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Set up a new treatment in the Method/Life Wizard
To set up a new treatment for the Method/Life Wizard, perform the following steps.
note
Only treatments that are not derived from another treatment or set up to be equal to another treatment in the
Treatment Options
window appear in the Method/Life Wizard.- Open the client.
- SelectSetup, thenMethod/Life Wizard.noteDepending on your security configuration, you might need to enter the master password before you can open theMethod/Life Wizardwindow.
- Select the tab (General,Farm,Indian Reservation,Indian Reservation Farm, orGovernmental) that includes the asset classes you want to edit.
- Select the tab for the treatment you want to set up.
- For all treatment tabs except Book and Tax, theMethod/Life Wizard Treatment Optionswindow opens. Do one of the following tasks.
- Select theCopy methods and lives for all assets fromoption and then select the treatment from the dropdown list to establish a new treatment based on another treatment. You can then edit the new treatment's methods and lives without affecting the treatment from which you copied methods and lives. Note that selecting this option clears any methods and lives that are currently set up for this treatment before copying over the new methods and lives.
- Select theClear all methods and lives for all asset classesoption if you will be changing the treatment to a new treatment and want to clear the old treatment's information first.
noteTheMethod/Life Wizard Treatment Optionswindow opens each time you select a treatment tab (except Tax or Book) after opening theSetup, thenMethod/Life Wizardwindow. If you choose either one of the previous options, you'll have to close and then reopen theMethod/Life Wizardwindow to access theMethod/Life Wizard Treatment Optionswindow and choose a different option. - The steps to complete setting up a new treatment in the Method/Life Wizard vary depending on whether you are editing existing asset classes or adding new asset classes.Edit the methods and lives that you copied from an existing treatment.
- In the Asset class list, select the asset class you want to edit and then select theEditbutton.
- If you want to add a comment or edit the application-defined comment, use theCommentsfield to do so.
- In the Method/Life table on the tab for the new treatment, make changes to the asset class by placing your cursor in the Method, Life, and/or ADS Life field and modifying the information.
- Select theEnterbutton to save the changes you have made to the asset class.
- To continue editing asset classes for the new treatment, repeat steps a - d.
- To edit asset classes for other Method/Life Wizard types, repeat steps 3 - 6 and a - d.
Add methods and lives.- Select theAddbutton.
- In theAsset Classfield, enter the name of the new asset class.
- In theCommentsfield, enter any comments regarding this asset class that will be helpful during data entry.
- Select the+button on the left side of the Method/Life table to add the 1st method and life for the new asset class.
- The date in theWhat date will the new method or life start?field defaults to today's date. Enter the 1st date that the method or life you are adding or editing in the Method/Life Wizard is valid for this asset class, and then selectOK. (The application automatically enters 12/31/2999 as the end date.)noteIf 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.
- In the Method column, choose the proper depreciation method from the dropdown list.
- In the Life column, choose the proper life from the dropdown list.
- In the ADS Life column, enter the ADS life to be used (when necessary) for AMT, ACE, and E&P calculations.
- To continue adding new asset classes for the new treatment, repeat steps a - h.
- To edit asset classes for other Method/Life Wizard types, repeat steps 3 - 6 and a - h.