we want to have two books of our existing assets, one for tax and one for GAAP. The tax register was added last year and now we need to enter the GAAP register. Since we need to renumber the assets for the new register, does anyone have a suggestion on how to handle? the tax register numbering starts with one and goes through 23072, to date (we used the numbering from our former CS system instead of creating a new number sequence. I was thinking of starting the GAAP register with 100000.
It will be the same asset number with two registers attached to two books. Why new number required ? Am I missing something ?
So you can use the same numbering system in a different register? Our setup is actually one book, two registers (only one will be active).
Um, that doesn’t make sense? But not financial guy. Why the setup? Probably a valid reason but just dont know why.
Yes. Setup GAAP Tax Register without attaching to the GL Book so that it does not create GL transactions. Then attach the register to the asset.
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Hi I understand what you are saying. our issue is that the Tax register has to be kept open in case we have to add Bonus Depreciation at the end of the year (usually don’t know this until March or April of following year). but our GAAP register can just be ongoing, and we would like to be able to close one and not the other. GAAP register will be attached to Main Book. So we though it best to create a totally separate register with a new numbering system (now we’re thinking we can add a B in front of the original number (to indicate Book register asset). Also, this brought me to the question of whether we would need a separate Fiscal Calendar set up for the Book assets, because when you go to close the Fiscal Calendar, even though it asks for the register it seems to close both registers when it processes.