Book and Tax Accounting
Book Accounting
Tax Accounting Sales tax reporting is streamlined with the use of our
detailed Sales Tax Report and Sales Tax Remittance Report.
Taxable and non-taxable transactions are captured for reporting to the
appropriate taxing authority. Sales
tax can be reported as it is collected (cash basis) or on an accrual basis.
The Sales Tax Remittance Report will assist in the preparation of your
sales tax returns. This report can
be generated for any time period specified, i.e., monthly, quarterly, etc.
The Lease Accounting and Management System
provides book accounting entries for Direct Finance leases, Operating/True
leases and Conditional Sales Contracts from lease inception through lease
termination. Your initial
accounting entries and subsequent daily and/or monthly accrual entries are
recorded and reported according to Generally Accepted Accounting Principles (GAAP)
for lease accounting. Accounting
entries are made simple by the numerous options that are available to tailor
receipts and disbursements to your individual requirements.
Entry of your basic contract information is all that is needed to
generate accurate accounting entries that will ensure accurate income and
expense figures throughout the life of a lease.
The internal general ledger makes transaction
processing a breeze. Accounting
entries generated by each transaction processed are transparent to the user,
which minimizes the chance of accounting errors.
Any transaction can be easily reversed including a complete reversal of
all transactions associated with the lease at any point during the term of the
lease.
Comprehensive reporting is available for overall
current portfolio balances via the Trial Balance Report. You will also
find a variety of income and cash projection reports within the Lease
Accounting System to assist you in planning for the future.
The
Corporate Tax Report provides the information needed to assist in filing
your state and federal tax returns. Standard tax depreciation methods, as well
as AMT and the elective 30/50% bonus regulations are included.
This powerful report will provide you with inception to date and current
year income, depreciation, and tax gain/loss figures for your entire portfolio
in minutes. In addition, it allows you to model your portfolio using a variety
of methods of depreciation. A
ten-year summary of asset acquisitions is also provided within the framework of
the report.