Asset Keeper can handle any and all calculations for income tax reporting and financial statement preparation.  You can calculate depreciation for:

• Federal income tax
• Alternative minimum tax
• Adjusted current earnings
• Profit & Loss
• State income tax, including state add-back or add-on for bonus depreciation
• Custom calculations

You can also calculate annual, monthly, short-year, projected, and pro-rated depreciation. In addition, there are specially designed reports to accommodate reporting requirements for these calculations.  All the calculation options in the file are wizard driven, making it easy to understand the options available and how they will affect your calculations.

You can override any calculation if necessary, and re-calculate as often as you like since nothing is final until you reset for the next year.

When calculating annual depreciation, Asset Keeper will check for and apply the mid-quarter convention if it determines that it should be applied.  However, Asset Keeper gives you the option to apply the mid-quarter convention or choose not to apply it should you wish to override its determination.

If your prior records are incomplete, you can calculate beginning accumulated depreciation for all the assets in your file for one or all of the methods that you are maintaining.  This can be done without user-intervention or on-screen, allowing you to review each calculation and override it if you wish.

Asset Keeper will automatically calculate the current annual depreciation and next year’s depreciation when it saves your asset when it is added or edited.  However, you will need to run the Annual Depreciation Wizard to apply the mid-quarter convention, if it applies.

The following screen shots for the Calculate Annual Depreciation Wizard demonstrate how easy it is to calculate annual depreciation.

Screen 1 allows you to determine if one or all of your methods will be calculated and which method will be used to determine if mid-quarter convention applies. 

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Screen 2 shows the results of reviewing your current year acquisitions and whether the mid-quarter convention should be applied.  Note at the bottom of this screen you can still override and apply the mid-quarter convention.

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Screen 3 shows a summary of the options selected in the previous two screens.

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The 4^th and final screen shows the results of calculating depreciation.

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