A unique identifier for the vintage/group account.
Vintage/Group Account (tffam7170s000)Use this session to maintain the vintage/group accounts used to track and maximize the tax deduction for assets subject to ADR and MACRS group depreciation. Assets in a vintage or group account are depreciated as a group, and are subject to different disposal rules than assets that are not part of these accounts. All assets associated with the same accounts must share the same parameters because they depreciate together. In order to add a vintage or group account to the Fixed Assets module, you must have first set up an ADR book in Default Book (tffam0110m000) because only the ADR book is depreciated. You cannot delete or modify a vintage or group account that is associated with an asset.
Vintage/Group Account A unique identifier for the vintage/group account. Description The description or name of the code. In Service Year Year of service for the vintage/group account and
its assets. Account Type Property Class Indicates whether the vintage/group account can
contain assets with real or personal property type classes. The asset property type must match the
type specified for the account. New If this check box is selected, the vintage/group account contains new assets. You can only add assets to the vintage or group account
that have the same setting, New or Used, as the account. Asset Class Indicates the tax code class for the assets in the vintage/group account. The
class determines the available life range for ADR assets or the actual
life for MACRS group assets. The life
set in the ADR book must be the same as the account for all assets in that
account. Asset Class The description or name of the code. Dummy Label The Upper Life is the maximum number of years the ADR Vintage Account asset
can depreciate. The upper class life is typically 20% higher than the class
midpoint. It is available only for vintage accounts with an account type of
ADR. The Class Life is available only for group accounts with an account type of MACRS. Dummy Label Midpoint Life is the point from which the federal tax lower and
upper class lives are measured. It is available only for vintage accounts with an
account type of ADR. The General Depreciation Life (Gen. Deprec Life) is the number of years the assets in the MACRS group account can depreciate using the standard depreciation expense allowed by IRS Federal tax - U.S. regulations. It is available only for group accounts with an account type of MACRS. Dummy Label Lower life is the minimum life for ADR Vintage Account assets.
The lower class life is typically 20% lower than the class midpoint. It is
available only for vintage accounts with an
account type of ADR. The Alternative Depreciation Life (Alt. Deprec Life) is the number of years you can depreciate the assets in the MACRS group accounts by using the alternate methods of depreciation (such as Alternate Minimum Tax preference calculation). This is required for some United States IRS Federal tax regulations, and is available only for group accounts with an account type of MACRS. Life (in months) Life for the vintage/group account and
all assets it contains. The system prevents you from adding an asset to the
vintage/group account if it does not match the life specified for the
account. Depreciation Code The way in which the depreciation of a fixed asset is spread
out over the years. Depreciation Code The description or name of the code. Depreciation Frequency Indicates the new depreciation frequency for
the selected account. Depreciation frequencies identify when depreciation must
be run and recorded for assets and their related books. This is editable only
in the first year of a vintage/group account. Default value The current depreciation frequency for the selected account. Depreciation Frequency The description or name of the code. Deprec Below Salvage Indicates whether the vintage/group account can
depreciate below its salvage value. If this check box is selected,, the vintage or group account can depreciate below its total
salvage value. You can only add assets to the vintage or group account if they
have the same setting for the Depreciate Below Salvage check box as the
account. Current Cost Current cost of the vintage/group account's
assets in their ADR or MACRS group books. When you
add an asset to the vintage or group account, LN adds its cost to the
account total. If you remove an asset from the account, LN removes its cost
from the account total. The cost is added to the vintage account total when an
asset is capitalized. Note Certain restrictions are imposed by the IRS governing the removal of assets from vintage and group accounts. You must consider these restrictions when removing assets from vintage or group accounts. For more information, see your federal tax depreciation guidelines. Current Cost One of a company's base currencies in which LN registers and reports
amounts. In a multicurrency system, up to three home currencies can be defined: From the Tools menu, choose Rotate Currency to switch home currencies. Salvage Value The salvage value of the
vintage/group account. Last Depreciation Date End date of the last period on which depreciation was run for the vintage/group account in the
selected book. LN resets the last
depreciation date each time you calculate depreciation for the account and
book. Accumulated Depreciation Total depreciation accumulated for
the vintage/group account's
assets in their ADR or MACRS group books since the
assets went into service. When you add an asset to the vintage or group
account, the system adds its accumulated depreciation to the account total when capitalized. If you remove
an asset from the account, its depreciation is removed from the account total. Note Certain restrictions are imposed by the IRS governing the removal of assets from vintage and group accounts. You must consider these when removing assets from vintage or group accounts. For more information, see your federal tax depreciation guidelines. YTD Depreciation Total depreciation accumulated for the vintage/group account's
assets in their ADR or MACRS group books since the
beginning of the current fiscal year. When you add an asset to the vintage or
group account, LN adds its year-to-date depreciation to the account total.
When you remove an asset from the account, its depreciation is removed from the
account total. Note Certain restrictions are imposed by the IRS governing the removal of assets from vintage and group accounts. You must consider these when removing assets from vintage or group accounts. For more information, see your federal tax depreciation guidelines.
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