Fiscal YE depreciation issue

[susan3]

I have a 1120C FYE 10/31/19. This is a new to us client for 2018 tax year. They have a new asset 5/1/19 that is not showing on the depreciation schedule. I am getting a "depreciable assets acquired in future year" diagnostic.  I've click the "future asset to list on depreciation reports" on misc depreciation input. Then it shows but won't take depreciation. I can force this year amount, it shows on pg 1 but it doesn't show on form 4562.

it seems that the depreciation is calculating based on calendar year not fiscal year end.

any suggestions? I was on with Lacerte support, they took copy of the file, at end of day basically said, sorry call back & talk to another rep.. with no fix.

[George4Tacks · Accepted solution]

Just a guess, and if I am right, support should be profoundly ashamed. 

Screen 1 > Miscellaneous Info > Is Fiscal Year End (MM) = 10?

Screen 4 > DO NOT enter any  Tax Year Information

[susan3]

 Thanks George, yes, new support just told me about that, I was not aware, I had 12 thinking it meant 12 months.. deprec is now calc'ing however still not showing on 4562. I am on hold again with them while they look into...

[susan3]

this is resolved. apparently I still had the box checked for "future asset", once I took that off it flowed to 4562.

thanks for your input & help!