• Reducing the value of an asset

    Hello,

    An asset was added in 2018 for $248K. Due to a settlement in our favor, the asset value needs reduced to about $100K. I know I would just change the acquisition value of the asset for each of the books, but how would I handle depreciation? I don…

  • Sage Fixed Assets Premier Depreciation 2021.1 crashing when running depreciation reports

    Hello,

    We recently upgraded to Sage Fixed Assets Premier Depreciation 2021.1, and the program is crashing when I run depreciation reports.  Not always, but more often than not.  Depreciation appears to be calculating correctly.

    I talked with my IT team,…

  • V. 2014 Sage Fixed Assets Question - Mass Disposal Inquiry

    I inherited my Authority's current Sage Fixed Assets predicament and we have about 300 disposals we need to do for year end. We are stuck on version 2014. 

    My question is in which version did the mass disposal option become available,? If it was prior…

  • Not Letting me Adjust Beginning Accumulated Depciation

    Hi!

    I am having a hard time adjust beginning accumulated depreciation in an asset. I am trying to force Accumulated depreciation as our GL is off compared to Sage since we had a ransom ware attack. For some groups of assets it wont let me change the…

  • GL Posting and Asset Disposal

    When you run the GL posting after disposing an asset that was not fully depreciated I get two different numbers in the GL posting report depending on how I run the report, either "all complete assets" or "active assets" ?  Why is that…

  • Disposal of a non-existent asset

    Recently found out that a company billed us in error and in turn we set up an asset we never had in December 2018.  Vendor gave us a credit memo for the asset which we took against payment of other invoices in October 2020.  I need to dispose of this asset…

  • Transfers Always Result in Having to Re-Depreciate Whole Year

    Hello, 

    Everytime I have transfers within the company it always results in an error with the current YTD depreciation and overstates the monthly depreciation. I then back it up a month and re depreciate but then this gets rid of all of my prior throughs…

  • Depreciation - Network 2020.1: Post Windows 10 Upgrade Depreciation Function crashes client no error message

    After we upgraded the client to Windows 10, every time try to run the Depreciation function the client just crashes with no error message. I've opened a support case but figured I'd also ask here.

  • Over - depreciated assets

    Hi - I have two questions.  First, back in 10/31/19, we changed the estimated lives of all assets that had either 30 years or 27.5 years to 40 years in the tax books.  At that time, we made the change using the "current thru date" not realizing that the…

  • How to import assets that were previously depreciated in another software (not fully depreciated)

    I'm importing assets that were previously depreciated in GoSystem. Assets are not fully depreciated and some of them have bonus depreciation. For new assets I figured that when we take 100% bonus on assets we are left with no depreciable basis for AMT…

  • Asset Template

    I think it would be nice to be able to export, update, and re-import asset templates. We have a lot of asset template set up to simplify adding assets.Since it requires a date / year to be entered it would be nice to update them on an annual basis. I…

  • Beginning YTD and Year-End Cutover

    Fiscal year end for a company is 12/31/2019. 

    They've been keeping their books in another system.

    They want to import assets with depreciation already taken through 12/31/2019.

    Is it necessary to import into the Beginning YTD field?

    The documentation…

  • Depreciation method for half months

    Are there any depreciation methods that will calculate depreciation by half months? If an asset is entered in the last half of the month, a half months worth of depreciation will be calculated in the month it in entered?

  • Prior Year Bonus Depreciation Correction

    Does SAGE meet these three basic benchmarks after a change in cost, depreciation method or life?

     

    1-recalculation of the correct life-to-date depreciation for the current period based on the original in-service-date.

    2-calculation of the necessary true…

  • Amortizable asset auto populating 5 year SF, but I need it at 15 year estimated life.

    I have an amortizable asset that is a 15 year estimated life asset, but the system is automatically making it a 5 year asset. I have a similar asset placed in service 1 month earlier that worked just fine. This was placed in service 12/17/2018.

  • Leasehold Improvement useful life and depreciation method changed from last year (39 years/MF100) to this year (15 years/MA150) by itself

    It will not allow me to change it back to 39/MF100 for this year. I am getting an error message that says the 39 year useful life is invalid when I try to change it back.

  • IRS Finalizes Rental Real Estate QBI Safe Harbor Rules

    Finally, the IRS has introduced rules related to the Qualified Business Income (QBI) deduction under IRC Section 199A for taxpayers with rental real estate. Section 199A was introduced as part of the Tax Cut and Jobs Act (TCJA) in 2017.

     

    Finalized Ru…

  • Report for YTD Depreciation That Includes Prior Fiscal Year Catch Up and Current Year Depreciation

    I frequently have situations where I have a project that went into service in November 2018, and I did not find out about it until the current month in 2019.  I setup the project in SAGE with a 2018 in-service date.  When SAGE calculates depreciation in…

  • Passenger Vehicles: Actual Costs vs Standard Mileage

    Owning and using a vehicle in a business is very complicated when it comes to determining deductible expenses for tax purposes. It involves categorizing the vehicle in the right class (luxury auto, light truck and van, SUV or other); choosing the right…

  • Enhancements to Software - Best Practice for Asset Setup

    Background:  Our base software was acquired and placed into service on 1/1/2019.  Useful life is 5yrs.   Enhancements were done and placed into service on 4/1/2019.  

    What is the best approach for the setup of the enhancement asset?  Setup as a separate asset…

  • Depreciation to the Day

    Our company is getting acquired and we need to post depreciation to the day before the new corporation purchases all our assets.  How can I do this?

  • Sage Fixed Assets: A Great 2019 with More Coming in 2020

    Every year the Sage Fixed Assets team strives to bring you features, enhancements, and updates in our products to improve your ability to bring value and efficiency to your organization. Partly driven by customer requests and partly by tax changes, 2019…

  • Tax Depreciation for Autos With Bonus

    I have 3 questions related to this topic.

    1. Our company's tax advisor says that for luxury automobiles that have 100% Bonus (e.g. $18,000 for a car purchased in '18), they should have no more tax depreciation on them till year 7.  The way Sage software…
  • How to Use Sage Fixed Assets for Group Depreciation

    We currently have all of our computers, monitors, etc. listed as individual assets in Sage Fixed Assets. However, we would like to start using group depreciation instead by consolidating all our computer hardware into one asset. Each month we would add…

  • Sage Fixed Assets 2015.1 Current Accumulated Depreciation Prior Year

    Hi all,

    This is the first year I have needed to use the Sage fixed asset reporting software. I am attempting to gather prior year accumulated depreciation for a client, but am having trouble with the depreciation summary report wanting to pull in current…