Add Additional Books

You can add additional tax books to process depreciation and amortization calculations apart from general ledger books.

As you add additional tax books and select the In Use option, the Additional Books tab in the Equipment hub automatically updates to include the new books for the selected asset. This is useful for calculating and filing taxes and for tracking the asset type, property type, acquisition date, in service period, depreciation method, useful life, and cost information for each book.

To add additional books:

1. From the Navigation menu, click Settings > Accounting > Asset Management.
2. On the toolbar of the Additional Books grid, click Insert to insert a blank row in the grid.
3. Enter a Code for the book, using a maximum of 10 characters. This code is used in the DPS database and does not display with the book description. You cannot modify this field after the Additional Book is saved.
4. Enter a Name for the book. This name displays in the Book field on the Additional Books tab in the Equipment hub.
5. Enter a Description of the book.
6. Select the 179 check box to enable Section 179 functionality for the additional book. This allows you to enter section 179 deductions for asset depreciation as defined by the United States government. When you select this check box, you can enter a section 179 deduction amount for an asset item in the Less Section 179 Deductions field on the Additional Books tab in the Equipment hub. Entering a section 179 deduction for an asset item reduces the asset item's depreciation basis that is used for calculating its depreciation.

   If you clear the Section 179 check box for an additional book after you have applied section 179 deductions to asset items and depreciation has been processed for these asset items, the next time you process depreciation, the accumulated depreciation will be recalculated without the section 179 deduction.

7. Select the In Use option to include the additional book on the Additional Books tab in the Equipment hub. If you clear this selection, DPS retains the book's information that is entered on the Additional Books tab of this form, but removes the book from the Additional Books tab in the Equipment hub and from Reporting.
8. Click Save.