Depreciation Calculation when 50% Bonus depreciation is taken
Summary
How can we configure the Fixed Assets so that if we take bonus depr at 50% it will use original cost minus bonus depr as the new basis?Content
We launched Cloud Financials in August and are trying to tie our tax books out to B&A. When we have assets that have 50% bonus depreciation realized in prior year, our depreciation does not tie. B&A calculation takes the original cost, subtracts the bonus depreciation and then depreciates the remaining value over the remaining life. The way our Cloud Financials instance is configured, we are being told they system can only either use our original cost or the NBV. Is there a way to configure a bonus depreciation method that will work the way we need it to?
Tagged:
2