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Sage Fixed Assets v2016.1 Release

Sage Fixed Assets v2016.1 Software Release

Released early February of 2016, Sage Software Fixed Assets (formerly Sage FAS) has the following updates for the Depreciation module for all active support plan members.

Need to upgrade or renew your support?  Call (541) 338-7898 or email us at angie.bolton@swktech.com.

With the passage of the Protecting Americans from Tax Hikes (PATH) Act of 2015 the following changes has occurred in the Tax code:

  1. The 168 Bonus Allowance:
    • Extend from 2015 through 2019 (with an additional year for certain property with a longer production period)
    • Allowance of 50% for property placed in service 2015-2017. Reducing to 40% for 2018 and 30% for 2019
    • Modify to include qualified improvement property
    • Modify to permit certain trees, vines, and plants bearing fruits or nuts to be eligible for bonus depreciation when planted/grafted instead of when placed in service
  2. Section 179 of $500,000
    • Extend the 2010-2014 expense amount of $500,000 permanently
    • Extend the qualified real property expensing of up to $250,000 through 2015; the $250,000 cap is eliminated in 2016 and thereafter
    • Start indexing the expense limitation and investment threshold for inflation in 2016 (rounding to the nearest $10,000)
    • Air conditioning and heating units placed in service in 2016 and later are eligible for expensing
  3. 15-year depreciable life for qualified leasehold improvements; qualified restaurant buildings and qualified retail improvements. Extend permanently.
  4. Race horses – 3-year depreciable life if horse is 2 years or older Extend for 2 years – through 2016.
  5. Motorsports Complexes – 7 depreciable year life Extend for 2 years – through 2016.
  6. Shorter depreciable lives for property on an Indian Reservation Extend for 2 years – through 2016. And allow election out of the shorter lives.
  7. Empowerment zone tax incentives Extend for 2 years – through 2016.
  8. Enterprise zone businesses can deduct an additional $35,000 in Section 179 expense on zone property.
  9. Section 179D – Energy efficient commercial buildings deduction Extend for 2 years – through 2016.
  10. Section 179E – Election to Expense Mine Safety Equipment Extend for 2 years – through 2016.

 

User Management

Sage Fixed Assets 2016.1 also introduces a new user management system for customers with multiple licenses, which enables them to easily activate and deactivate users from one central interface. This will not only help these customers to manage their users better, it also ensure that only authorized users can access the system. This feature applies to Depreciation and Tracking (Network and Premier versions). Single user systems are not affected by this change.

Additional Depreciation Enhancements:

  1. The Placed-in-service Date and Disposal Date have been added to the Disposal Worksheet. To see the change on an existing disposal:
    1. On the Asset Detail view of the Disposed Asset, go to the Transactions tab, and click View Transaction.
    2. On the Asset Disposal dialog, the Disposal Worksheet button will be available at the bottom.

 

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SAP to Sage Fixed Assets Automation

SAP Fixed Assets Tax Depreciation – Theres A Cure

Being in the fixed asset space for more than 16 years, I’ve seen a lot of challenges with fixed assets and how to get integration to just ‘work’ and not break every time there is a new version change to either systems.

In addition, large ERP solutions lack on federal Tax, AMT and State depreciation needs; especially when legislation changes are made.

The Sage Fixed Asset Depreciation (formerly Sage FAS) does a fantastic job at tackling those federal tax calculations as well as other major challenges ERP fixed asset modules lack:

  • Multi-search capabilities – more than just an SAP Main #, but wild card characters, easy queries for every field in Sage FAS
  • Bulk Disposals/Retirements – especially for industries that deal with store closures, refreshes, moves, etc.
  • Cost ADJUSTMENT true-ups – sure you can change the cost, but the system doesn’t true up that calculation leaving your asset either under or over depreciated at the end of its useful life
  • Tax forms and worksheets
  • Mid-quarter testing and calculation switches
  • the list goes on…

Trouble is and has always been – if an organization still insists on using SAP fixed assets for internal GAAP depreciation, getting the data out of SAP and into FAS can be a total nightmare.  Disposals and processing adjustments or 3115 changes can be a manual process and take a lot of time – not to mention room for human error.

Digging in deep and rolling up our sleeves here at FAC, LLC we’ve come up with a handful of utilities to assist with this process.  The best benefits?  Automated. Error proof. Doesn’t break when there are version releases to SAP or Sage Fixed Assets.

Finally a solution for large companies with a lot of fixed assets and a lot of activities.

Inquire at: angie@fixedassetconsulting.com

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SAP to Sage Fixed Asset Integration

Developed internally at Fixed Asset Consulting, LLC to bridge the gap between SAP and a more robust fixed asset solution (especially for Tax, State, AMT depreciation), eFormatter.

This is a fantastic alternative to automating your asset additions into the Sage Fixed Asset Depreciation system – without having to worry about formatting, accuracy, data entry error and rolling your asset acquisitions forward.  Even if your SAP Fixed Asset module is turned off, you can use eFormatter to pull from a variety of SAP reports that are already available through AP, PO and even CIP.

Completely easy to use, no IT involvement and it never breaks!

Check out the sample workflow: eFormatter-SAP-AP-PO-to-Sage-Fixed-Assets-Depreciation-2013