ADD A SERIAL NUMBER FIELD IN THE FIXED ASSET MODULE IN PROSERIES

[Jerry Puskarich]

I am a Annual Filing Season Tax Preparer.  I have several clients that operate farms and other businesses.  For those clients I have an Excel Spreadsheet that lists their farm equipment and other depreciable assets.  The reason is that the general description field in proseries is too short to have a complete description and serial number so that when I perform a fixed asset inventory, which I do every three years for the client I can properly identify the assets.  General accepted accounting principles recommend this and the IRS wants to make sure that assets that are being depreciated are in existence and serving the business purpose.  Ghost assets are a risk to anyones business and the serial number field would be very beneficial, especially when you have tractor or other equipment of the same model and make used on the same farm.  It is not uncommon.  It would be useful for other businesses as well, because in many instances depreciation is the largest expense even though it is a non-cash item. Plus in many instances it is subject to depreciation recapture.  I am certainly open for discussion on this subject. 

Thanks Jerry Puskarich - Owner - Jerry's Tax Services - 724-503-5658

[dd4vols]

Are you talking about the FAM program (Fixed Asset Manager)?  If so, my program does have a line for serial numbers. In the General Asset Information section, it's the 3rd line under the asset #.

If you are just talking about the depreciation that comes inside the ProSeries tax program, then you should seriously consider getting the FAM module.  It is so great...so many bells and whistles. In addition to the SN# input, it will do the Personal Property Schedule by year of acquisition, project the next year's depreciation for all assets, dispositions by type...on & on.  You just link and import.

if you already have the FAM, then maybe you have scrunched the General Asset Information section.