Legal Reports 

Use

You are required to prepare statements of the depreciation on assets in the format required by the National Tax Service.

To access the programs, on the SAP Easy Access screen, choose Accounting ® Financial Accounting ® Fixed Assets ® Information System ® Reports on Asset Accounting ® Preparations for Closing ® Country Specifics ® Korea ® Straight-Line Legal Reports or Declining-Balance Depreciation.

Features

The tax service requires you to submit two separate statements, one for assets subject to straight-line depreciation, and one for declining-balance depreciation. The system comes with separate programs for both. The statements must show the values in each asset class only. No information is required about individual assets.

You can prepare statements for individual assets (for your own reference) and for each asset class.

The statements shows you the book depreciation and the tax depreciation on the asset (or asset class) that you have selected. They also show the sibuin amount.

To improve performance, we recommend that you execute the program for a small number of asset classes at a time. We also recommend that you execute the program in test mode first, ensure that the results are correct, and then execute it in update mode.

Selection

On the selection screen, enter the following data:

·        Selections

·        Settings

The report date is printed on the statement. It is also used to determine the opening balance of the sibuin amount.

·        Asset Name, Asset Number

This determines whether the statement shows the assets' names or numbers.

·        Further Settings

The system uses the tax depreciation area to determine the assets' useful life for tax purposes.

If you select Posted Amounts, the system reads the book depreciation amounts that you have posted for the report year, so only select it if you have executed the final depreciation run already.

·        Source

Specify where the system can find the accumulated sibuin amounts, either an Excel file or the sibuin depreciation area.

The first time you execute the report, you must supply the system with the amounts using an Excel file, so select Upload Sibuin Amounts from File and enter the file name.

The next time you execute the report, you can use the sibuin amounts stored in the sibuin depreciation area, so select Read Sibuin from Depreciation Area and enter the depreciation area.

You can also select both sources. If the program finds data about the same asset in both sources, it uses the data from the Excel file.

If your company enjoys deemed depreciation status, select Year of Exemption (Deemed Dep).

·        Output

To see all assets individually, select Asset Wise Report; to see the information summarized by asset class, select Asset Class Wise Report.

If you want to save the information, select Processing, Then specify what you want to save – either the accumulated values or this year's values only. You only need to save the accumulated values if you are running the program for the first time. Otherwise, select Current Year Values.

Then specify how you want to save the data: Download as File if you want to save the information as an Excel file, or Update Sibuin Amounts, if you want to generated the sibuin postings. Then enter the rest of the data as required. This data controls how the sibuin postings are created.