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, class, location, accounting period, taxpayer, or date range. As mentioned above, the report will default to filter for the past year's 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.

Taxpayer filter: The Taxpayer filter is provided out of the box on the Tax Register Report (and any other register report flagged as a tax report). Select a taxpayer from the dropdown to limit the report to assets belonging to subsidiaries mapped to that taxpayer. Taxpayer-to-subsidiary relationships are defined on the subsidiary record via the Tax Payer Mapping field. When a taxpayer is selected, it drives the subsidiary scope of the report — assets are returned for every subsidiary mapped to that taxpayer, regardless of any value selected in the subsidiary filter. Leave the filter on - All - to include every taxpayer. The Taxpayer column is also included automatically in the report output on tax reports so that each asset's taxpayer is visible alongside the other tax fields.

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
  • Taxpayer (shown as a column on tax reports)

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.

Customization

This report can be customized to add or reorder fields. Go to the Register Reports section of the NetAsset - Editing Reports in NetAsset article for step by step instructions or follow the high level instructions below:

  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 for the Tax Register specifically also include a checkbox for incorporating Section 168 amounts into accumulated depreciation rather than a reduction in depreciable basis.

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.
  3. If the Taxpayer filter is set, confirm that the expected subsidiaries are mapped to that taxpayer via the Tax Payer Mapping field on the subsidiary record. When a taxpayer is selected, the report is scoped to that taxpayer's subsidiaries only.

Are Section 168 amounts missing from accumulated depreciation?

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