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ProSeries Fixed Asset Manager Software
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MCWinters
Level 3
yesterday
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Hi everyone, I have a question about ProSeries Fixed Asset Manager Software. This is not about Fixed assets within ProSeries itself.
We are putting together a database so we can track our own assets independent of the outside accountant's tax software. I have taken over the project which had sat untouched for a few years. I have compared all of the assets which have been entered into FAM and for the vast majority of the assets, the only difference is pure rounding (ie tax software as whole dollars vs software as dollars and cents).
However for several assets, which all have reference to QIP in the name, the system is not calculating the asset properly. The assets are all being depreciated under ADS due to elections made. When I select QIP in the software it populates at 15 year life, If I choose ADS QIP, the life is 40 years and does not have any way to change it.
Has anyone seen this before? How do I setup ADS Qualified Improvement Property with a 20 year life HY convention?
