Japan Fixed Assets Reports

Japan Fixed Assets Reports SuiteApp generates reports for depreciable fixed assets and corresponding tax reports. Also, using the SuiteApp, you can apply depreciation rates from the tax agency and depreciation methods to the depreciable asset tax reports. The reports comply with requirements of municipal tax agencies in Japan. The SuiteApp is available from the SuiteApp Marketplace.

The Japan Fixed Asset Reports SuiteApp generates two reports:

• Depreciable Asset Tax Report - Summary of all depreciable assets per Depreciable Asset Type under a Municipal in a Reporting Year. Depreciable assets are grouped into:

  • Acquired Before Last Year

  • Retired Last Year

  • Acquired Last Year

• Depreciable Asset All Asset Report - Detailed report of all individual depreciable assets under a Municipal in a Reporting Year.

The reports include depreciable assets based on their Date of Acquisition, Date of Retirement, and Municipal. The Estimated Value and Standard Taxable Value of each depreciable asset are automatically calculated in the reports.

The reports should be generated yearly for Japan subsidiaries with specified Depreciable Asset Tax Reporting information and depreciable asset records.

The report period covers January 2 of last year to January 1 of the current year. If a Japan subsidiary is specified to have more than one municipal, the two reports are generated for each municipal.

Japan Fixed Assets Reports requires the Fixed Assets Management (FAM) SuiteApp, because asset records in FAM are used to create depreciable asset records.

Japan Depreciable Asset Tax Reporting Process

The following are the steps for setting up and the generating Japan Depreciable Asset Tax Reports:

1. Create Asset records in the Fixed Assets Management (FAM) SuiteApp. For more information, see Prerequisite for FAM Asset Records and Creating Asset Records Manually

2. Configure Depreciable Tax Asset Report settings and information:

   • Specifying Reporting Preferences for Depreciable Asset Tax Report

   • Creating Depreciable Asset Types

   • Specifying Depreciation Rate

   • Specifying Reporting Years

3. Specifying Reporting Information about Japan Subsidiaries

4. Create and specify Municipal records and information:

   • Creating a Municipal Record

   • Specifying Municipal Information

   • Specifying Municipal Transfer of an Asset

5. Creating Depreciable Asset Records from FAM Asset Records

6. Generating the Depreciable Asset Tax Reports

Considerations in Using the Japan Fixed Assets Report

Before using the Japan Fixed Assets report, you must consider the following:

• If the Date of Acquisition is January 1, it is automatically adjusted to December 31. As January 1 is recognized as legally belonging to the previous year. But if the Date of Acquisition is not January 1, it is automatically copied to Legal Date of Acquisition.

• If the Date of Retirement is January 1, it is automatically adjusted to December 31. As January 1 is recognized as legally belonging to the previous year. But if the Date of Retirement is not January 1, it is automatically copied to Legal Date of Acquisition.

• When setting the Acquisition Cost in the Depreciable Asset record, the Depreciable Amount Limit field is automatically and correctly filled out. Depreciable Amount Limit = (Acquisition Cost * 0.05).

• When setting the Useful Life in the Depreciable Asset record, the Depreciation Rate field is automatically and correctly filled out. Depreciation Rate = (Rate R from Depreciation Rate instance with the same Useful Life).

• When editing a Depreciable Asset record, the Municipal cannot be changed.

• A Depreciable Asset record can only be created from an asset record of the Fixed Assets Management SuiteApp.

• With two or more Municipal Transfers, if any intermediate transfer is deleted, the Municipal in the latest transfer will be retained.

General Notices