Saturday, June 15, 2019

Importing FAM - Alternate Depreciation Method for Tax Reporting

Users can do a CSV Import to record Alternate Depreciation Method for existing Fixed Assets. First, prepare a CSV file with the following fields:

FIELD

MANDATORY

Values

External ID

Yes

Text

Parent Asset

Yes

Asset Name (Internal ID)

Alternate Method

Yes

Alternate Method Name

Depreciation Method

Yes

Depreciation Method Name

Convention

No

None / Half-Year / Mid-Quarter / Mid-Month

Asset Life

Yes

Numeric

Residual Value

No

Currency

Cumulative Depreciation

No

Currency

Last Depreciation Amount

No

Currency

Book Value

No

Currency

Forecast Amount

No

Currency

Financial Year Start

No

Month

Period Convention

No

12 months of 30 days each / Exact number of days in month, year has 365 days

Original Cost

No

Currency

Current Cost

No

Currency

Annual Method Entry

No

Anniversary / Fiscal Year

Depreciation Start Date

No

Date

Last Depreciation Date

No

Date

Tax Method Status

No

New / Depreciating / Fully Depreciating / Disposed

Last Depreciation Period

No

Numeric

 

Then, follow these steps:

  1. Navigate to Setup>Import/Export>Import CSV Records
  2. Select Record Type = Custom Records, Record Type = FAM - Alternate Depreciation then select the CSV file and hit Next.
  3. Select Data Handling = Add then hit Next.
  4. Map the fields. (NOTE: If you use the same fields as columns then these will be automatically mapped). Go to the line for Parent Asset then click the Pencil icon and select Choose Reference Type = Internal ID then hit Done.
  5. Hit Next.
  6. Enter a Name for the Import and hit Save and Run.

Once an Alternate Depreciation Method is defined on the Fixed Asset then when you run the Depreciate Asset task on year-end the system will automatically create the Depreciation History. Alternatively, you can also add Depreciation History transactions by following the steps provided in SuiteAnswers (ID# 25562): Import Fixed Asset Alternate Depreciation History Records.

 

 

 

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