Reporting tasks

Account and Tax Conformity

The Asset Management application features support tax law and generally accepted accounting principles (GAAP). Enhanced tax and GAAP features include:

  • Units of Production

    Under GAAP rules, the units of production calculation is based on the period you define and the unit of measure for the period.

  • Personal Use

    Personal use limitations can apply to any and all asset books you designate. Personal use information is added to each book so that each book computes independently.

  • Adjustments to Accounting Estimates

    Under GAAP rules, when you need to revise estimated useful lives, adjustments to assets are made from the time of the adjustment, and are not retroactive.

Currency

Under Lawson international standards, some amounts are stored in base currency, others in transaction currency, thus incorporating multi-currency amounts.

  • Base Currency

    These amounts are stored in base currency: item cost, total item cost (asset cost), repairs, and all amounts relating to the General Ledger posting asset book.

  • Multi-Currency

    These amounts are stored in the transaction currency: asset book depreciable basis, depreciation, tax credit, first year expense, salvage value, repairs, personal use, disposal proceeds disposal expense, gain or loss, deferred gain or loss, insurance values, and replacement values.