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Method/Life Wizard dialog
Show all hidden content
The automatically fills in the methods and lives for an asset. Within the 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.
Method/Life Wizard
Asset Detail
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 window.
Setup
, then Method/Life Wizard
to open the Method/Life Wizard
note
Depending on your security configuration, you might be prompted to enter the master password before you can open the window.
Method/Life Wizard
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.)note
If you select the
User assumes responsibility for maintenance of all asset classes and treatments
option, the asset classes and the tax methods and lives won't 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. This option lets you add or edit comments for the asset classes and edit all tabs (except for theTax treatmenttab) 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 theTaxtab in the Method/Life table.
Asset class list
This area lists the asset classes that are available for selection from the window.
Method/Life Wizard
in the Depreciation
tab of the Asset Detail
The system maintains the following lists of asset classes for the - General, Farm, Indian Reservation, Indian Reservation Farm, those asset classes also appear in this list.
Method/Life Wizard
, 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
note
The list that is used for a given asset is determined by the activity for which the asset is being entered.
Asset class
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
.note
You can't 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 window.
Method/Life Wizard
in the Depreciation
tab of the Asset Detail
- Tomodifycomments, selectEdit, and then enter the comment in this field.
- Toaddcomments, selectAdd, and then enter the comment.
General Asset Classes button
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).
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.