Book regulations

Book regulations identify the depreciation standard for which the defaults are provided. US standards include General Depreciation System (GDS) and Alternative Depreciation System (ADS). When book regulations are created, a default book regulation may be assigned to each book. The book regulations will default to each Asset Book to be used in identifying the appropriate default values.

The Asset Guideline Class are different types of assets which have a mandated life, method, and convention. An example of guideline class is vehicles or light trucks, or software. These values are assigned to assets as they are created.

The Asset Guideline Class Regulation record contains the defaults for each guideline class and book regulation combination. Using the Book Regulation which defaults from the Book, and the Asset Guideline class assigned to the asset, default values for each asset book can be identified.

Using these setup files, required books which are assigned a default book regulation, when an asset guideline class is assigned to an asset the asset book will automatically incorporate these default values. The user will not need to know the values for each asset book or even need to go to the asset book tab to maintain them.

If the book regulation default is GDS and you want to override it, you can change it to ADS or other custom regulation using an action which will also provide an option to update the default values for the newly assigned asset book regulation. You will also be able to view and maintain the asset guideline class default values directly on the asset book if it is necessary to assign values different from those provided on the asset guideline class regulation.

The additional values available on the asset guideline class which default onto the asset book are intended to provide the necessary detail to support tax form 4562. These values include flags for listed property, section 179 assets, Farming assets and other fields identified in more detail later in this document.

An additional list will be available on the book calendar. This will display all assets added in the calendar year and provide the ability to select and filter asset book records using these additional fields.