Where do I find a report that will show my leasehold cost less the greater of percentage or cost depletion (not just cost depletion)?

[rich]

I'm new to Lacerte.  I can see where to get a cost depletion report, but it ignores percentage depletion.  Where do I find a report that will help me arrive at my net book value of leasehold cost taking into account both cost and percentage depletion?  Also, is there a separate field to enter prior percentage depletion, or do you just enter the combined total of percentage and cost depletion in the "accumulated depletion" filed under the Cost Depletion heading?

[George4Tacks]

Depletion or Amortization. I know I am getting old and the minerals in my brain are depleted, but I think you should be amortizing leasehold costs.
@rich Which form or schedule are you applying this to?

[PhoebeRoberts]

Nope, you deplete your LHCs.

[George4Tacks]

@PhoebeRoberts Does Lacerte produce what @rich wants?

[PhoebeRoberts]

Yep. I'm just looking for a file where I keep my depletion schedule in Lacerte. Because of dollar rounding limitations, I do pretty much everything in Excel and just put summary numbers into Lacerte.

[PhoebeRoberts · Accepted solution]

I *think* what you want might be the Allowable Depletion Report; there's nothing that shows ending NBV, so you either have to trust Lacerte to carry over LHC and accumulated depletion not in excess of basis (which it actually does do correctly), or you have to write your own Excel formula to limit accumulated depletion to basis.

There's nothing special about cost vs percentage depletion in terms of accumulated depletion not in excess of basis. Just enter one number.

As I said to George, I do my well-by-well schedules in Excel, and enter into Lacerte in whichever clumps produce the desired output. So I might have a Property called OK Gain WI and a property called OK Loss WI, both under the Set called Oklahoma Wells. If you have very many small-dollar wells, the rounding really adds up fast.

[George4Tacks]

Thank you. You rock!!!!!