Book Depreciation 1120

[kidglee]

It appears the 1120 program does not calculate book depreciation. I understand purchasing the "Fixed Asset Manager" will manage and automate this process. Does it need to be purchased each year for the corresponding tax program, or just buy it once and it will interface with any of the years?

[Maribeth]

It appears the 1120 program does not calculate book depreciation. I understand purchasing the "Fixed Asset Manager" will manage and automate this process. Does it need to be purchased each year for the corresponding tax program, or just buy it once and it will interface with any of the years?

We bought it for the first time this year. Really like the package, it does what we need it to do. It has some bugs: the rounding function doesn't work well so you will be 1 or 2 dollars off, consistently. The import function, from FAM to ATX, has some bugs in it, primarily with the carrying over of non-residential property and vehicles. Again, I believe it is all caused by not programming in the rounding function.

We kept trying to fix ATX once the import had happened, and finally we just gave up, and we are entering directly all depreciation entries into ATX, using the numbers from FAM. But for what we needed it to do, keeping book/tax and for accounting purposes, it works okay.

Our understanding of the renewal process is that next year the renewal price will be 1/2 of the initial purchase price. I do not have that in writing but that is what the sales person told us when we placed the original order.

hth,

Maribeth

[Terry D EA]

This is why I love spreadsheets. I am tired of pulling my hair out trying to keep all of the calculations straight. Remember book depreciation is separate from tax depreciation. A spreadsheet side by side works extremely well. Keep in mind though spreadsheets are tough for a company with a lot of assets. JIMHO

[Margaret CPA in OH]

I recommend again CMI Software (cmifixedassets.com). I use the Demo version and pay $99 annually for updates and tech support. It keeps Tax, Book, and AMT and is pretty easy to use. I have 18 different companies and always reconcile the amounts with the bookkeeping software and tax software. I works for me and the price is right.