NetAsset - Data Upload for Tax Assets

Overview

This article outlines the additional fields required when uploading tax data for assets in NetAsset. This process is commonly used by clients utilizing alternate schedules for tax purposes, and is also helpful for those needing to upload historic tax data as part of their Tax Complete implementation.

Prerequisites

  1. Assets have already been imported or created in the NetAsset system.

  2. Initial NetAsset setup is complete, including:

  3. Tax Schedules and/or Alternate Schedules features have been enabled in the system setup.
  4. NetAsset Asset forms have been customized to display relevant fields for tax data upload.
    See related article: NetAsset - Alternate Schedule Setup.

Step-by-Step Process

1. Prepare the Tax Upload File

  • The table below outlines the fields required for formatting the spreadsheet used in the tax data import. 
  • The data needs to be uploaded once per alternate schedule used. 
  • Reminder: These fields are being added to pre-existing asset records.


Name
Required
Description
Example
Asset ID
Yes
An existing ID assigned to the asset record. This value is required when uploading the tax schedule and must exactly match the Asset ID from the primary (book) asset.
FA0001
Type - alternate schedule
No
Field only available when multi-book is purchased and tax schedules are posting journals.
Equipment
Depreciation Method - alternate schedule
Yes
Depreciation method to be used to depreciate the asset for tax purposes.
MACRS 3-Year Half Year
In-Service Date - alternate schedule
Yes
Date asset was placed in service, which determines when depreciation starts.
1/1/2020
Capitalized Asset Value At In-Service - alternate schedule
Yes
Value of the asset as of the in-service date.
36000
Accumulated Depreciation At In-Service - alternate schedule
Yes
The total accumulated depreciation for the asset as of its in-service date.
0
Useful Life At In-Service - alternate schedule
Yes
The useful life of the asset at the in-service date. This can be in months or years depending on the tax depreciation method selected.
24
End of Life Date - alternate schedule
Yes
The date when an asset is expected to be retired from service.
12/31/2021
Basis Reduction - alternate schedule
No
The amount (other than Section 168 and Section 179) taken to reduce the capitalized value of the asset when it was placed into service.
36000
Residual Value Estimate - alternate schedule
No
The estimated value of the asset at the end of its useful life.
0
Residual Value Percentage - alternate schedule
No
Estimated residual value as a percentage.
0%
Section 168 (Bonus) % - alternate schedule
No
The percentage of the asset’s cost claimed as bonus depreciation at the time it was placed in service.
80%
Section 179 Amount - alternate schedule
No
The amount claimed as a Section 179 deduction for the asset.
36000
Luxury Auto - alternate schedule
No
Indicates whether the asset qualifies as a luxury automobile, typically used in conjunction with the tax complete add-on.
✓
Alternate Tax Year
No
Field only available when Tax Complete is purchased. Leave this field blank, as it is filled out by the Tax Engine for new assets. May be used for historical assets when tax years are different from fiscal years.
Federal Tax Year
Ignore Main Schedule Build Ups - alternate schedule
No
Indicates whether the alternate schedule should ignore main schedule build ups.
✓

2. Import the Data Using the CSV Import Assistant

Once the template has been populated, it can be imported into the system using the CSV Import Assistant. Use the following import configuration: 

  • Import Type: Custom Records
  • Record Type: NetAsset Asset
  • Data Handling: Update

3. Generate Alternate Schedule

After the import completes successfully, generate the alternate schedule to finalize the process.

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