Summary
This article outlines reports that can be used in the process of doing a year end close.
Resolution
Reports to use for Fixed Assets year-end close processing:
- Audit Advisor:
- This report reviews your assets to help you determine if they comply with the IRS regulations. Available in the Depreciation menu. Check the User's guide in chapter 8, Network and Standalone page 46, Premier page 50
- Midquarter Applicability:
- This report helps to determine if a company must use the midquarter convention for qualified assets placed in service during the selected year. The test for determining the applicability of the midquarter convention depends on the depreciable basis of newly acquired qualifying MACRS property
- Tax Expense
- This report displays components of the current year's depreciation expense for Tax purposes. For each asset, the report displays the current year Section 179 expense deduction, Section 168 Expense, and the current year-to-date depreciation. In the total Tax Year-to-Date Expense column, the report displays the total of these three columns. You can find more information on this report in the User's guide chapter 10
- 4562 Depreciation and Amortization:
- This is the only legal form accepted for filing with the IRS. The form displays the current year depreciation and section 179 and 168 special allowances also for the current reporting year
- 4626 Corporate AMT:
- This report is a worksheet that gathers information needed to file the IRS form 4626, Alternative Minimum Tax - Corporations. For each asset selected, the report shows MACRS adjustments, ACRS Preference, the book income adjustment, and the ACE Adjustment. If requested, the report also provides data needed for the ACE Adjustment worksheet found in the IRS instructions for the Form 4626. You can find more information on this report in the User's guide chapter 10
- 4797 Sale of property
- This report is a worksheet that gathers information needed to file IRS form 4797 - Sales of Business property. Assets disposed during the reporting period
User's guides are located at https://cdn.na.sage.com/docs/en/customer/sfa/Documentation.htm