SPECIAL FEATURES AND RECENT CHANGES

Transcription

1 SPECIAL FEATURES AND RECENT CHANGES START This PDF will briefly show you some special features and recent changes to Asset Keeper Pro. SPECIAL FEATURES AND RECENT CHANGES Page 1

2 TRADE MORE THAN ONE ASSET SPECIAL FEATURES AND RECENT CHANGES Page 2

3 Trading assets This will demonstrate how you can trade more than one asset for a new asset by changing the TRADE CODE field so that all assets being traded have the same TRADE CODE. When you trade one of the assets that has a trade code, and you elect out of , then all assets with the same trade code will be traded (Status field changed to Traded) and the net book value of these assets will be added to the BOOT amount paid to determine the cost of the new asset. In the following example, two vehicles will be traded for a new vehicle. Shown below is one of the assets that will be traded. NOTE that it currently does not have a TRADE CODE. SPECIAL FEATURES AND RECENT CHANGES Page 3

4 Adding Trade Code This is the same asset we saw in the previous screen shot only now we've added a trade code to it. How did we do that? Edit the asset and then right-click on the "Trade Code" prompt. Click the option "Make Changes to the Trade Code" and confirm that you want to make changes to the trade code field. Then click the Add Trade Code option and a new trade code will be entered in the field. Save the asset and now you've got one of the two assets with a trade code. SPECIAL FEATURES AND RECENT CHANGES Page 4

5 Adding Trade Code to 2nd asset This is the 2nd vehicle that we want to trade and it currently does not have a trade code. We want it to have the same trade code as the one assigned to the 2005 vehicle. Once again, we edit the asset and right-click on the "Trade Code" prompt and select the option to "Make Changes to the Trade Code". SPECIAL FEATURES AND RECENT CHANGES Page 5

6 Edit the trade code field Instead of selecting the option to add a trade code, we select "Edit Trade Code" so that we can enter the same one that was added to the 2005 vehicle. SPECIAL FEATURES AND RECENT CHANGES Page 6

7 Next and Info buttons for traded assets Some new features that have been added that you may want to note. NEXT button will jumpt from the current asset to the next asset that has the same trade code. This makes it very easy to see what assets have the same trade code and review your assets after trading them. INFO button will show you the boot paid and net book value of the assets traded to acquire the current asset. In our example, no information will be displayed because the assets were not really acquired via a trade. SPECIAL FEATURES AND RECENT CHANGES Page 7

8 Now trade the asset Now that we have our trade codes assigned, we can trade the 2009 Ford F150, enter the boot, and execute the trade. SPECIAL FEATURES AND RECENT CHANGES Page 8

9 Viewing the acquire asset After the trade, our new asset is added and the two vehicles with the same trade code are marked traded. Shown below is the asset acquired. You can now click the Next button to review the assets traded and also click the Info button to see the net book value of the assets traded and the boot amount paid. The key to trading multiple assets is to ensure that they all have the same trade code. If one of our assets was acquired via a traded and already had a trade code, we would just add that trade code to the other asset to be traded instead of adding a trade to the first asset. SPECIAL FEATURES AND RECENT CHANGES Page 9

10 FIXING THE DEPRECIATION CONVENTION SPECIAL FEATURES AND RECENT CHANGES Page 10

11 Quick Fix In prior versions of Asset Keeper, the convention assign to your assets did not affect the calculations as much as they do in Asset Keeper Pro. That is why it is important that the convention is properly assigned, especially when calculating depreciation in the acquisition and disposal years or if re-calculating the beginning accumulated depreciation. To review the conventions assigned to your assets, or fix them, select the Quick Fix option in the Assets menu. SPECIAL FEATURES AND RECENT CHANGES Page 11

12 Quick Fix - Depreciation Convention Select Depreciation Convention from the Quick Fix screen and then select the method that you want to review, then click the Fix button. SPECIAL FEATURES AND RECENT CHANGES Page 12

13 Review conventions A list of your assets is displayed showing the convention currently assigned and a convention that should be assigned. In many cases, changing the convention will not affect anything, such as in the assets shown below. Since LAND is not depreciated, changing the convention will not affect anything. In the same way, assets with the MAN (manual entry) are not affected by the convention field. SPECIAL FEATURES AND RECENT CHANGES Page 13

14 Conventions that may need to be fixed Note the assets assigned the SLP method and a 3 year life. The convention assigned is Mid- Quarter is not valid since SLP is not valid for MACRS assets. The recommended convention is Full-Month. However, once again, since these are old assets that are fully depreciated, changing the convention will not affect anything. Generally, the assets you will want to focus on are new acquistions, but if they are added in Asset Keeper Pro, it will assign the correct convention field automatically. If you import data, this option will prove useful in ensuring that the correct convention field is assigned to your assets. SPECIAL FEATURES AND RECENT CHANGES Page 14

15 Assigning a different convention to assets If you want to assign a different convention to one or more assets, highlight the assets and then use the drop down at the bottom of the screen to select the convention and click the Assign button. We have highlighted the 2007 assets and want to assign the Mid-Quarter convention to these assets. Only assets with a cenvention shown in the Fixed Conv column will be changed and ONLY when you click the Apply button. SPECIAL FEATURES AND RECENT CHANGES Page 15

16 AUTO ADVANCING WHEN ADDING ASSETS SPECIAL FEATURES AND RECENT CHANGES Page 16

17 Hot keys The initial release of Asset Keeper Pro did not include this feature; however, you can use the following keys to advance from tab to tab, or method to method, or save the assets. When you click the Add button (or Edit button), there are some hot keys that are enabled. (Note that the keys shown in the screen shot below are for the Mac operating system.) Next tab - CTRL-T Next method - CTRL-M Save asset - CTRL-S However, in the current release of Asset Keeper Pro, you no longer have to use these keys (unless you want to) because you will be automatically advanced from the General tab to the Methods tab and then from method-to-method just as it did in the prior version of Asset Keeper. SPECIAL FEATURES AND RECENT CHANGES Page 17

18 Auto Advance preference Since the General page contains a number of fields that you may or may not be entering data in, you can set the last field that will be accessed before you are auto advanced to the methods tab. As shown below, this is set in the General section of the Preferences screen. So if the last field you want accessed before advancing to the methods tab is Sort Code #1, then you would select that field here. SPECIAL FEATURES AND RECENT CHANGES Page 18

19 CHANGING ACCOUNT NUMBERS AND SORT CODES SPECIAL FEATURES AND RECENT CHANGES Page 19

20 Account Lookup When adding or editing assets, you can enter account numbers and sort codes and there is a handy button next to each to lookup what has been previously entered. If you want to change an account (or sort code) that has been entered for an asset, all you need to do is just change it in the Add / Edit screen. But what if you want to change the account name or description for a previously entered asset? Or what if you want to change your account numbers format that has been used for all the previously entered assets? SPECIAL FEATURES AND RECENT CHANGES Page 20

21 Account Setup In those cases where you want to change the account name or descriptions or make changes to your account numbers (or sort codes) that have already been assigned to assets, you would use the Account Setup option. The Account Setup screen can be accessed by selecting that option from the Tools button in the Add / Edit toolbar or from the Assets menu. SPECIAL FEATURES AND RECENT CHANGES Page 21

22 Account Setup screen The Account Setup screen is used to change accounts numbers and sort codes. You can use the drop down at the top of the screen to select the account number or sort codes that you want to review or change. SPECIAL FEATURES AND RECENT CHANGES Page 22

23 Modifying account numbers or account names To change an account number or the account name, you either double click the account in the list box or select Edit from the action menu at the bottom of the list box. The action menu is the one with the "cog wheel" on it. Note that when you change the account number, all assets previously assigned that account number will now be assigned the new account number. You do not have to edit EACH asset and change it. The same is true for the account name. Also note that if you wish, you can add your account numbers (or sort codes) before you've added any assets and then instruct those entering data to only select from the list available using the popup list on the Add / Edit screen. SPECIAL FEATURES AND RECENT CHANGES Page 23

24 CREATING BATCH REPORTS SPECIAL FEATURES AND RECENT CHANGES Page 24

25 Batch reports Creating a batch report is as simple as selecting the reports that you want included in the batch and then saving them to a batch. In the screen shot below, we have checked 3 reports. To save them to a batch, click the button to the right of the Temporary Selection drop down at the top of the reports listing. NOTE - If you change the settings for any reports included in the batch, they will be saved with to the batch. SPECIAL FEATURES AND RECENT CHANGES Page 25

26 Saving batch The following screen will be displayed where you can enter the name you want assigned to the batch. In this example, we entered "Year-End Reports". NOTE - If you have SAVED settings, you will be asked if you want to save them to the batch. SPECIAL FEATURES AND RECENT CHANGES Page 26

27 Selecting a batch To select a batch of reports, use the drop down at the top of the reports listing. After the batch is selected, a message will appear underneath the Configure Settings button. This is a visual reminder that you are in batch mode and any saved settings will now be saved with the selected batch. SPECIAL FEATURES AND RECENT CHANGES Page 27

28 Export and import batches Report batches are saved for each client. If you create a batch that you want to use with another client file, you can use the Export and Import options in the Action menu on the Saved Batches screen. First export the batch, then select the other client file and import the batch. Please note that any saved report settings will not be exported with the batch. NOTE - If you EDIT a batch, any change to the settings for a report will be saved to the batch. SPECIAL FEATURES AND RECENT CHANGES Page 28