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This demonstration will cover how Assets Accountant handles Section 179 and Bonus Depreciation
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for US-based assets.
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The first asset I'm going to add is a new computer.
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I will choose Computer Equipment and a cost of $2,000 with a purchase date of 1st August
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2022.
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You can see up in the top right here the depreciation method for tax has defaulted to what I've
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chosen for Computer Equipment, but if I want to apply Section 179 to this asset, I can
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just select that from the drop-down.
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That will change the tax depreciation on that asset.
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I can then save that and you can see that Section 179 depreciation has applied for that
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asset.
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For Bonus Depreciation, I simply add another asset, select Computer Equipment and a cost
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of $2,500 purchased on the same date.
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And here I can just tick box the Apply Bonus Depreciation option.
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That will then apply the relevant rate of bonus depreciation at the time of the asset's
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first use.
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I can save that information there.
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In order then to report on this information, I can see the information here in Reports.
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I can select the Asset Summary and then choose the Detailed Description for the depreciation.
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That will then generate a spreadsheet in a CSV file, which you can see there, that I'll
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just bring in and show you that asset, which shows the reporting on the Laptop 1 and Laptop
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2 for the bonus depreciation and the Section 179 depreciation has entered into Asset Accountant.
