| # Using books You use books to record depreciation and other transactional data for your company's assets. When you enter an asset into LN, you assign one or more books to the asset. You must set up books before you can set up the FAM Parameters (tffam0100s000) session for your company. For each book you create, you specify whether assets associated with the book will depreciate or not. An asset can depreciate differently in different books, or not depreciate at all in a book. You also specify the type of book. There are several types of books you can specify. These types of books are used in the United States: Financial Used to record data that is not subject to tax reporting regulations, such as General Ledger data. Federal Tax Used to record data that is subject to federal tax reporting regulations, such as adjusted current earnings or alternative minimum tax. For each federal tax book, you can also specify whether the book records data for alternative minimum tax (AMT) reporting or adjusted current earnings (ACE) tax reporting. Other Tax Used to record data that is subject to tax reporting regulations other than federal, such as state tax or insurance replacement. These types of books are used in countries other than the United States: Commercial Used to record data that is not subject to tax reporting regulations, such as General Ledger data. Calculatory Used for methods of depreciation specific to European requirements, for example, the Annuity method. Special Used for specific depreciation methods (either custom depreciation or excess depreciation) to be posted. The Special parameter supplements Commercial or Statutory depreciation. Statutory Allows you to report depreciation for tax reporting purposes for Calculatory, Commercial, and Special book types. Related topics Using default books |