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Depreciation?

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    #16
    Re: Depreciation?

    Originally posted by MoGrace View Post
    Which is why I employ a CPA. They have the software needed to keep in compliance with IRS. Why try to reinvent the wheel?
    The client has a CPA, they are mainly employing this to keep track of their inventory and make sure their books line up between all of the different facets of the business. They currently are using Google Drive to do all of their inventory, basic accounting, etc and have had a lot of issues in the past with getting the books to match up. I am helping them convert to their own proprietary inventory database to alleviate those issues, but one of the things they are hoping to have is automated tracking of their depreciation for when they hand over their numbers to the CPA at the end of each quarter.

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      #17
      Re: Depreciation?

      free accounting app - very active forum and lots of tools
      http://www.manager.io/
      single user download is free and full featured.
      I did test and found it can be placed on a server or peer to peer and shared.
      They do have a true multi user and a cloud based system
      Dave Mason
      [email protected]
      Skype is dave.mason46

      Comment


        #18
        Re: Depreciation?

        Originally posted by DaveM View Post
        free accounting app - very active forum and lots of tools
        http://www.manager.io/
        single user download is free and full featured.
        I did test and found it can be placed on a server or peer to peer and shared.
        They do have a true multi user and a cloud based system
        Thank you for this, I will definitely present this to the client as an alternative option.

        Comment


          #19
          Re: Depreciation?

          Originally posted by GGandhi View Post
          irs manual on depreciation:
          http://www.irs.gov/pub/irs-pdf/p946.pdf
          Thanks Govindan, but that's precisely why I have an accountant so I do not look at any of these publication and try to decipher them only to find out that they changed a year later.

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            #20
            Re: Depreciation?

            but one of the things they are hoping to have is automated tracking of their depreciation for when they hand over their numbers to the CPA at the end of each quarter.
            why?
            the depreciation comes to play only when you file your taxes, and even then the accountant is the one who will be telling the client how much they are allowed to depreciate in a property. the client is paying the accountant, they have to do some work! (one could argue that, what if the company wants to sell the assets, then all you have to do is to put back the depreciation and value the property. for example you bought a $5000.00 product and depreciated it to $2500.00, it does not mean you have to sell it at $2500.00. there is no law that requires that.) for one thing irs does allow any calculation they have in the depreciation document to maximize your deduction, so the accountant is in a better position to advise the client.
            thanks for reading

            gandhi

            version 11 3381 - 4096
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              #21
              Re: Depreciation?

              Thank you everyone for the help and advice. I think I have it figured out, I'm just having a little trouble figuring out how to make the value field zero out once the full depreciation has passed instead of going into the negative. I have used Gabriel's Months_between() function to get a value for the elapsed time, which is working well enough for the purpose here. As someone fairly new to coding in general, how can I get the final value to show that if the value<0 to show "0", but if >0 to show the calculated amount?

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                #22
                Re: Depreciation?

                Instead of using negative numbers, post your depreciation as a positive amount then use a calc for the data you want to display.
                Robin

                Discernment is not needed in things that differ, but in those things that appear to be the same. - Miles Sanford

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                  #23
                  Re: Depreciation?

                  Maybe this small exerpt is why accountants are better equipped to handle depreciation and why layman's figures may not be accurate to the accountant. There is a lot more to it than even here.

                  Depreciation begins when a taxpayer places property in service for use in a trade or business or for the production of income. The property ceases to be depreciable when the taxpayer has fully recovered the property’s cost or other basis or when the taxpayer retires it from service, whichever happens first.

                  A taxpayer must identify several items to ensure the proper depreciation of a property, including:
                  The depreciation method for the property

                  The class life of the asset
                  Whether the property is “Listed Property”
                  Whether the taxpayer elects to expense any portion of the asset
                  Whether the taxpayer qualifies for any “bonus” first year depreciation
                  The depreciable basis of the property
                  More can be found here.
                  http://www.irs.gov/Businesses/Small-...f-Depreciation

                  I personally will only hire a real full blown CPA and will not hesitate to fire him with any sizeable mistake.
                  Dave Mason
                  [email protected]
                  Skype is dave.mason46

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