Method/Life Wizard dialog

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The Method/Life Wizard automatically fills in the methods and lives for an asset. Within the Asset Detail dialog, you can choose from a list of asset classes. Then, based on the asset class chosen and the date the asset was placed in service, the appropriate methods, lives, and, if applicable, ADS lives are automatically entered for all treatments that are being calculated.

Use this dialog to view the methods and lives that are associated with the asset classes, add or modify comments for existing asset classes, or set up new asset classes.

Choose Setup > Method/Life Wizard to open the Method/Life Wizard dialog.

Note: Depending on your security configuration, you might be prompted to enter the master password before you can open the Method/Life Wizard dialog.

The following lists of asset classes are available: General, Farm, Indian Reservation, Indian Reservation Farm, and Governmental. The application defaults to maintaining the asset classes and the Tax methods and lives. If there are any tax law changes, the application will update the asset classes and the Tax methods and lives. (The Book methods and lives are not updated by the application. The Book lives must be updated to follow the appropriate lives for GAAP on a client-by-client basis.)

Note: If you select the User assumes responsibility for maintenance of all asset classes and treatments option, the asset classes and the tax methods and lives will not be kept up to date by the application. If you decide at a later time that you want the application to maintain the asset classes and Tax treatment, any changes that were made to the asset classes, methods, and lives may be lost.

Fields & buttons

Choose whether you want the system to maintain asset classes, methods, and lives for tax law changes, or if you want to maintain this information.

  • System maintains asset classes and tax treatments: If you select this option, the system automatically updates asset classes, methods, and lives for tax law changes. This option allows you to add or edit comments for the asset classes and edit all tabs (except for the Tax treatment tab) in the Method/Life table at the bottom of the dialog.
  • User assumes responsibility for maintenance of all asset classes and treatments: If you select this option, you will be responsible for updating asset classes, methods, and lives for any tax law changes. This option allows you to add, edit, and delete asset classes and edit the Tax tab in the Method/Life table at the bottom of the dialog.

This area lists the asset classes that are available for selection from the Method/Life Wizard button in the Depreciation tab of the Asset Detail dialog.

The system maintains the following lists of asset classes for the Method/Life Wizard - General, Farm, Indian Reservation, , and Governmental. To view each list, click the corresponding tab in the Method/Life Wizard dialog. If you have added asset classes to the Method/Life Wizard, those asset classes also appear in this list.

Note: The list that is used for a given asset is determined by the activity for which the asset is being entered.

This field displays the name of the selected asset class. To modify the name of the asset class, click the Edit button, enter the new name, and then click the Enter button.

Note: You cannot edit the names of asset classes if you selected the System maintains asset classes and tax treatments option.

Displays the comments that have been entered for the selected asset class. These comments appear in parenthesis next to the asset class in the popup window that appears when you click the Method/Life Wizard button in the Depreciation tab of the Asset Detail dialog.

  • To modify comments, click the Edit button, and then enter the desired comment in this field.
  • To add comments, click the Add button, and then enter the comment.

Click this button to open a table that specifies asset lives for property subject to depreciation under the general depreciation system provided in section 168(a) of the Code or the alternative depreciation system provided in section 168(g).

Each treatment tab displays the methods and lives that apply to the selected asset class. There is a separate tab that contains a Method/Life table for each treatment that is enabled but is not derived from or set equal to another treatment.

Click the Edit button to change the methods or lives for the selected asset class.

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