NetAsset - Alternate Depreciation Schedule Disposals
Use Case: Circumstances may require the disposal of an asset before or after it’s been fully depreciated. In these instances, a disposal entry is required to remove the asset (and accumulated depreciation), settling any cash paid or received with an offset to the gain/loss account. Please refer to the following article on how to Dispose of an Asset. Once you have disposed of the asset, you can go ahead and get started on the disposals for the alternate depreciation schedules.
STEP BY STEP PROCESS
- Once you have disposed of your specified asset, navigate to NetAsset > Update or Modify Assets > Generate Depreciation Schedules:
- You will be prompted to a screen that looks like a normal Generate Depreciation Schedules window. In the Alternate Depreciation Schedule field, filter for the name you designated as your Alternate Schedule title (ie: FED, State, AMT, etc.)
- A new sub tab will show on the bottom of the screen titled "Alternate Schedule Options." This is where you can populate the following fields if applicable: "Disposal Convention Field", "Write Off Date", and then check the box that says "Unlock Schedules (and regenerate schedules)."
- You will then want to locate the specified asset which you had previous disposed of, and mark it in the list of assets:
- Press the Generate Schedules button, this will rerun the schedules for a disposed asset. From here you will need to navigate back to the asset record for the disposed asset and the Alternate Schedule subtab (renamed as Federal Taxes and State Taxes in the example). Ensure that the alternate schedules have been disposed.
- Your alternate schedules should now be disposed just like the original asset.