We are sure year-end is in full swing for accounting teams everywhere. Net at Work Fixed Asset clients range from Non-Profit Organizations, US corporations and even Canadian Companies. Every year company tasks vary depending on the tax rules, or IRS requirements.  Sage Depreciation tracks Property Tax Depreciation, Internal AMT, ACE, and State Tax reporting.  If you are a Non-Profit or Government – your primary tasks do not relate to Tax.  However, certain rules for Capital Expenditures are strict for nonprofit reporting including Grant fund accountability.

For Non-Profit Companies Using Sage Depreciation – there are a few reports built in for GASB reporting rules that can assist with Year End Reconciliation:

• Capital Assets Note Closure Report
• Change in Capital Assets

Maybe all you need is to run depreciation and zip up the file to the CPA.  We found this easy-to-follow process on the Sage Knowledgebase portal.

Here is a quick resource for the Year End Steps for Sage Depreciation:

• Step 1 – Verify Fiscal Year End
• Step 2 – Mid quarter Applicability
• Step 3 – Run Depreciation to year end
• Step 4 – Run 4562 and Verify numbers
• Step 5 – Back up Company File
• Step 6 – Set Period Close
• Step 7 – Export any reports to File for CPA
• Step 8 – Copy the company

Sage Depreciation makes this process easy. Standard Reports include some commonly needed ones for year end.  Such as, Annual Activity, Disposal report, and Transfer Report. In fact, recently we assisted a client with formatting a report by creating a “group” of assets purchased in 2020, so they could send the details to their corporate CPA for all new assets.

We are confident that whatever your annual reporting tasks are, Sage Depreciation accommodates it nicely!