Multi-book accounting

Run GAAP, tax and internal views of the same events in parallel — one asset depreciating two ways at once.

Accounting → Books.

Three books are created for you: GAAP (primary), TAX, and CASH. You can add more.

Why: the same van is straight-line over five years for your financial statements and MACRS for your tax return. Those are different numbers for the same asset, and both are correct. Keeping them in one system means the difference is computed rather than maintained by hand in a spreadsheet.

Setting it up: open a fixed asset, go to Books, and give each book its own method, life, salvage and convention.

The book/tax comparison shows both schedules year by year with the difference column. That difference is what drives your deferred tax calculation — a positive figure means the first book expenses more this year, creating a deferred tax liability.