MrMojo
Level 3
02-17-2023
09:49 AM
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Ask client for PY's returns and see if a deprecation report is included. If not, the client will have to ask the old preparer for that report.
PS Pro uses tax depr but client can use book depreciation for financial reporting purposes so there will be a book-tax difference.
But... the book depr could be tax depr so you'll need PY's depr report to see if that's the case. Depending on the company, smaller companies may not use book vs tax depr so tax depr becomes book depr.
As someone already mentioned, purchasing Fixed Asset Manager would help.
Good luck!