NetAsset - Tax Register

Purpose 

The Tax Register Report is a Netgain scripted report designed to provide a comprehensive view of asset-related tax data. It includes details such as asset type, depreciation methods, gross asset balances, Section 179 and Section 168 values, useful life, and other tax-specific fields. This report simplifies tax reporting by automatically filtering for the most recent past tax year and Alternate Schedule 1.

How To

Navigation:

NetAsset > Reports (All or Subledger Reports) > Tax Register > Run 

Filtering:

The report search can be narrowed down by adjusting the filters for subsidiary, department, location, accounting period, class, location, or date range. As mentioned above, the report will default to filter for the past years full tax year and Alternate Schedule 1. Once filters are set as desired, click the refresh arrow to apply the filters and to view the report.

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Results

Upon running the report, users will see a detailed summary of tax-related asset information, including:

• Depreciable basis
• Section 179 and Section 168 amounts
• Asset balances at the beginning and end of the period
• Depreciation details

If applicable, the roll-forward portion displays the net and accumulated balances along with any Section 179 and Section 168 deductions. Select the Export button to download the report.

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Customization

This report can be customized to add or reorder fields.

1. Navigate to NetAsset > Reports (All or Subledger Reports) > Tax Register > View.
2. Create a copy of the report, and rename. 
3. Click Edit to access edit mode.
4. Go to the Advanced Configuration tab.
5. Add or reorder fields as needed by selecting the desired fields or dragging them to a new position.
6. Save changes when complete.

Customization options also include a checkbox for incorporating Section 168 amounts into accumulated depreciation rather than a reduction in depreciable basis.

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Troubleshooting

Is the report missing assets?

1. Verify the selected filters to ensure they are not restricting the desired assets.
2. Ensure the Include Pending Assets toggle is checked if pending assets are expected in the report.

Are Section 168 amounts missing from accumulated depreciation?

1. Check whether the Include Section 168 in Depreciation checkbox is enabled under Advanced Configuration.

This flexible and customizable report provides clients with a valuable tool to streamline tax reporting processes and validate Section 179 and Section 168 deductions.