Assets & Depreciation

Progression's Assets and Depreciation module allows you to keep track of your fixed assets and calculate the depreciation costs of those assets. Progression also gives you comparisons of the different depreciation methods so you can choose the best method for your needs.

Integration

Assets and Depreciation integrates with Progression is General Ledger by posting depreciation expense and accumulated depreciation each period saving you valuable time. A Depreciation Register created from the posting shows the posted depreciation totals and the general ledger accounts used.

Loading Assets

If you are converting to Progression from a manual system or another computerized system, this package will give you the ability to store simple or detailed information about your assets that have been depreciated through the current period. Store information about the acquisition of assets, where it is located, the department responsible for the asset, and specific depreciation calculation information to name a few.

Depreciation Methods

Progression calculates the amount of depreciation and the amount of investment tax credit. Assets and Depreciation incorporates the most current federal tax depreciation method: the Modified Accelerated Cost Recovery System (MACRS), Straight Line, Accelerated Cost Recover System, Declining Balance, Modified ACR, Sum of Years Digits, and Units of Depreciation. Assets and Depreciation supports multiple Reporting Entities for greater flexibility.

Switching Depreciation Methods

Progression allows you to switch from an accelerated depreciation method to the straight-line method midway through the life of an asset. This yields a greater depreciation cost for the remainder of the assets life, and it increases the rate of cost recovery.

Reporting Entities

A reporting entity is a unique set of data about your company's assets. You may track your assets for several different purposes: federal taxes, corporate bookkeeping, and local property taxes; for each of these purposes, you may need to use a different depreciation method. This necessitates keeping a different set of data (a separate reporting entity) for each asset.

Progression's reporting entities rectify any of the following types of situations:

• Your state does not allow depreciation by MACRS or Accelerated Cost Recovery System (ACRS) methods.
• Adjusted Current Earnings (ACE) applies to your depreciation needs.
• You are depreciating some assets with the MACRS method and an Alternative Minimum Depreciation entity. (Progres sion allows you to specify an entity as an Alter native Minimum Depreciation entity).
• Local property taxes affect your depreciation costs.

Units of Production

The Units-of-Production Processing option prepares assets that use the Units-of-Production depreciation method for the depreciation calculations. Use it once every accounting period at the end of the period. If the accounting periods for your reporting entities differ, you can calculate depreciation at different times for different entities. Progression's Assets and Depreciation application allows you the flexibility to do this.

Asset Separation

The Asset Separation Processing option allows you to separate one or more individual assets from a group asset. You can then depreciate that asset separately. For example, if you bought a hundred chairs, you could enter them as a group asset: Chairs. Later sell 25 of the chairs. To show correct depreciation for all 100 chairs, you must show two assets: Chairs and Chairs-25. You do this by entering a new asset for the 25 chairs.

Asset Disposition

Disposition transaction records include the assets description, the date of disposition, the salvage value, and the ITC recapture amount.

Transferring Assets

This package allows you to transfer assets from one location and/or division to another by changing the Location and/or Division fields.

Reporting Depreciation to the IRS

The IRS 4562 Worksheet emulates the IRS 4562 form, which is the form that you use to report depreciation to the Internal Revenue Service. This report will give you the information you need so you can fill out the IRS 4562 form quickly and accurately.

Tax Break Analysis

The Depreciation Method Comparison Report gives you a picture of what the depreciation of an asset will look like using different depreciation methods. It will show you what kind of tax break you will receive with each method shown.

Depreciation Inquiry

Progression Asset and Depreciation package allows you to view detailed information about an asset transaction from the Depreciation History screen. Period to date, last period, year to date, last year and life to date information are also available with the click of a button. General ledger account information for each of the historical transactions are also available in one convenient screen.

Powerful Reporting

Spreadsheets that track depreciation methods can seldom give you the informative reports that you need. Progression's Asset and Depreciation package offers bonus and expense reports, cost reconciliation, investment tax credit and depreciation method comparison reports to name a few.