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I know that PS AM can handle different tax depreciation methods and ‘books’, but we have not gone too crazy with it at our company. Our Tax Director has been told by one of the audit companies that many PS customers do not use PS AM module to account for different tax depreciation methods and tax books, and that they go with a 3rd party or internal custom solutions to account for tax basis. This audit company is telling our Tax Director that many PS customers go with their own custom solution since AM module is too complicated to configure, not flexible enough and all reports have to be custom developed. Wanting to find out what other PS customers do. Do you do all tax basis accounting and depreciation in PS AM for assets or do you have a custom external/internal solution?
Appreciate your response to this.
We use PeopleSoft AM for our US tax reporting. We have tax books for Federal, State, and a special one for California (not sure exactly the specifics on this one). For the Federal and State books it does take some time and effort to get everything setup correctly and it is a learning curve to make sure users update the books correctly. We have been pretty clean with this process for the last few years. Our biggest issue is when an asset is entered under the wrong profile, then the book changes don't get made when transferring the asset to the new category. It would be nice if you could transfer an asset to a new profile, so it picks up all the profile defaults. I usually have a list of assets that have to be fixed for the prior year once the tax audit is complete.