Most frequently asked question – by a long shot:
I am using Sage FAS version 2010.1 and have noticed that it is not updated for bonus on 2010 acquisitions nor is it updated on the new Section 179 limitations. Will this be in the next version? When can we expect Sage FAS v2011.1?
Currently, you CAN track bonus depreciation on all 2010 qualifying assets. Sage FAS was pro-active with version 2010.1 (current) and kept it in the system for 2010 assets – however, FAS will not default to the bonus method based on the Property Type and Placed-in-Service date (at this time). Instead, you need to SELECT the method of MA. Once you select this method, FAS will prompt you with a WARNING – of which states (in short) that “Bonus for 2010 Assets is currently pending legislation….” click yes / ok to bypass this message.
As for updates to the Section 179 provisions, this is schedule and already in place for version 2011.1. Typically Sage FAS starts to ship the year-end version releases in mid-December. However, with the highly controversal tax bill [just passed Senate 12/15/10] that includes additional updates to bonus, section 179, energy property and more, Sage is waiting for the outcome of this so these new provisions can be in the system and out to end-users ASAP.
New target date for Sage FAS update of v2011.1 is slated for mid-January 2011.