How to apply the 168 allowance

How to apply the 168(k) allowance to existing assets using the 168 Allowance Switch in Sage Fixed Assets Depreciation.

Before you begin

Create a backup before proceeding.

Apply 168 Allowance in Sage Fixed Assets - Depreciation

1. Go to Assets, then select the Asset List View.
2. Select at least one asset.
3. From the menu, select Depreciation, then 168 Allowance Switch.
    NOTE: Highlight at least one asset to have the 168 Allowance Switch activate. 
4. Select the Group (Optional) Book.
5. Enter the Fiscal Year End (FYE) when you placed the asset in service. Use Assets placed in service fiscal year-end field.
6. Select the Allowance Percentage under Change qualifying assets to.
7. Re-run depreciation for the books you applied the 168 allowance to using the Force Recalculate option. 

Helpful Information

• The 168 Allowance Switch won’t affect Disposed or Transferred assets. To update Disposed or Transferred assets, reverse the transaction first.
  • From the Asset Detail view, go to Transactions, Delete Last Transaction, then apply the switch.
• The 168(k) Allowance Switch will affect one Fiscal Year at a time.
• If books have different Fiscal Year Ends, run the 168(k) Allowance switch on each book separately.
• For information about time periods and percentages to select see What assets qualify for the 168 Allowance switch?