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Latest Update Posted
- 2009-12-31 00:35
New Tax Report feature
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With the new 2.14.1 there is a new report in the DETAIL section entitled "Federal Taxes" which should be giving details on tax calculations.
However it always says "No Data" when I run it.
Any ideas?
From: lwilliams
Get the latest update 2.14.5 and see if the problem still exists
From: mfuquay@jeffers...
Dumb question, what makes up the "Nom Asset Inc" column?
From: Dick Munroe
Nominal Asset Income
We are sort of real estate for column headers...
Best,
Dick Munroe
From: ssnichols@omsoft.com
Where does Nominal Asset Income generate from? Why would it be negative for the first two years of the Federal Tax report?
From: Dick Munroe
Nominal asset income should be just the interest on your regular assets, it shouldn't be negative. For us to check this out you'll have to open a support ticket, describe the problem and upload the database you're using that shows the problem so that we can see what's going on.
Best,
Dick Munroe
From: ssnichols@omsoft.com
After looking at the Assumptions page, I noticed that I had changed the Nominal Rate of Return on Regular Assets to 2% while leaving Current Inflation at 3%. Changing Rate of Return to 3% changed the Nominal Asset Income to $0.
What I take from that is that as long as the two entries are equal, Nominal Asset Income should always be zero because Nominal Income will parallel Assumed Inflation. Is that correct?
Steve
From: Dick Munroe
Correct.
Best,
Dick Munroe