SPECIAL FEATURES AND RECENT CHANGES · The Account Setup screen is used to change accounts numbers...

SPECIAL FEATURES AND RECENT CHANGES

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This PDF will briefly show you some special features and recent changes to Asset Keeper Pro.


TRADE MORE THAN ONE ASSET


Trading assets

This will demonstrate how you can trade more than one asset for a new asset by changing theTRADE CODE field so that all assets being traded have the same TRADE CODE.

When you trade one of the assets that has a trade code, and you elect out of 2004-14, then allassets with the same trade code will be traded (Status field changed to Traded) and the net bookvalue of these assets will be added to the BOOT amount paid to determine the cost of the newasset.

In the following example, two vehicles will be traded for a new vehicle. Shown below is one of theassets that will be traded. NOTE that it currently does not have a TRADE CODE.


Adding Trade Code

This is the same asset we saw in the previous screen shot only now we've added a trade code toit. How did we do that?

Edit the asset and then right-click on the "Trade Code" prompt. Click the option "Make Changes tothe Trade Code" and confirm that you want to make changes to the trade code field. Then click theAdd Trade Code option and a new trade code will be entered in the field. Save the asset and nowyou've got one of the two assets with a trade code.


Adding Trade Code to 2nd asset

This is the 2nd vehicle that we want to trade and it currently does not have a trade code. We wantit to have the same trade code as the one assigned to the 2005 vehicle.

Once again, we edit the asset and right-click on the "Trade Code" prompt and select the option to"Make Changes to the Trade Code".


Edit the trade code field

Instead of selecting the option to add a trade code, we select "Edit Trade Code" so that we canenter the same one that was added to the 2005 vehicle.


Next and Info buttons for traded assets

Some new features that have been added that you may want to note.

NEXT button will jumpt from the current asset to the next asset that has the same trade code. Thismakes it very easy to see what assets have the same trade code and review your assets aftertrading them.

INFO button will show you the boot paid and net book value of the assets traded to acquire thecurrent asset. In our example, no information will be displayed because the assets were not reallyacquired via a trade.


Now trade the asset

Now that we have our trade codes assigned, we can trade the 2009 Ford F150, enter the boot,and execute the trade.


Viewing the acquire asset

After the trade, our new asset is added and the two vehicles with the same trade code are markedtraded. Shown below is the asset acquired. You can now click the Next button to review the assetstraded and also click the Info button to see the net book value of the assets traded and the bootamount paid.

The key to trading multiple assets is to ensure that they all have the same trade code. If one of ourassets was acquired via a traded and already had a trade code, we would just add that trade codeto the other asset to be traded instead of adding a trade to the first asset.


FIXING THE DEPRECIATION CONVENTION


Quick Fix

In prior versions of Asset Keeper, the convention assign to your assets did not affect thecalculations as much as they do in Asset Keeper Pro. That is why it is important that theconvention is properly assigned, especially when calculating depreciation in the acquisition anddisposal years or if re-calculating the beginning accumulated depreciation.

To review the conventions assigned to your assets, or fix them, select the Quick Fix option in theAssets menu.


Quick Fix - Depreciation Convention

Select Depreciation Convention from the Quick Fix screen and then select the method that youwant to review, then click the Fix button.


Review conventions

A list of your assets is displayed showing the convention currently assigned and a convention thatshould be assigned.

In many cases, changing the convention will not affect anything, such as in the assets shownbelow. Since LAND is not depreciated, changing the convention will not affect anything. In thesame way, assets with the MAN (manual entry) are not affected by the convention field.


Conventions that may need to be fixed

Note the assets assigned the SLP method and a 3 year life. The convention assigned is Mid-Quarter is not valid since SLP is not valid for MACRS assets. The recommended convention isFull-Month.

However, once again, since these are old assets that are fully depreciated, changing theconvention will not affect anything.

Generally, the assets you will want to focus on are new acquistions, but if they are added in AssetKeeper Pro, it will assign the correct convention field automatically. If you import data, this optionwill prove useful in ensuring that the correct convention field is assigned to your assets.


Assigning a different convention to assets

If you want to assign a different convention to one or more assets, highlight the assets and thenuse the drop down at the bottom of the screen to select the convention and click the Assignbutton.

We have highlighted the 2007 assets and want to assign the Mid-Quarter convention to theseassets.

Only assets with a cenvention shown in the Fixed Conv column will be changed and ONLY whenyou click the Apply button.


AUTO ADVANCING WHEN ADDING ASSETS


Hot keys

The initial release of Asset Keeper Pro did not include this feature; however, you can use thefollowing keys to advance from tab to tab, or method to method, or save the assets.

When you click the Add button (or Edit button), there are some hot keys that are enabled. (Notethat the keys shown in the screen shot below are for the Mac operating system.)

Next tab - CTRL-TNext method - CTRL-MSave asset - CTRL-S

However, in the current release of Asset Keeper Pro, you no longer have to use these keys(unless you want to) because you will be automatically advanced from the General tab to theMethods tab and then from method-to-method just as it did in the prior version of Asset Keeper.


Auto Advance preference

Since the General page contains a number of fields that you may or may not be entering data in,you can set the last field that will be accessed before you are auto advanced to the methods tab.As shown below, this is set in the General section of the Preferences screen.

So if the last field you want accessed before advancing to the methods tab is Sort Code #1, thenyou would select that field here.


CHANGING ACCOUNT NUMBERS AND SORT CODES


Account Lookup

When adding or editing assets, you can enter account numbers and sort codes and there is ahandy button next to each to lookup what has been previously entered.

If you want to change an account (or sort code) that has been entered for an asset, all you need todo is just change it in the Add / Edit screen.

But what if you want to change the account name or description for a previously entered asset? Orwhat if you want to change your account numbers format that has been used for all the previouslyentered assets?


Account Setup

In those cases where you want to change the account name or descriptions or make changes toyour account numbers (or sort codes) that have already been assigned to assets, you would usethe Account Setup option. The Account Setup screen can be accessed by selecting that optionfrom the Tools button in the Add / Edit toolbar or from the Assets menu.


Account Setup screen

The Account Setup screen is used to change accounts numbers and sort codes. You can use thedrop down at the top of the screen to select the account number or sort codes that you want toreview or change.


Modifying account numbers or account names

To change an account number or the account name, you either double click the account in the listbox or select Edit from the action menu at the bottom of the list box. The action menu is the onewith the "cog wheel" on it.

Note that when you change the account number, all assets previously assigned that accountnumber will now be assigned the new account number. You do not have to edit EACH asset andchange it. The same is true for the account name.

Also note that if you wish, you can add your account numbers (or sort codes) before you've addedany assets and then instruct those entering data to only select from the list available using thepopup list on the Add / Edit screen.


CREATING BATCH REPORTS


Batch reports

Creating a batch report is as simple as selecting the reports that you want included in the batchand then saving them to a batch.

In the screen shot below, we have checked 3 reports. To save them to a batch, click the button tothe right of the Temporary Selection drop down at the top of the reports listing.

NOTE - If you change the settings for any reports included in the batch, they will be saved with tothe batch.


Saving batch

The following screen will be displayed where you can enter the name you want assigned to thebatch. In this example, we entered "Year-End Reports".

NOTE - If you have SAVED settings, you will be asked if you want to save them to the batch.


Selecting a batch

To select a batch of reports, use the drop down at the top of the reports listing. After the batch isselected, a message will appear underneath the Configure Settings button. This is a visualreminder that you are in batch mode and any saved settings will now be saved with the selectedbatch.


Export and import batches

Report batches are saved for each client. If you create a batch that you want to use with anotherclient file, you can use the Export and Import options in the Action menu on the Saved Batchesscreen.

First export the batch, then select the other client file and import the batch. Please note that anysaved report settings will not be exported with the batch.

NOTE - If you EDIT a batch, any change to the settings for a report will be saved to the batch.


SPECIAL FEATURES AND RECENT CHANGES · The Account Setup screen is used to change accounts numbers...

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