46 Print Quarterly and Year-to-Date Reports

This chapter contains these topics:

The Fixed Assets system includes quarterly and year-to-date reports that you can print to review selected fixed asset information.

46.1 Printing Quarterly and Year-to-Date Reports

Navigation

From Fixed Assets (G12), choose Quarterly and Year-to-Date Reports

From Quarterly and Year-to-Date Reports (G1223), choose an option

46.1.1 Printing the Fixed Asset Item Reconciliation Report

You can run the Fixed Asset Item Reconciliation report to help you reconcile a specific asset or all assets for a company. Run this report by asset to review the account activity for an asset's cost and accumulated depreciation. You can use the report to reconcile activity for a particular quarter or the entire fiscal year.

46.1.2 What You Should Know About

Topic Description
Beginning balance The beginning balance for the asset cost, accumulated deprecation, and net book value of an asset. The beginning balance for the asset cost and accumulated depreciation amounts are as of the end of the period prior to the quarter or the year you request for the report. The beginning balance for the net book value equals the asset cost beginning balance less the accumulated depreciation beginning balance.
Ending balance The ending balance for the asset cost, accumulated depreciation, and net book value of an asset. The ending balance for the asset cost and accumulated depreciation amounts equals the beginning balances plus any additions and transfers in, less any transfers out and disposals. The ending balance for the net book value is the difference between the ending balances for the asset cost and accumulated depreciation.
Quarterly reports You can print quarterly reports only for the Actual Amounts (AA) ledger type. Other ledgers do not necessarily have the transaction detail that is needed to determine the disposal, transfer in, and transfer out amounts on a quarterly basis.
Asset disposals You do not see an amount in the Year-to-Date Disposals field for a non-AA ledger type.

46.1.3 Fixed Asset Item Reconciliation Report

Figure 46-1 Fixed Asset Reconciliation Report

Description of Figure 46-1 follows
Description of "Figure 46-1 Fixed Asset Reconciliation Report"

46.1.5 Printing the Fixed Asset Account Reconciliation Report

You can print the Fixed Asset Account Reconciliation report to help you reconcile the activity of a specific account or all accounts for a company. Run this report by account to review each item number within an account. You can use this report to reconcile the account's activity for a particular period, quarter, or fiscal year.

46.1.6 Fixed Asset Account Reconciliation Report

Figure 46-2 Fixed Asset Account Reconciliation Report

Description of Figure 46-2 follows
Description of "Figure 46-2 Fixed Asset Account Reconciliation Report"

46.1.8 Printing the Fixed Asset Retirements Report

You can print the Fixed Asset Retirements report to review the gain or loss on the disposal of an asset for any ledger. You can print asset disposal information for actual amounts for a particular quarter or the entire year. You can also print and compare asset disposal information for two ledger types for an entire year, or any time after depreciation is fully calculated for non-AA ledger type.

46.1.9 What You Should Know About

Topic Description
Cost The original asset cost plus any additional costs for the asset through the as of date that you specify for the report.
First ledger less second ledger The difference between the gain/loss amount of two ledgers, if you are comparing two ledgers on this report. For example, you can compare your book and federal tax gains and losses.
Quarterly reports You can print a Fixed Asset Retirements quarterly report for ledger type AA. You cannot print a quarterly report for non-AA ledger types unless the ledger type's depreciation is fully calculated for the year.

46.1.10 Fixed Asset Retirements Report

Figure 46-3 Fixed Asset Retirements Report

Description of Figure 46-3 follows
Description of "Figure 46-3 Fixed Asset Retirements Report"

46.1.12 Printing the Sale of Business Property Report

You can print the Sale of Business Property report to review information about disposed assets. You can print the Sale of Business Property report for personal property or real property. You might want to use these reports when you prepare your taxes. The information in the Sale of Business Property report can be especially helpful if you need to prepare an IRS Form 4797.

The personal property version of the report includes the following information:

Information Description
Disposal proceeds The amount received on the sale of the asset. The system determines this amount by the account that you set up in the Disposal Account Rules as the Balance Character Code '9' value.
Cost The original cost plus any additional costs for the asset through the fiscal year-end date that you specify for the report.
Section 1245 recapture amount The accumulated depreciation or disposal gain amount, whichever is less (but not less than zero).
Section 291 This field does not apply to personal property.
Section 1231 gain/loss The disposal gain or loss less the recapture amount for assets disposed of after the year.
Ordinary gain/loss The disposal gain or loss less the recapture amount for assets disposed of in the first year.

If you select to report on Personal Property, the system calculates the last four amount fields as follows:

  • Recapture Amount is Accumulated Depreciation or Disposal Gain or Loss, whichever is less, but not less than zero.

  • Nothing prints in the Section 291 column.

  • Section 1231 Gain/Loss is Disposal Gain or Loss minus the Recapture Amount for assets not disposed of in the first year .

  • Ordinary Gain/Loss is Disposal Gain or Loss minus the Recapture Amount for assets disposed of in the first year.

If you select to report on Real Property, the system calculates the last four amount fields as follows:

  • Recapture Amount is Accumulated Depreciation less what accumulated depreciation would have been if using straight-line, Inception-to-Date method, or Disposal Gain or Loss, whichever is less, but not less than zero.

  • Section 291 is the amount that goes into Recapture Amount if Personal Property less what did go into Recapture Amount for Real Property multiplied by 20%.

  • Section 1231 Gain/Loss is Disposal Gain or Loss minus the Recapture Amount and minus Section 291 for asset not disposed of in the first year.

  • Ordinary Gain/Loss is Disposal Gain or Loss minus the Recapture Amount and minus Section 291 for assets disposed of in the first year.

46.1.13 What You Should Know About

Topic Description
Disposal proceeds The amount earned on the sale of the asset. The system determines this amount by the account that you set up in the FDS05 range of AAIs.
Cost The original cost plus any additional costs for the asset through the fiscal year-end date that you specify for the report.
Accumulated depreciation The amount depreciated for the asset through the fiscal year-end date on the report.
Disposal gain/loss The difference between the asset's disposal proceeds and its net book value.
Section 1250 recapture amount The lesser of one of the following:

  • Accumulated depreciation less the depreciation that would have been available under the straight line method

  • Gain
Section 291 Twenty percent of the excess of:

  • The amount that would be recaptured as ordinary income if such property was Section 1245

  • The amount recaptured under Section 1250
Section 1231 gain/loss The disposal gain or loss less the recapture amount and less Section 291 for assets not disposed of in the first year.
Ordinary gain/loss The disposal gain or loss less the recapture amount for assets disposed of in the first year.

Figure 46-4 Sale of Business Property report

Description of Figure 46-4 follows
Description of "Figure 46-4 Sale of Business Property report"

46.2 Printing the Depreciation Expense Report

Print the Depreciation Expense report to review an asset's current cost, depreciation expense, and net book value for a specific fiscal period, quarter, or year. The report also includes the status and depreciation information for each asset. You can use processing options to specify the ledger types, fiscal years, and fiscal periods that print on the report.

46.2.1 Depreciation Expense Report

Figure 46-5 Depreciation Expense Report

Description of Figure 46-5 follows
Description of "Figure 46-5 Depreciation Expense Report"

46.3 Printing the Depreciation and Amortization Report

You can print the Depreciation and Amortization report to review asset cost and year-to-date depreciation as of the fiscal year that you specify for the report. You might use this report when preparing your taxes. The information in the Depreciation and Amortization Report can be especially helpful if you need to prepare an IRS Form 4562.

Print the Depreciation and Amortization report for each ledger type that you use. The fiscal year you select should be the year for which you want to report depreciation taken. For example, if you are preparing your tax report for 2017, you would select fiscal year 17.

46.3.1 What You Should Know About

Topic Description
Depreciation information (DI) A code you use to specify additional depreciation information. The system uses this code for Investment Tax Credit (ITC) and averaging conventions, such as mid-month (M), mid-quarter (Q), and mid-year (Y).
Cost The original cost plus any additional costs for the asset through the as of date you specify for the report.
Transferred assets If you transfer an asset to another company during the year, the entire depreciation expense amount for the year is reflected on the new company.

46.3.2 Depreciation and Amortization Report

Figure 46-6 Depreciation and Amortization Report

Description of Figure 46-6 follows
Description of "Figure 46-6 Depreciation and Amortization Report"

46.4 Printing the Property Tax Worksheet

Navigation

From Fixed Assets (G12), choose Year End Processes

From Year End Processes (G1225), choose Property Tax Worksheet

You can print the Property Tax Worksheet to review summarized totals for assets by tax entity and year acquired. You can use the Property Tax Worksheet to prepare your property taxes for local governing authorities. The worksheet includes a work area for the tax preparer's notes.

The Property Tax Worksheet shows the following asset information:

  • Company number and name

  • Tax entity address book number and mailing information

  • Accounting and equipment classes

  • Asset number

  • Description

  • Date acquired

  • Cost

46.4.1 Before You Begin

  • Run the Update Property Tax State/Entity program to reflect any asset location changes on the worksheet.

Figure 46-7 Property Tax Worksheet report

Description of Figure 46-7 follows
Description of "Figure 46-7 Property Tax Worksheet report"

46.4.2 What You Should Know About

Topic Description
Worksheet detail The Property Tax Worksheet is a simple informational worksheet. It does not compute detail rates at the tax authority level.
Worksheet organization The Property Tax Worksheet is organized by company and tax entity. The Total by Date Acquired amount is a summary amount for the year.