Setting up a new method or life in the Method/Life Wizard

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To set up a new method or life for the Method/Life Wizard, perform the following steps.

Note: You cannot edit methods and lives for the Tax treatment if the system is maintaining the Method/Life Wizard.

  1. Open the desired client.
  2. Choose Setup > Method/Life Wizard.

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

  3. Click the tab (General, Farm, Indian Reservation, Indian Reservation Farm, or Governmental) you want to edit.
  4. In the Asset class list, select the asset class for which you will edit the methods or lives.
  5. Click the Edit button.
  6. At the bottom of the dialog, click the tab for the treatment for which you will add the new method or life.
  7. Click the Insert Method/Life button in Method/Life Wizard Setup button on the left side of the Method/Life table.
  8. The Start Date dialog appears. In the What date will the new method or life start? field, enter the first date that the asset class's method or life changed. The application automatically calculates and enters the ending date for the previous method or life and enters 12/31/2999 as the end date for the new method or life.

    Note: If the start date is entered incorrectly, the method or life must be deleted from the table and reentered. You can only delete the last row in the table. To delete a row, click the Delete Method/Life button in Method/Life Wizard Setup button next to the line you want to delete.

  9. In the Method column, choose the appropriate depreciation method from the drop-down list.
  10. In the Life column, enter the appropriate life.
  11. In the ADS Life column, enter the ADS life to be used (when appropriate) for AMT, ACE, and E&P calculations.
  12. Click the Enter button to save the changed information.

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