Property Types (tffam7180m000)

Use this session to add, edit, or delete. You can select for each asset book. This is used for informative purposes only, unless the book is the vintage/group account book and the asset belongs to a vintage/group account. if so, the property type code is required. It must be real or personal and it must match the property type code of the vintage/group account to which the asset belongs.

The property code is defined by a property type and a property subtype.

The following property types are available:

  • Real A real property is an immovable property.
  • Personal A personal property is a movable property.
  • Amortized Generally, amortization is the depreciation of an intangible property, as for instance, goodwill.
  • Other

The following property subtypes are available:

For real property:

  • Listed
  • Conservation
  • Energy
  • Farms
  • Housing

For personal property:

  • General

For amortize:

  • Section 179: Assets
  • Section 169: Assets
  • Section 171: Bond premiums
  • Section 178: Lease acquisitions
  • Section 174: R&D
  • Section 195: Business startup
  • Section 248: Corp. org costs
  • Section 709: Partnership org costs

For public:

  • Public utility

For other:

  • N/A

Field Information

Property Type

Code that identifies the Property Type.

Description

The description or name of the code.

Property Type

The property type to which the fixed asset belongs.

Note: 

The property types setup for Portugese localization enables these options in the Modelo 31 and Modelo 32 reports:

  • For the Real property type, the Tangible check box is selected.
  • For the Amortize property type, the Intangible check box is selected.

Allowed values

Real
A real property is an immovable property.
Personal
A personal property is a movable property.
Amortize
Amortization is the depreciation of an intangible property as for instance goodwill.
Others
Biologic
A biologic property is any living plant or animal owned by the business.
Property Subtype

Displays the property subtype. The property subtype allows you to further classify property types.

The following Property Subtypes are available:

Note: 
  • Listed
  • Conservation
  • Energy
  • Farms
  • Housing
Note: 
  • General
Note: 
  • Section 179 assets
  • Section 169 assets
  • Section 171: bond premiums
  • Section 178: lease acquisitions
  • Section 174: R&D
  • Section 195: Business startup
  • Section 248: Corp. org costs
  • Section 709: Parnership org costs
Note: 
  • Public utility
Note: 
  • N/A

The property subtypes are used for tax reports.