Discussion:Depreciation Software

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Discussion Forum Index --> Business Growth Community --> Depreciation Software


Accutax (talk|edits) said:

2 October 2006
Does anyone know of a depreciation software that is easy to use without all the bells & whistles of a more exepnsive program like FAS?

LJACPA (talk|edits) said:

2 October 2006
I've used many different depreciation programs, but I don't know what FAS is. Wonder what you (and others) think of just using your tax preparation software for depreciation. I don't particularly like ProSeries, generally and for depreciation, but it's there and I've paid lots for it, so I use it. I've also tried to use Fixed Asset Manager in QuickBooks, which is even worse. If you can find a software that interfaces (really interfaces) with your tax software, that's ideal. The best I've found is UltraTax/Depreciation Solution. Not really sure what you mean by "bells & whistles", you just have to have a good, working knowledge of depreciation, period. If you can't do it manually, any software is limited.

Sea-tax (talk|edits) said:

2 October 2006
I use lacerte and have never had any problems with its calculation of depreciation

JR1 (talk|edits) said:

October 2, 2006
Thru the year, I just do mine in Excel. No biggie, other than getting started I suppose. At year end, I adjust it or ProSeries against each other, depending on which one's right...

LJACPA (talk|edits) said:

2 October 2006
JR1, do you use MACRS or just straight-line everything? I can see where Excel would be totally adequate if you're using straight-line only, but not if using accelerated. I just like to use the software that interfaces with the tax software because (especially UltraTax/Depreciation Solution), this also takes care of the 4797, 8824, etc. vs manual calculation and input for dispositions. Also, when you have other issues like Section 179 and state different from federal, software is a great time saver/help. Of course, it still all goes back to knowing how to do it manually and a lot of people anymore don't know how. It's not easy, but I find myself doing random, manual calculations quite often.

JR1 (talk|edits) said:

October 2, 2006
I don't use Excel to compute the depreciation amount, merely to record it, and use the worksheet to keep everything balanced. I just find that using the tax program to record depreciation throughout the year is cumbersome at best. And, oh, how would it compute the current year amounts to record on the books? I do use the tax software at year end to enter the additions and sales, of course, so that it all flows correctly, and just adjust the books as necessary...

Rruth (talk|edits) said:

2 October 2006
Lacerte here as well. I have often gotten a pop-up in Quickbooks that there is a fixed asset tracker, not sure if it does depreciation too.

Death&Taxes (talk|edits) said:

2 October 2006
In using the tax software, I often come across situations where client sells rental property after nine years and there may be 5 or 6 entries for 27.5 year improvements ---- I hear you, expense them, you say----but now I have to combine all of them on one asset worksheet, plus the accumulated depreciation. Pain in the neck!

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