Open Systems has released a new Fixed Assets update for TRAVERSE versions 10.2 and 10.5 that includes the following updates to Fixed Assets tables and forms:
- Updated auto and van MACRS depreciation tables
- Handling 100% special allowance as required by IRS Form 4562
- Wording changes to IRS Form 4562
- The Special Allowance has been changed to 100%. Checking the Special Allowance box will now calculate 100% bonus depreciation for assets acquired in 2011 in accordance with IRS regulations.
After installing the update, use the Fixed Assets Options and Interfaces screen in TRAVERSE 10.2 or the Business Rules screen in TRAVERSE 10.5 to set the appropriate amounts in the Maximum Limit and Threshold Limit fields for 2010. See the TRAV_FixedAssetChanges_2011.pdf document in the installation file for more information.
Installing Updates
To install this update, you must be using 10.2 SP3 (build 7189) or 10.5 SP3 (build 9092), and be a current subscriber to the TRAVERSE Software Maintenance program.
If you are currently subscribed to the TRAVERSE Software Maintenance program, please contact us at 815-965-9800 to learn how to install these updates.
If you are not currently subscribed to the TRAVERSE Software Maintenance program, discover the benefits of joining the program by giving us a call.