What's New in CenterPoint Depreciation

• Added New Hampshire Section 179 limit changes for 2017 and 2017.

• Processes > Depreciation > Asset Entry – In accordance with the 2017 tax changes, implemented the MN State Farm schedule rules that differ from the Federal schedule rules for SDA.

• Setup > Fixed Assets > Fixed Assets > Mass Update – When adding new schedules, copied SDA will now comply with schedule rules.

• Fixes

  • Processes > Depreciation > Asset Entry > Compliance button - The Consistent SDA compliance test will now check 3, 5, 7, 10, 15 and 20 year property classes for SDA.

• Setup > Accounts > Fixed Assets > Fixed Assets - In accordance with the 2017 tax changes, SDA can now be entered on Used assets placed in service after 9/27/2017 and before 1/1/2017 as only 50% or 100%, and all other assets added in CenterPoint will display the SDA percentage available in that time period when the SDA is taken as a read-only percentage. For assets created in another depreciation system, CenterPoint will allow any value for the SDA percentage.

• Released to keep the version number consistent with other CenterPoint products.

• Reports > Reports > Fixed Assets
  • Depreciation & Amortization (Form 4562) - For Orchards & Vineyards, only SDA will be reported in the year an asset is placed in service (regular depreciation will not be reported).

  • Fixed Asset Listing - Added a new Display Trades report option that allows you to remove trades that continue to depreciate from the report (Note: the totals at the bottom of the report for cost,current year depreciation, etc. will not reflect total assets when used). This option can be used to provide a current list of physical equipment on hand.

• Processes > Depreciation

  • Asset Disposition
    • When an asset that has improvements is sold, the percentage sold will now be used to compute the portion of improvements to be sold and the associated journal entries for the fixed asset are also adjusted accordingly.
    • When assets are disposed of using a Cost of Goods Sold or Expense account, the Quantity Sold will now display with the correct sign on General Ledger and Financial Statement reports.

  • Depreciation Transactions - Orchards and Vineyards SDA will now post in the year taken (placed in service), not the year regular depreciation starts posting.

• CenterPoint Data Importer
  • Added the version number to the title bar of the module.

  • Added a Column# column to the grid where you can enter a number that indicates the column in the import file that contains a field's data and is used when the First row contains column names check box is selected which allows you to import a file even if it contains no "heading" row. Also added a DefaultValue column to the grid that allows you to set the value of the column.

• Released to keep the version number consistent with other CenterPoint products.

• Fixes
  • System - Implemented a process to handle dead-lock messages when more than one user is trying to access data at the same time in a CenterPoint database.

• Orchards and vineyards now have the ability to take SDA in the year of planting with a future year service date for regular depreciation.

• Updated CenterPoint Depreciation with the 2017 Section 179 deduction (allowable Code Section 179 expensing is capped at $520,000, with an annual property investment limit of $2,070,000).

• Setup

  • Fixed Assets > Fixed Assets > Mass Update - When adding a depreciation schedule to fixed assets, depreciation will now calculate for the schedule being added only.
  • General > Numbering Sequences - Redesigned the Numbering Sequences screen to improve entry and provide a separate screen that displays formatting help.

• Processes > Depreciation

  • Asset Dispositions
    • When you sell an asset where another asset was traded in on that asset and continued to depreciate on its own schedule or an asset was purchased to improve the asset sold, the same percentage sold of the parent asset will now be applied to the traded or improved assets.

    • When the capital asset type for an asset being disposed is Livestock, the quantity being sold will now be included in the journal entry created for the Gain/Loss account.

  • Asset Entry Previous Entry - For all depreciation schedules of all assets added on the screen, when assets are first entered and the schedules created, prior depreciation will now be calculated from the previous tax year to the previous system depreciation.

• Reports

  • Fixed Assets

    • Monthly Fixed Asset Listing, NYCIT Acquisition, Fixed Asset Acquisition and Trades, Fixed Asset Disposition, and Fixed Asset Listing - If the sort order is changed to Asset Sort 2 Trades, reports will now be sorted as follows: parent and traded assets are grouped together with the parent asset appearing before the traded assets by the parent service date and traded assets following in order of traded asset service date.

    • Fixed Asset Reconciliation - Added a new optional Display Cost As Of report selection filter that allows you to enter a date to display asset purchases as of.

    • Fixed Asset Listing and Beginning Fixed Asset Listing - Added an optional Salvage Value column to the report.

• Released to keep the version number consistent with other CenterPoint products.

• Fixes

  • System – For databases using security, when the Database Startup Preference is set to Open a Selected Database in File > Preferences > General > Base Settings, the database can now be opened after entering the username and password without receiving an error.

• Setup > Fixed Assets > Fixed Assets

  • Traded assets can now be changed for a limited number of fields that do not affect the remaining depreciation: Abbreviation, Name, Parent Account, Depreciation Account, Accumulated Depreciation Account, Use Account Distribution Details, Profit Center, Production Center, Project, Production Series, and Production Year.

  • Setup > Fixed Assets > Fixed Assets > New

    • For databases with multiple companies, when an asset is created and an Acquisition Type is entered it will now be active for the selected company.

    • Added the ability to setup a default general ledger account for Depreciation Expense and Accumulated Depreciation. When new fixed assets are created in Setup > Fixed Assets > Fixed only using the same Asset, the accounts will now automatically display.

• Processes > Depreciation

  • Asset Entry - Added a column to the Asset Entry screen for the Vendor for the purchase of the fixed asset.

  • Compliance Validation - If two assets have different methods and therefore fail the compliance test and the compliance test is used to make the change, the change will now be copied to the AMT schedule.

• Reports > Reports > Fixed Assets

  • Depreciation & Amortization (Form 4562) - The report can now include multiple companies (each company will be reported in a separate group).

  • Fixed Asset Listing - The Current Depreciation and Ending Value D columns for listed property assets will now round accurately. Setup > Fixed Assets > Fixed Assets > History tab > Calculations - The Depreciation Amount for listed property assets will now round accurately.

• Fixes

  • Setup > Fixed Assets > Fixed Assets > Asset Detail tab > Suspend Depreciation - Suspending depreciation on an asset now also suspends depreciation for any assets traded to acquire the asset that are continuing to depreciate.

  • Processes > Depreciation
    • Compliance Validation - The Total Section 179 compliance test will now include the State Section 179 Income Limitation for State schedules. The states CenterPoint includes are: New York, Vermont, New Hampshire, and Pennsylvania.

    • Asset Entry - When the acquisition type is changed, the SDA and/or Section 179 for each associated schedule is zeroed-out if the new type doesn't allow for SDA and/or Section 179.

• Fixes
  • System – In very specific circumstances with databases using SQL 2008, when updating to version 11 an error will no longer display during the update.

• Fixes

  • Setup > Names > Names > General tab - The Phone, Fax, and E-mail entered on the General tab, will now be saved when a record is created or edited and saved.

• Fixes

  • System - If you have large custom indexes set up in your database, you will no longer see "insert error here" when updating to version 11.

• Released to keep the version number consistent with other CenterPoint products.

• Processes > Depreciation

  • Asset Disposition - When a disposition is entered and there is a gain/loss on a fully depreciated fixed asset, the correct gain/loss amount will now post to the Cash Income Statement.

  • Asset Entry - Previous Years > Fixed Asset Import - The name of the item and the abbreviation values in the import file are not case sensitive when validated against the values in CenterPoint.

• Added the 2017 luxury vehicle limits for use with vehicles placed in service in calendar year 2017.