Property taxes are quickly approaching. Lately, many have been asking and pondering the thought of the best way to track and report on both capitalized AND expensed assets in Sage FAS (or any other fixed asset solution, really).
Since most of us are approaching that time of the year again where property taxes are due, as well as the documentation/reports to follow, it is a GREAT, wait… no, EXCELLENT practice to get into. Why would you want to keep two separate systems or off-line procedures, when you can consolidate? Yes, this time, it is a good idea to put all your eggs in one basket.
To implement tracking both your capitalized and expensed items in one system (Sage FAS Asset Accounting), implement and follow these simple steps:
- Utilize a custom field and rename it: Cap/Exp
- Set attributes to: Require Entry
- Turn on your SmartList and input two options: Capitalized; Expensed
- Turn off Auto Add Options
- Every asset that you enter or import should have an entry of either: Capitalized or Expensed in the field you just implemented
- Expensed assets should have the method of NO
- Create a Group in GROUP MANAGER to segregate Capitalized and Expensed items
- Select the appropriate group when running depreciation vs property tax reporting, etc.
You should now be able to set yourself on the right path to a full and organized basket of fixed assets. Now that is something to get excited about!
Should you have specific questions shoot me an email. However, if you find yourself lost in the fog with terms such as: group manager, field attributes, smartlists, etc. — get yourself some FORMAL training. P.S. I can help you with training or training questions too.