Software training. Online forum. For Sales: Sign in. Other Intuit Services. ProSeries Tax. Try it free. ProSeries Tax Overview. Buy now. Track assets and calculate your clients' depreciation automatically. Available as an add-on solution for the Professional edition of Intuit ProSeries Tax or as stand-alone software. ProSeries Fixed Asset Manager includes:. Unlimited asset tracking and automatic depreciation calculation.
Updates include increased section expense deduction limit, adjusted luxury vehicle and truck limitations, updated tax worksheets and other depreciation changes to support tax reform Separate values for book and tax depreciation Ability to track asset purchases and sales throughout the year Different Modified Accelerated Cost Recovery System MACRS depreciation methods Reporting for client property tax return Easy-to-understand depreciation schedule including categories along with tax returns Toll-free, U.
Network Sharing Professional only. Tax Import Professional only. Client Organizer Professional only. Fixed Asset Manager depreciation software Professional only. Sale of fixed assets When a fixed asset is sold, the cost of that asset together with the related accumulated depreciation should be transferred to a fixed asset disposals account. On 01 July she purchased furniture costing Rs25, and paid by cheque. She decided to depreciate the furniture using the reducing balance method.
On 01 July the provision for depreciation of furniture account showed a credit balance of Rs21, Revaluation of fixed assets Fixed assets are purchased to be used for longer period. In the subsequent years, the value of asset could be higher or lower than its present book value due to inflationary condition of the economy.
Assets are valued at Historical Cost in the books of accounts. Historical cost is the original cost of the asset at which it was purchased plus additional costs incurred on the asset to bring it in working condition. Sometimes, the management of the business, if it thinks fit, revalues the asset to present it at current market value. Once the asset is revalued to its market value, then its value has to be constantly monitored to reflect the changes in the market value.
If an asset is revalued at higher cost than its original cost, the excess amount will be treated as profit on revaluation of fixed assets and it is credited to Revaluation Reserve Account. Depreciation of a revalued asset When a fixed asset has been revalued, the charge for depreciation should be based on the revalued amount and the remaining useful economic life of the asset. Therefore, following an upward revaluation, the depreciation is higher than previously and should be charged to the profit and loss account.
Land Land does not normally require a provision for depreciation except when subject to depletion and changes in the desirability of its location.
Fixed Assets and Depreciation. Depreciation and Fixed Assets. Fixed Assets Depreciation. Fixed Assets and Depreciation Accounting. Contact sales. Overview Contact sales. Why choose Fixed Assets CS. Useful links. Brochure PDF. System requirements. Cloud-based trial.
Demo: Fixed Assets CS. What you get with our depreciation software. Unlimited depreciation treatments. Robust inventory control. Automated asset tracking. Increase data accuracy. Customized reporting. Federal and state depreciation.
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