What's New in CenterPoint Depreciation
*Incremental version that is available on demand. Call Red Wing Software Technical Support to request this update.
Version 12.22*
Depreciation
- System – Updated Connecticut state depreciation schedules; set SDA to 0% for assets placed in service after 9/27/2017 and set Section 179 to 20% of the Federal Limit for assets placed in service on or after 1/1/2018
Version 12.21*
Depreciation
- Fixes
Reports > Reports > Fixed Assets > Fixed Asset Reconciliation – Cost of Assets will now include Basis Reduction sales types.
Version 12.19/12.20*
Depreciation
- Released to keep the version number consistent with other CenterPoint products.
Version 12.18*
Depreciation
- Setup > Fixed Assets
- Capital Asset Types
- The Qualified Improvements Capital Asset Type will no longer allow the method to be changed on current schedules.
- Updated the applicable Capital Asset Types and Depreciation Schedules with the 2018 MG200 rules.
- Fixed Assets > Mass Update >Traded Assets
- Modified Accumulated Depreciation transferred and SDA taken from trades.
Processes > Depreciation > Compliance Validation - The Correct Property Class compliance check was changed for ADS property class assets. For asset schedules using the ADS method where ADS Years cannot be changed and the Acquisition Type is New or Not New, the years of the schedule are compared to the ADS Years (New/Used) of the Capital Asset Type and if they are not the same, the asset will fail the compliance check.
Version 12.17*
Depreciation
- Released to keep the version number consistent with other CenterPoint products.
Version 12.16*
Depreciation
- Released to keep the version number consistent with other CenterPoint products.
Version 12.15
Depreciation
System - Updated the Section 179 Limits for 2019 for general assets and for SUVs at the Federal level. For general assets, the Section 179 Maximum Amount = $1,020.000 and the Maximum Total Cost = $2,550,000. For SUVs, the Section 179 Maximum Amount = $25,500.
- Processes > Depreciation
- Compliance Validation - Added a new Traded After 2018 compliance check that notifies you when personal property assets placed in service after 12/31/2017 were included in trades of other assets. Those assets should instead be sold and the value of the sale applied to the purchase of the new asset.
Asset Entry and Asset Entry Previous Years - For Depreciation Client Types set to Tax Only, when an asset and transaction are deleted and the transaction involves the sale of other assets, the asset sold will now be recalculated and previously sold assets will no longer appear on disposition and other fixed asset reports.
Asset Entry - When the Trade button is selected during asset entry, the Trade Allowance account will now be limited to accounts in a cash category.
Fixed Asset Dispositions - Gains on the sale of an asset with previous partial sales will now calculate correctly.
- Transaction Search - The journal entries for traded assets appearing as sales can no longer be edited on these screens.
Setup > Fixed Assets > Fixed Assets
- Historytab
- If assets were entered prior to version 12.9 (prior to depreciation law changes), a message will display when the Update Trades button is selected for assets that were acquired with other traded assets allowing you to remove the trade and reenter. This message alerts you that the asset is not in compliance with 2018 depreciation law.
Review Purchases/Dispositionsbutton - The journal entries for traded assets appearing as sales can no longer be edited on these screens.
Update Trades button - When the Update Trades button is selected for a personal property asset traded after 12/31/2017 that could involve the sale of other assets, a new screen will now display that will allow you to delete the transaction creating the purchase of the asset and the sale of traded assets. After deleting the transaction, the correct transaction should be reentered.
- Fixes
Reports > Reports > Fixed Assets > Sale of Business Property (For Form 4797) and Fixed Asset Dispositions - When the Asset Entry screen is used to record trade sales, the Gain(Loss) and Sales Price columns will now display as positive numbers.
Version 12.13/12.14
Depreciation
- Fixes
- Fixed Asset Dispositions - The gain/loss posted to the General Ledger and displayed on Cash and Accrual Income Statements will now be accurate for a fixed asset sale with trades attached.
Version 12.11/12.12
Depreciation
- Processes > Depreciation > Compliance Validation - Added the class life as a check to the Correct Property Class compliance check. The Correct Property Class compliance check will now determine whether all assets placed in service in a specific year have an available property class and class life as defined within the capital asset type.
Version 12.10
Depreciation
Processes > Depreciation > Asset Entry
When an old asset is sold to acquire a new asset in 2017, the Asset Detail tab will now display a Trade (Reported As Sale) disposition type when the asset is edited.
When new assets are acquired that include a trade in 2017 with a gain on the sale, the "Trade Account" lookup list will be limited to accounts in applicable account categories.
Schedules tab > Compliance Check button - When the Same Method compliance check is performed, the updating of methods to a value not permitted by the asset being updated is now prevented.
- Processes > Depreciation > Compliance Validation - Added a new Correct Property Class compliance check that determines whether all assets placed in service in a specific year have an available property class as defined within the capital asset type.
Reports > Reports > Fixed Assets
- Fixed Asset Dispositions - Trade (Reported as Sale) dispositions appear will now display in a separate group.
Sales of Business Property (For Form 4797) - Trade (Reported as Sale) dispositions will now be reported as Sales and will be grouped together for IRS reporting purposes.
- Fixes
- Reports > Reports > Fixed Assets
- Fixed Asset Acquisition Report - The Trade Allowance amount from the sale will now display as the Trade amount instead of including it in the Cash Boot amount.
Assets in Service - The correct business use percentage for 2017 assets entered in the Federal Farm schedule will now display.
Processes > Depreciation > Asset Entry
- For the Federal Farm schedule, the 2017 Luxury Auto SDA limit of $18,000 will now be saved upon reviewing the Schedules tab.
Version 12.9
System
- Updated the United States and Canadian zip codes as of July, 2017
- File
- Security > Security Policies - Added a new Global Policies security policy that determines if the Combine function is allowed for maintenance items..
Depreciation Module
- Added the 2017 Depreciation Limits for Passenger Autos less than 6000 lbs.
Added the Federal SDA Changes for 2017.
Added the Section 179 changes for 2017.
Added the 2017 Depreciation Limits for Trucks & SUVs less than 6000 lbs.
Setup > Fixed Assets
- Capital Asset Types
- For the Building - Rental capital asset type recovery period for the ADS MASL schedule was changed from 40 years to 30 years.
The Equipment - Farm capital asset types (excluding grain bins, cotton ginning assets, fences, or other land improvements) that were previously depreciated as a property class life of 7 years will now be depreciated as a property class life of 5 years and can now be depreciated using MACRS 200 (200% declining balance method).
Added a Property Class Used box for the value to use when the acquisition type is used and a MACRS and ACRS used box for the value of used year life assignments.
Added a new Qualified Improvement Property type for assets placed in service after 1/1/18. Qualified property s defined as any improvement to an interior portion of a building (nonresidential real property) if the improvement is placed in service after the date the building was first placed in service. Expenditures for the enlargement of the building, elevator, escalator, or internal structure framework are excluded from being “qualified”.
For Federal Farm and AMT schedules, added MG200 as the default depreciation method for the Equipment-Farm capital asset type for assets placed in service between /1/2017 and 12/31/2999.
For Federal Farm and AMT schedules, change the Property Class and MACRS from 7 to 5 years for assets placed in service between 1/1/2017 and 1/1/2999.
Fixed Assets
- Depreciation Schedules tab - An asset's schedule information can only be modified in the tax year the asset was placed in service (if acquired and placed in service in CenterPoint) or if started in another system, the current tax year is less than or equal to the last year from that system, in addition the current tax year must now also be greater than the Depreciation Locked Year set in File > Administration > Current Depreciation Locked Year.
Mass Update - Added a Transfer Assets action that allows you to transfer assets from one company to another and adjust the depreciation taken for the company the asset was transferred from as well as the company it was transferred to based on the months remaining in each year from the transfer date (short year).
Processes > Depreciation
- Asset Entry
- New fixed assets with a 2017 service date and an Equipment-Farm capital asset type can now use the 200% declining balance method (MG200).
When entering a new asset and entering a trade, if the asset was placed in service after 12/31/2017 and the property class of the capital asset type is personal property for a federal form with a life less than 20 years, an new Traded Assets screen displays where you can track the trade amount, Gain and Trade Allowance accounts, in all other situations the existing Traded Assets screen will display.
Added new Depreciation Expense and Accumulated Depreciation lookup columns to the data entry grid which allow you to assign accounts that differ from the accounts selected at the top of the screen. When you click the Save button, the accounts used in the resulting acquisition transaction for the new fixed asset will be posted to the accounts selected in the columns if they differ from the accounts at the top of the screen.
Asset Disposition - The Asset Disposition screen was using the method on the Book schedule to determine if an asset displayed on the Depreciable Assets/Non-depreciable Assets tab, but now will use the Federal schedule instead.
Reports > Fixed Assets
- Fixed Asset Listing and Beginning Fixed Asset Listing - Add optional Acquisition Type and Acquisition Type Abbreviation columns to the report.
Assets In Service - Added a new report that displays depreciable assets in service that were purchased in the last 10 years. The report includes the name of the depreciable asset, service date, business use percentage, and depreciable basis (the basis of assets include trade, continue to depreciate even if the traded asset was placed in service more than 10 years ago.)
Version 12.8
System
- Created an alternate path for synchronizing depreciation publish data. Needed in cloud and alternate environments.
Version 12.7
Depreciation
- Released to keep the version number consistent with other CenterPoint products.
Version 12.6
Tools
- Fixes
- CenterPoint Data Browser – Solved a data access issue.
Version 12.5
System
- Active directory security – Modified service bureau active directory security to allow the selection of active directory users or groups.
Version 12.4
Depreciation
- Released to keep the version number consistent with other CenterPoint products.
Version 12.3
Depreciation
- Released to keep the version number consistent with other CenterPoint products.
Version 12.2
Depreciation
- Released to keep the version number consistent with other CenterPoint products.
Version 12.1
Depreciation
- Released to keep the version number consistent with other CenterPoint products.
Version 12.0
Depreciation
Processes > Depreciation > Compliance Validation - The SUV Section 179 test will no longer display as failed when there is more than one asset evaluated for the SUV 179 limit and the Results tab displays the correct Section 179.
Reports > Reports > Fixed Assets
- Fixed Asset Listing, Beginning Fixed Asset Listing, Fixed Asset Acquisitions,and Fixed Asset Dispositions - Added the following optional columns to the reports: Listed Property Type Abbreviation and Listed Property Type.
Setup > Fixed Assets > Fixed Assets - When right-clicking and setting the default accounts for the Accumulated Depreciation and Depreciation Expense accounts, a message now displays that describes that default accounts are set at the parent general ledger account on the Detail tab.
- Fixes
Reports > Reports > Fixed Assets > Fixed Asset Activity - The report will now display a Beginning Accumulated Depreciation amount for each fixed asset
Tools
- CenterPoint Data Importer
- Names Import
When the Type of Import is set to Names, the Abbreviation column is now marked as a Required column in the file.