
Questions? We are here to help
Developers
-
APIs by industry
-
Related sites
-
United States Support
-
International support
-
New releases
-
Join a TR community
-
Free trials & demos
Custom Methods dialog
You can define and use up to 99 custom methods for calculating depreciation for assets when standard IRS formulas are not appropriate. Some businesses, for example, must calculate depreciation based on industry-specific formulas. Any custom methods you define are available for all clients and for all users on a network. Custom methods can be selected from
Method
in the Depreciation tab in the Asset Detail window.To open this window, select Setup, then select Custom Methods when the Asset List window or Asset Detail window is open.
note
All custom methods you define are available to all clients. If you make changes to a custom method, it affects all clients using that method. Therefore, if you make changes to a custom method, you must recalculate depreciation for all assets for each affected client.
Current-period depreciation calculations
When using a custom method, current-period depreciation is calculated in the following manner.
- (Basis as adjusted for section 179/AFD, ITC, and salvage value)
- x (the year's percentage from the Annual Rates table)
- x (holding period)
- = current-period depreciation
Note that a short year uses the full percentage listed.
Fields and buttons
Method Name list
Lists the custom methods that have already been defined.
Method name
Displays the name of the selected custom method.
note
- To edit the name of an existing custom method, select a method, select Edit, edit the name in this box, and select Enter.
- When you enter a name for a method that is not time based and for which assets using the method will be marked as section 168(f)(1) assets, the name should describe the method because it will print on the statement for property subject to 168(f)(1) election on Form 4562.
Annual rates button
Select this to open the Annual Rates window, where you can enter depreciation percentages for up to 40 years for the currently selected custom method.
note
This is available only after you select the desired method and select Edit. After entering the rates in the Annual Rates window and selecting OK, select Enter in the Custom Methods window to save your changes.
Period convention
Displays the period convention that is selected for the currently selected custom method. (To select a period convention, select Add or Edit depending on whether you want to create or modify a custom method.)
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.