Import

The Import option imports items from the Inventory file to the Depreciation file and also assigns the life and method for the items that are imported. During this importing process all the depreciation calculation are made and added to the Depreciation file. This option calculates the depreciation for the items, previously imported into the Depreciation file, and totals cost figures. Depreciation is calculated using the parameters you set up on this screen. The particular method of depreciation chosen for each item is applied for the month or months you are processing depreciation.

You may select more than one method of depreciation, to accurately reflect the depreciation methods you have used in the past and are using currently. For example, if you used to depreciate you inventory using the straight-line method, but after the IRS ruling changed and started using the MACRS 3-year depreciation method, you can account for both of these depreciation methods by selecting the date ranges when you used each method.

You can select a different depreciation method based on the department. For example, you could depreciate jewelry using a different method from appliances or furniture.

In addition, you can track two different depreciation methods for each inventory item. There is a book method and a tax method calculated and tracked for every single inventory item imported into the depreciation file.

To import and calculate depreciation

1. Click "New Date Range" at the bottom of the grid.

2. Input the import fields for each date range of inventory purchases.

FIELD DESCRIPTIONS - IMPORT INVENTORY

BeginDate

The date range for this particular method of depreciation begins on this date. A drop-down box reveals a calendar where you can choose the correct beginning date for this method or input the date manually using the MM/DD/YYYY format.

EndDate

The date range for this particular method of depreciation ends on this date. A drop-down box reveals a calendar where you can choose the correct ending date for this method or input the date manually using the MM/DD/YYYY format.

Dept

This field refers to the inventory department you wish to use for this depreciation method. A drop-down box reveals a list of all departments previously entered in the Department file.

To choose ALL departments, leave this field blank. If you choose a specific department ONLY the items with that department code will be imported in the depreciation file. Make sure to select EACH department code in order to correctly depreciate your inventory.

BookMethod

This field refers to the depreciation method for this particular date range. A drop-down box reveals the available methods of depreciation. Enter the calculation method for Book method. The RAM System Corporate Edition allows you to track two different methods of depreciation simultaneously. This assigns all items imported in this date range with this department code, the method you input.

IFMBookType

If you choose Income Forecasting for the depreciation method you must specify which calculation method you want to use for the Book method. A drop-down box reveals the available calculation methods.

BookLife

This field refers to the number of periods for this depreciation method. If you are using Straight-Line, enter the life months. If you are using MACRS or ACRS, enter the life years. If you are using Income Forecasting this field is not displayed.

TaxMethod

This field refers to the depreciation method for this particular date range. A drop-down box reveals the available methods of depreciation. Enter the calculation method for Tax method. The RAM System Corporate Edition allows you to track two different methods of depreciation simultaneously. This assigns all items imported in this date range with this department code, the method you input.

IFMTaxType

If you choose Income Forecasting for the depreciation method you must specify which calculation method you want to use for the Tax method. A drop-down box reveals the available calculation methods.

TaxLife

IgnoreNew

Ignore New

Check this box if you want to ignore new inventory. The program will skip over all inventory which has no income or has never been rented. Inventory items which have never been rented are not imported into the depreciation file.

IMPORTING USING IGNORE NEW

Remember, if you are using Ignore New, you must continue to use a beginning import date which covers the first purchase date of your inventory.

For example, if you import for July using beginning date 1/1/2000 and ending date 7/31/2006 then when you import for August you must continue to use the beginning date of 1/1/2000 (to cover all possible inventory purchase dates. Do not check Initial Import, but some items may now be rented that were purchased prior to the last import. These items must be considered when importing new inventory, too.

Ignore New

If this box is not checked, the program imports inventory regardless of whether it has been rented or not.

StartDepr

This field sets when the inventory should start calculating depreciation. You may start depreciation using the first date rented or the purchase date of the inventory item. A drop-down box reveals the available choices. When you choose a method, this method applies to the inventory items imported using these parameters. So, for example, you could have the depreciation calculated differently on two different date ranges or departments, if desired.

First Date Rented

If you choose the first date rented option the inventory items remain in the depreciation file but do not start depreciating until the first date rented. This allows you to track total inventory cost figures without depreciating your "warehoused" inventory.

Remember, if you are using the First Date Rented to start your depreciation, be sure to UNCHECK Ignore New (the field above) to import all items into depreciation when they are purchased. The items won't depreciate until rented the first time.

IMPORTING USING FIRST DATE RENTED

Remember, if you are using First Date Rented, you must continue to use a beginning import date which covers the first purchase date of your inventory.

Purchase Date

If you choose the purchase date option the inventory items start depreciating based on the date they were purchased.

Exclude Items Written Off Before

Items that are written off prior to the years you are reporting depreciation may be excluded from the import by selecting a date for this field.

Choose a date to exclude items in the Inventory file. A drop-down box reveals a calendar for you to choose a date or input the date manually using the MM/DD/YYYY format.

All inventory items written off (or disposed) before this date are NOT imported into the Depreciation file.

Use 9/11 MACRS Adjustment

The 9/11 MACRS adjustment refers to the adjustment to depreciation based on the 9/11/2002 ruling.

Use 9/11 MACRS Adjustment

If this box is not checked the system does not make the 9/11 MACRS adjustment.

Initial Import?

Click this check box if this is the first time you have imported inventory items into the depreciation file. If this check box is checked, the program will scan all items in the Inventory file regardless of purchase date. It will replace any item of the same number with a lesser purchase date to reflect the earlier item. This is done to accommodate transferred items where a person might put the transfer date as the purchase date.

Initial Import?

If this box is not checked the program skips items already in the depreciation file when importing. So if an inventory item is already being depreciated, it is not replaced with the same inventory item number from the Inventory file.

Set Reporting For

This option allows you to set the reporting depreciation method to book or tax based on how you normally print your depreciation reports. A drop-down box reveals the two possible choices:

Book

Choose this method if you normally print depreciation reports based on the book method.

Tax

Choose this method if you normally print depreciation reports based on the tax method.

3. Click PROCEED.

Inventory Import into Depreciation Complete.

4. When the message box is displayed saying the import is complete click OK.

5. NEXT STEP

Now you are ready to print the Depreciation Reports for any date range up to the date the inventory was imported.