CenterPoint Depreciation

CenterPoint Depreciation Software makes it easy to create, calculate, and store the depreciation of fixed assets.

• Maximize tax benefits by accurately depreciating fixed assets.
• Ensure an accurate financial picture with the ability to view how fixed assets affect financial statements.
• Save considerable manual work with the ability to manage multiple quantity fixed assets.
• CenterPoint Depreciation can be a standalone system or operate seamlessly within CenterPoint Accounting Software.
• Those providing depreciation services can easily grow their business by using CenterPoint Depreciation for an unlimited number of taxpayers.
• Eliminate guesswork and manual calculations by including all applicable IRS tax form worksheets in the system.

Features

System Functionality

• Project depreciation through the life of an asset.
• Easily set up client templates; only enter common general ledger account numbers and categories once.
• Handle trades and disposals of fixed assets, including sales by quantity (make asset dispositions by quantity). For example, buy 10 of the same assets and sell only one or more of the quantity.
• Track an unlimited number of fixed assets.
• Produce all listed property and luxury auto calculations and limitations.
• Historical and current depreciation methods.
• Asset depreciation can be recorded, stored, and calculated for assistance with income tax returns and for help planning future asset purchases.
• Use CenterPoint Depreciation for multiple taxpayers.
• Stay current with depreciation tax law changes through ongoing updates.
• Track depreciation expense by location, production center, and profit center.
• Keep track of necessary information for fixed assets such as serial number, creditor, service date, and quantity.

Depreciation Schedules

• Calculate depreciation for multiple schedules on one asset: book, federal, state, Alternative Minimum Tax (AMT) etc.
• Multiple depreciation schedules are stored on each individual asset simultaneously.
• “Management” schedules for accrual reports.
• Produces one-year schedule with subtotals for asset categories and totals for current depreciation for the year. The calculations for all assets and the accumulated depreciation will help determine if adjustments to Section 179 expensing, SDA (Special Depreciation Allowance) or depreciation methods are required before completing a 4562 tax form.
• Multi-year depreciation projection report to help make asset purchase decisions that maximize tax benefits.
• Choose which schedule CenterPoint Accounting uses to adjust values. (For those using CenterPoint Accounting only.)
• Print a professional quality depreciation schedule.

Tax Forms

• Create and print tax worksheet reports for all IRS Tax Forms including: 4562 - Depreciation and Amortization, 4797 - Sales of Business Property, and 8824 - Like-Kind Exchanges.
• Process Compliance Tests for Section 179 expense limitations, mid-quarter and half-year conventions, consistent SDA, Listed Property, SDA, and others.
• Automatically calculate tax preference amounts, prior-year depreciation, and gains and losses on asset sales.
• “Tax” schedules for income taxes.
• Tracks yearly SDA and Section 179 limits.

Reports

• Choose from a wide selection of standard reports or customize.
• Generates reports that help complete depreciation-related tax forms, including IRS Forms 4562 – Depreciation and Amortization, 4797 – Sales of Business Property, and 8824 – Like-Kind Exchanges.
• “Management” schedules for accrual reports.

CenterPoint Depreciation Software is available as a locally installed program or via a cloud deployment.

Red Wing Software Company Overview