If you make all your entries into the O&G screen property-by-property, Lacerte (and therefore ProConnect) does a good job of applying the tax limitations. It'll even allocate your overhead using the method you pick, either across all properties or across a given set, depending on where you enter the overhead numbers. Works great for Oklahoma and Louisiana state depletion.
Personally, I do my depletion schedule in Excel for a couple of reasons:
1) Penny rounding adds up when you have a significant number of properties.
2) Data entry time and errors add up when you have a significant number of properties.
3) Gives me a double-check on the tax software calculation, although I've never found an error that wasn't on my end.
4) My clients sometimes have weird situations where the appropriate tax treatment isn't necessarily clear-cut, and I want to have a way of flagging "I changed this formula but not that one, based on professional judgement." Like, "we picked up a bunch of income on this well in a prior year and took depletion, then the operator reversed and rebooked and we paid it all back." Or "the operator reversed and rebooked, but the prior income really belonged to people who take behind us, and we'll eventually recoup the cash but not for a while."
Is your issue "I do a bunch of O&G and am new to ProConnect," or "I am new to O&G but generally familiar with ProConnect"?
