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[Joshua Lundin]

Is it possible to change the amount of an asset in the tax books but not our financial books? We have a building that we wrote down the cost for GAAP purposes but for tax purposes we can’t recognize a loss until we sell it. When I originally made the change, it changed the amount for all books.

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Joshua Lundin
Arkansas Blue Cross and Blue Shield
Little Rock AR
501-378-2022
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[Val Gameiro]

I don’t know which ERP you’re using, but in NAV you can create several Depreciation books.

You’d then have to run depreciation separately every month, for each book.

V

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Val Gameiro
Senior NAV Analyst
BPL Plasma Inc.
Austin TX
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[Ryan Sorenson]

When you say ‘change the amount of an asset’, I assume you mean a write down adjustment?  You just have to choose the book on the transaction line you want to change.  Most companies will attach their tax books to the financial book as ‘Derived books’.  So if you choose the finance book then the tax books will also receive the write down.  You just have to add a line to your journal for each tax book and choose each tax book to write down on each line.

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Ryan Sorenson
Sale Lake City, UT
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[Joshua Lundin]

?Correct, we wrote down the building for financial purposes which we can do for GAAP but the tax books need to reflect the amount before the write down since we can’t take the loss until it is sold. I need the tax books back to the original amount but financial to stay at the amount written down. Thank you for your help.

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Joshua Lundin
Arkansas Blue Cross and Blue Shield
Little Rock AR
501-378-2022
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[Ryan Sorenson]

Okay, in that case go to depreciation journals and create a line for each tax book for each asset and do a write up for each for the amount that was written down.

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Ryan Sorenson
Sunrise Technologies, Inc.
Salt Lake City, UT
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