Set up a new method or life in the Method/Life Wizard

To set up a new method or life for the Method/Life Wizard, perform the following steps.
  1. Open the client.
  2. Select
    Setup
    , then Method/Life Wizard.
  3. Select the tab (
    General
    ,
    Farm
    ,
    Indian Reservation
    ,
    Indian Reservation Farm
    , or
    Governmental
    ) you want to edit.
  4. In the Asset class list, select the asset class for which you will edit the methods or lives.
  5. Select the
    Edit
    button.
  6. Select the tab for the treatment for which you will add the new method or life.
  7. Select the button on the left side of the Method/Life table.
  8. In the
    What date will the new method or life start?
    field, enter the 1st date that the asset class's method or life changed. The application automatically calculates and enters the ending date for the previous method or life and enters 12/31/2999 as the end date for the new method or life. Select
    OK
    .
  9. In the Method column, choose the proper depreciation method from the dropdown list.
  10. In the Life column, enter the appropriate life.
  11. In the ADS Life column, enter the ADS life to be used (when necessary) for AMT, ACE, and E&P calculations.
  12. Select the
    Enter
    button to save the changed information.
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