Previous	Next		Contents	Index	Navigation	Glossary	Library

You can assign an ITC for an asset in as many tax books as you want. For each tax book, Oracle Assets shows you the current cost and the recoverable cost, which is reduced by the basis reduction amount.

Prerequisites

   Allow ITC for the book and the category. See: Defining Depreciation Books.

   Set up investment tax credit rates and ceilings. See: Defining Investment Tax Credit Rates.

   Add your assets to your tax book. See: Updating a Tax Book with Assets and Transactions.

   To assign tax credit rates for an asset:

1. Choose Tax > Tax Workbench from the Navigator window.

2. Find your asset.

3. Choose Investment Tax Credits.

4. Scroll to the record to which you want to assign tax credit rates.

5. Specify the ITC rate and the Basis Reduction Rate for the asset.

Note the new recoverable cost of the asset. Oracle Assets calculates the ITC basis, ITC amount, and the recoverable cost automatically.

6. Save your work

   To cancel ITC for an asset:

Attention: You can cancel ITC for assets added in the current period only.

• Erase the rate and save your change.

   To change a previously assigned ITC rate for an asset:

• Change the rate and save your change.

You cannot change any ITC information if retirements are pending or if the asset is fully reserved or fully retired.

See Also

Investment Tax Credit Report