Generating the Depreciable Asset Tax Reports

After configuring the Reporting Preferences and creating the relevant records, you can run the Depreciable Asset Tax Reports. For a specified reporting year, two reports are generated, for each municipal specific in reporting information. One report for all depreciable assets and another for asset tax.

Report Request

To generate the reports, a Report Request must be created or submitted. Before creating or submitting a Report Request, the following are required:

For OneWorld, you must have Japanese subsidiaries.

Without OneWorld, you must be using the NetSuite Japan edition.
Reporting information has been set up.
Municipal information has been set up on Depreciable Assets > Setup > Municipal Information > New, or on the subsidiary for OneWorld.

A Report Request must be unique for every subsidiary and reporting year. The reports contain data from the previous year of the Reporting Year. For example, if the Reporting Year is 2020, the reports will include depreciable asset information from January 2, 2019 to January 1, 2020.

The Report Request involves three processes:

compilation of asset report data;
compilation of tax report data; and
generation of report files.

The second and third processes can only be started if the previous process is completed.

If a process (compilation of asset report data, compilation of tax report data, or generation of report files) is currently being run for a Report Request record, the same process cannot be run for other Report Request records until the ongoing process is finished. The users who ran the same process that was deferred, will receive an alert message, and should wait for the process that came first to finish before they can proceed.

If a process is ongoing for a Report Request record, another process cannot be started for the same Report Request record at the same time. The users who ran the other process that was deferred, will receive an alert message, and should wait for the process that came first to finish before they can proceed.

The same Report Request cannot be run again by a different user.

A Report Request record cannot be edited. It can be deleted, but all associated records and files must be deleted first.

All processes have a Recompile option in case of errors or when data are no longer up to date. They also have a Purge & Reset option that deletes associated records and files and resets the status to Pending.

Asset Data Compilation

The following are details you should know about asset data compilation:

When compiling Asset Report data, only Depreciable Asset records that meet the following conditions are retrieved:
- Municipal is assigned to the Subsidiary selected from Report Request.
- Legal Year of Acquisition <= (Reporting Year - 1)
- Legal Year of Retirement is empty OR Legal Year of Retirement >= (Reporting Year - 2)
When compiling Asset Report data, the Estimated Value of depreciable assets is calculated using the following logic:
- If Reporting Year - Legal Year of Acquisition = 1:
  - Applicable Depreciation Rate = (Rate A from Depreciation Rate instance with the same Useful Life).
  - Estimated Value = Acquisition Cost x Applicable Depreciation Rate.
  - Round down after the decimal point.
  - If Estimated Value is less than Depreciable Amount Limit, Depreciable Amount Limit is copied.
- If Reporting Year - Legal Year of Acquisition > 1:
  - Applicable Depreciation Rate = (Rate B from Depreciation Rate instance with the same Useful Life).
  - If Previous Estimated Value (Estimated Value of the DA from previous Reporting Year) is not empty, Estimated Value = Previous Estimated Value x Applicable Depreciation Rate. Otherwise, Estimated Value = Acquisition Cost x Applicable Depreciation Rate.
  - Round down after the decimal point.
  - If Estimated Value is less than Depreciable Amount Limit, Depreciable Amount Limit is copied.

Tax Data Compilation

When compiling tax report data, the following are included:

Acquisition Cost (Acquired Before Last Year)
Acquisition Cost (Retired Last Year)
Acquisition Cost (Acquired Last Year)
Acquisition Cost (Summary), and Estimated Value (by Depreciable Asset Type)
Standard Taxable Value (by Depreciable Asset Type), and Count (by Depreciable Asset Type)

To compile and generate Depreciable Asset Tax Reports:

Go to Depreciable Assets > Reports > Depreciable Asset Tax Report > New.
On the Report Request page, specify information in the following fields:
- Subsidiary – Select subsidiary whose assets will be included in the report.
- Reporting Year – Select the year that the report will cover.
Click Save.

Asset report data will be compiled; done, you will receive an email.
After receiving the email, on the Report Request page, click Refresh and then click Compile Tax Report Data.

Tax report data will be compiled; done, you will receive an email.
After receiving the email, on the Report Request page, click Refresh and then click Generate Report Files.

Report files will be generated; done, you will receive an email.
After receiving the email, open the Report Request page, and click Refresh.
Open the following subtabs to view details of the generated reports:
- Files – shows Asset Report and Tax Report files
- Report Logs – contains notes and errors during report generation
- Asset Report Data – indicates data compiled for the Asset Report
- Tax Report Data – indicates data compiled for the Tax Report
Click Go to Report Folder. This opens the Report Folder containing all the reports of All Depreciable Assets and Asset Tax, for each municipal, of the specified reporting year. The Report Folder is what you specified in Reporting Preferences, where you want the reports to be saved to.

General Notices