NetAsset - Generating Alternate Schedules
Overview
NetAsset has the ability to generate alternate depreciation schedules for an asset beyond just the primary schedule. While a primary schedule is intended to be used for GAAP or IFRS financials, a customer may also be required to maintain alternate schedules for statutory reporting. Alternate Schedules in NetAsset is an add-on feature, please contact your account manager if you have questions on adding this functionality into your system.
Alternative Schedules are non-posting schedules that are generated for reporting purposes. If these schedules should be posting NetAsset Multi-Book must be set up in the system.
Once the Alternate Subtabs have been configured as desired, follow these steps to generate your alternate schedules:
Generate Alternate Schedules for a Single Asset
Once configuration has been completed, alternate schedules can be generated for a single by following the steps below:
- Create or navigate to the desired asset to generate an alternate depreciation schedule. Navigate to the alternate schedule subtabs.
- Ensure the information in the "Schedule Information" field group properly reflects any differences between the primary asset information and the information that should be used on the alternate schedule (for example, the depreciation method may be a MACRS method instead of straight-line if your alternate schedule is for tax purposes). Any information left blank will be populated by what is contained in the asset's primary information. If the information needs to be adjusted, edit the record and make the necessary adjustments.
- Once the schedule information is correct, click the "Create Alt. Schedule" button at the top of the asset. You will be directed to the "Generate Depreciation Schedules" page:
- By default, a filter will be set for the asset you were previously on to limit what you see on this page. Adjust the "Alternate Depreciation Schedule" filter to generate schedules for different subtabs on your asset record.
- You will see your filtered asset and subtab summarized below. This is a good time to double-check that the information contained in the fields (pulled from the asset record) is correct before generating the schedule:
- Select any of the "Alternate Schedule Options", explained in the table below.
Field Name Description
Example
Override Depreciation Method
A depreciation method selected here will override whatever is shown on the asset line below, or the primary asset depreciation method if blank.
MACRS 100% Bonus Depreciation - 3 year property
Depreciation Convention in Disposal Period
The convention used to determine depreciation in the disposal period if you dispose of the asset before its end-of-life date.
Half Depreciation
Write Off Date
If you know the day that you will write the asset off of your books via tax deduction, you may input it here.
6/1/2024
Lock Schedules No schedule will be generated, but a new schedule cannot be created to override the current one. Unchecked Unlock Schedules Unlock a locked schedule and regenerate the alternate schedule according to the newly-input parameters Checked - Once you're satisfied with the information you've provided, click the "Generate Schedules" button.
- You'll be navigated to a processing page. You may refresh the page until the asset appears in the sublist on the screen and then select the asset link to return to the asset page.
- The schedule will now appear in the sublist at the bottom of your alternate schedule tab, along with any information you overrode on schedule generation.
For information on how to update the asset record upon disposal reference the Alternate Depreciation Schedule Disposals article.
Generate Alternate Schedules for Assets in Mass
- In order to generate alternate schedules in mass, navigate to the "Generate Depreciation Schedules" page by selecting NetAsset > Update or Modify Assets > Generate Depreciation Schedules
- With the "Alternate Depreciation Schedule" filter, specify which Alternate Subtab the schedule needs to be created on , as well as any other desired filters under the "Alternate Schedule Options" section and click Filter Results
- Once the asset list has filtered, select the asset you would like to generate the alternate schedule for and select the Generate Schedules button
- You will be redirected to a status page where you can refresh periodically to see the assets with updated depreciation schedules