Hello,

Thank you for any help in advance. We had a property acquired in October 2021 and we are trying to calculate short year initial year depreciation. I set up the company with a business start date of 10/2021 but when I run the mid quarter MACRS depreciation…

Hello,

We are looking into moving all our Companies( foreign based subsidiary located in UK) fixed assets into FAS by legal entity. We have come up with  issue of foreign currency.  I  wanted to find out if FAS can handle multiple currencies and possibly…

We transferred assets from Redmoon to Sage. Once the transfer was complete, I verified that all of the information transferred over correctly. When I ran my first months depreciation in Sage, I had to do a 3 month catch-up. Most of the assets depreciation…

Vehicle was placed in service on 7/27/2018. In September 2021, I made some changes for 3 leasehold assets, depreciated all assets Tax back to June 2021, then depreciated all assets Tax to September 2021. The Vehicle Tax prior accum depreciation number…

Hello,

We have Intangible with Value $2,100,000 and its accumulated amortization till September was $350,000 .We had booked impairment loss of that asset amount $1,7500,000 in September. Our FAS system is still calculating depreciation .We need to adjust…

After posting the depreciation expense to Sage 50, the amount for "G/L accum Act No" does not match the amount on my balance sheet (under property and equipment). Where could I look for the discrepancy?

We have vehicles between 6,000 and 14,000 GVW and believe Property type Q is the correct selection.  

We recently disposed an asset before the end of life in Sage. This transaction was later deleted as we decided to keep depreciating until the end of actual life. This has messed up the monthly depreciation amounts. Any suggestions to get it to depreciate…

I have many assets that have 'no activity'.  They have been lumped together in my reports under a one line total.  I have run a current depreciation expense report and have them listed individually now.  But they are not fully depreciated.  There…

We entering many many incorrect disposals and would like to reset everything back to the way it was before we started doing any work in the 2021 system.  All we have is a backup of the system at the end of 2020 before we rolled over to 2021.  Is it possible…

We purchase an older building with a solar panel system on the roof. Using current FMV of system to create a separate asset how many years should we use for life IRS 5 years or useful life left of 18 years?   

Is there a way to calculate state specific depreciation for Pennsylvania and Illinois?  Can a separate book be set up for these states?  How do you tell sage what the depreciation rules are or does the software automatically calculate?

I am being asked, "For the Tax Book, how is there a NBV but no Depreciation has been ran this year?" For the following item:

BUILDING - Property Type R

Tax Book:

Placed in service: 10/01/1982

Value: $889,038.09

Depreciation Method: SL

Life…

I disposed of a auto on 09/07/2021. In the Tax Workbook on 08/31/2021 the Current YTD Depreciation on this auto was $740.92. When I disposed of the auto on 09/07/2021 the Current YTD Depreciation is $555.69. How did the depreciation decrease from Aug…

I entered an asset record on 3/24/21.  Research found that no depreciation was accrued for March or on April's run, then on May it "caught up" with charges for Mar, Apr, and May.  No charge was made on the June or July depreciation run and…

Hi,

Does anyone know how to get Sage FAS to depreciation vehicles using the California limits and not the Federal limits?  I'm not taking 179.

Thanks,
Dave

I am relatively new to FAS, and I have been tasked with cleaning up our asset list. I have found a handful of assets that are missing the acquisition value. Some of these assets go back to as early as 2010. When updating the value, I am prompted with…

Good day,

Our company wants to add asset such a residential properties in Sage, however these assets are revaluation every year. How do we store these assets in such a way that we can record the original acquisition value and historic records of the values…

I'm importing assets into SAGE and I keep getting the error Beginning Accumulated Depreciation can't be zero. Can someone help with this problem?

If the total cost of an asset includes the Use Tax. How do I separate the Use Tax for Personal Property return purposes?

Recently changed over to Sage Fixed Assets.  During internal audit it was noted that the useful life of assets changed on the import/opening balance date.  This has caused depreciation to be off.  Is there a way to recalculate depreciation on an asset to…

I have two assets that were placed in service in 2020 and the company was sold in 2020. When I depreciate - it is taking the whole amount and is not subjecting it to 280F(d)(7) luxury automobile limitations for TY20. Can you provide guidance on how to…

Hi 

I have a location using MF100 on their internal books.  They would like the asset to have a life of 12 years which is not currently an option.  Is there anyway to add a 12 yr life?  I know that accelerated methods are typically reserved for tax books…

Hello,

I'm working on converting from Lawson to Sage and have noticed that in our State book (Idaho doesn't allow bonus depreciation on autos) that in 1 company of ours the State book follows exactly MF200 and doesn't limit depreciation to the limitation…

Hello,

Our company is in the process of converting from Lawson to Sage and we aren't getting our autos to reconcile on life to date depreciation. The first year of depreciation reconciles in both systems because we take the 168 allowance it's the years…