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Method/Life Wizard dialog

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 selected 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,
Indian Reservation Farm, and Governmental.
 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 will need to be updated to follow the lives for GAAP on a client-by-client basis.)

Fields and buttons

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. This option lets you 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'll be responsible for updating asset classes, methods, and lives for any tax law changes. This option lets you add, edit, and delete asset classes and edit the
    Tax
     tab in the Method/Life table.
This area lists the asset classes that are available for selection from the
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, Indian Reservation Farm
, and Governmental
. 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.
This field shows the name of the selected asset class. To modify the name of the asset class, select
Edit
, enter the new name, and then select
Enter
.
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
Method/Life Wizard
 in the
Depreciation
 tab of the
Asset Detail
 window.
  • To
    modify
     comments, select
    Edit
    , and then enter the comment in this field.
  • To
    add
     comments, select
    Add
    , and then enter the comment.
Select this button 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).
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.

This article applies to:

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