| # Property types A property type is a classification of fixed assets for legal U.S. tax depreciation requirements. You can select a property type for each asset book. The specified property type is used for information purpose only. The property type is required, if the book is the vintage/group account book and the asset belongs to a vintage/group account. The property type must be set to Real or Personal and match the property type of the vintage/group account to which the asset belongs. The following property types are available: Real: Property is immovable. Personal: Property is movable. Amortize: Systematic reduction or writing off of an account, such as an account balance, over a specific number of time periods. Amortization is a form of depreciation. It is the recovery of certain capital expenditures, including goodwill and other intangible assets. This property type is not available for expenditures for which a current business deduction may be claimed, or those, which are capitalized and depreciated. Others The property sub-type enables you to further classify property types. Sub-types are used for tax reports. The options are: Real property Listed Conservation Energy Farms Housing Personal property General Amortize Sec 179 Assets Sec 169 Assets Bond Premiums Lease Acquisitions R&D Business Startup Corp. Org Costs Partnership Org Costs Public Public Utility Others N/A Asset Groups An asset group is a collection of assets. Use groups to classify your organization’s assets for reporting and inquiry. You can associate assets from multiple categories into the same groups. You can also enter a default group for each category. The asset group cannot be deleted, if it is in use by an asset or assigned to a category. Asset groups do not affect processing; they enable query and facilitate reporting on subsets of the company's asset data. You must specify an unique code and a description for each group. You can define groups and assign them to an asset at any time. Example, you can define the group VEHIC for all of the vehicles used by your company. The asset group can also be used for the integration with Ledger Accounts and/or Dimensions. |