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The memo method
The Memo method doesn't calculate depreciation. You can enter the cost basis of an asset for tracking purposes without calculating depreciation. Also, the reports and forms don't list the cost basis.
By default memo assets:
- Doesn't show on the Balance Sheet report in Fixed Assets CS.
- Shows on the Federal Asset report in UltraTax CS.
- Doesn't affect the Balance Sheet in UltraTax CS.
- Always shows on Personal Property Tax (PPT) returns and Property Detail reports. Us this method to report De Minimis assets.
- Always included in the activity and grand totals that show at the bottom of the asset list.
note
For business returns, memo assets can make discrepancies between the total cost/basis at the bottom of the asset list. Also, discrepancies can happen on the amount on the Balance Sheet.
Change reporting
There are 2 options available on the
Other
tab in the asset detail that changes the reporting of memo assets:- Include memo asset on balance sheet: Mark this checkbox to include this asset in the Balance Sheet Detail report if you select Memo as the depreciation method.
- Exclude memo asset from non-PPT reports: Mark this checkbox to exclude memo assets from non-PPT reports. This checkbox is available if any treatment on the Depreciation tab has the method of memo. The Property Detail report includes the asset when you mark the option.
The table following summarizes the effect of each of these options in UltraTax CS and Fixed Assets CS.
Balance Sheet (UltraTax CS) | Balance Sheet Report (Fixed Assets CS) | PPT Reports (both) | Non-PPT Reports (both) | Federal Asset Report (UltraTax CS) | |
Default (neither option marked) | No | No | Yes | Yes | Yes |
Include memo asset on balance sheet | Yes | Yes | Yes | Yes | Yes |
Exclude memo asset from non-PPT reports | No | No | No | Yes | No |
Both options are marked | Yes | No | No | Yes | No |