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Method/Life Wizard dialog
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The Method/Life Wizard automatically fills in the methods and lives for an asset. Within the Asset Detail window, you can select from a list of asset classes. Then, based on the asset class chosen and the date the asset was placed in service, the methods, lives, and ADS lives are automatically entered for all treatments that are being calculated.
Use this window to view the methods and lives that are associated with the asset classes, add or modify comments for existing asset classes, or set up new asset classes.
Select Setup, then Method/Life Wizard to open the Method/Life Wizard window.
The following lists of asset classes are available: General, Farm, Indian Reservation, and Indian Reservation Farm. The application defaults to maintaining the asset classes and the Tax methods and lives. If there are any tax law changes, the application will update the asset classes and the Tax methods and lives.
(The Book methods and lives are not updated by the application. The Book lives must be updated to follow the lives for GAAP on a client-by-client basis.)
note
If you select
User assumes responsibility for maintenance of all asset classes and treatments
, the asset classes and the tax methods and lives will not be kept up to date by the application. If you decide at a later time that you want the application to maintain the asset classes and Tax treatment, any changes that were made to the asset classes, methods, and lives may be lost.Fields and buttons
System maintains asset classes and tax treatments / User assumes responsibility for maintenance of all asset classes and treatments
Select whether you want the system to maintain asset classes, methods, and lives for tax law changes, or if you want to maintain this information.
- System maintains asset classes and tax treatments:If you select this option, the system automatically updates asset classes, methods, and lives for tax law changes. You can add or edit comments for the asset classes and edit all tabs (except for the Tax treatment tab) in the Method/Life table.
- User assumes responsibility for maintenance of all asset classes and treatments:If you select this option, you will be responsible for updating asset classes, methods, and lives for any tax law changes. You can add, edit, and delete asset classes and edit the Tax tab in the Method/Life table.
Asset class list
This area lists the asset classes that are available for selection from Method/Life Wizard in the Depreciation tab of the Asset Detail window.
The system maintains the following lists of asset classes for the Method/Life Wizard - General, Farm, Indian Reservation, and Indian Reservation Farm. To view each list, select the corresponding tab in the Method/Life Wizard window. If you have added asset classes to the Method/Life Wizard, those asset classes also appear in this list.
note
The list that is used for a given asset is determined by the activity for which the asset is being entered.
Asset class
Displays the name of the selected asset class. To modify the name of the asset class, select Edit, enter the new name, then select Enter .
note
You cannot edit the names of asset classes if you selected
System maintains asset classes and tax treatments
.Comments
Displays the comments that have been entered for the selected asset class. These comments appear in parenthesis next to the asset class in the popup window that appears when you select the Method/Life Wizard in the Depreciation tab of the Asset Detail window.
- Tomodifycomments, select Edit, then enter the desired comment in this box.
- Toaddcomments, select Add, then enter the comment.
General Asset Classes button
Select this to open a table that specifies asset lives for property subject to depreciation under the general depreciation system provided in section 168(a) of the Code or the alternative depreciation system provided in section 168(g).
Treatment tabs
Each treatment tab displays the methods and lives that apply to the selected asset class. There is a separate tab that contains a Method/Life table for each treatment that is enabled but is
not
derived from or set equal to another treatment.Select Edit to change the methods or lives for the selected asset class.