The First and Best LIFO Software Available for the Automotive Industry
With SourceHOV | Tax's Alternative Method Software (AMS), the most comprehensive package available on the market today, calculating automotive LIFO is fast and easy. Incorporating all research and programming needed to comply with IRS rules, AMS is an invaluable tool used currently by thousands of dealers and CPAs across the country.
With a wealth of experience gained in the service business, SourceHOV | Tax has incorporated all the requirements of Rev. Proc. 92-79 (Rev. Proc. 97-36) into a format that is easy to use. Users can choose to either import or manually enter the base model code, purchase date and stock number per vehicle, and the program does the rest. With this information, reports can be generated for an Average Base Model Cost, an Index Computation, a LIFO Reserve and an Inventory Reconciliation. The combined reports form a complete audit trail which can be easily reviewed and understood. Consistency in vehicle comparisons, accuracy and time savings are just a few of the reasons for using SourceHOV | Tax's Alternative Method Software.
Outstanding Features Of Alternative Method Software:
This new feature will save AMS users significant data entry time. For those who wish to use this optional feature, the Import capability provides the flexibility to customize an import based on the specific information that is available in the dealership’s inventory management system. At a minimum, users can import the stock number; however, fields such as the base model code, base model cost, VIN, and other vehicle data may also be included in the import. The process begins by exporting the desired data from the dealership’s inventory management system (ADP as an example) into one of four file types accepted by AMS (i.e. “comma, delimited text file”). Once the data has been imported the user is prompted to address any vehicles with fields that either 1) were not included in the import file, or 2) need further information in order for AMS to select the proper vehicle from its database.
Dealer Discount Field
Now dealerships that have made the Dealer Discount accounting method change (to net trade discounts, advertising, etc. from inventory), can choose to enter the Dealer Discount amount attributable to each vehicle during vehicle entry. The sum total of all such entries is included on the Reconciliation Report and provides for an even more complete LIFO audit trail.
All research necessary to comply with the Alternative LIFO Method is built into the database. Don't rely on "new model" decisions made by a company that lacks LIFO experience and won't stand behind its decisions. AMS guarantees that you'll get all the LIFO benefits you deserve.
Conformity Estimates/Quality Tax Planning
An accurate, reasonable LIFO estimate is a very important component of the rules relating to LIFO conformity. You need the fastest, easiest way to complete that estimate. In a matter of minutes, AMS enable you to generate an accurate estimate based on your specific inventory mix. You will be confident knowing that you are providing the IRS with all the required information. At the same time, you will overcome one of the biggest roadblocks to accurate tax planning -- the estimated LIFO adjustment. You will always be able to compute a reliable annual tax projection.
Free Software Support
You will receive technical support at no additional charge.
This benefit assures that all vehicles have been included in the calculation and that the entries correlate with the general ledger.
Automated LIFO History
From year to year, the LIFO layers are automatically maintained and updated, saving you time and assuring accuracy.
Within a few hours or less, you can compute the LIFO adjustment.
User-Friendly Windows Program
Context-sensitive help screens walk you through the computation.
AMS eliminates time spent researching and programming. You simply enter the invoices and let AMS do the rest.