FAM Not fully depreciating?

Forum|Forum|4 years ago
August 20, 2021
3 replies
21 views

Why is FAM not fully depreciating some assets? I'm looking at the Federal schedule here - and have several assets this year that should be finished depreciating at the end of their life - but FAM isn't doing that?

I also can't force it to by changing the current depreciation.

The beginning depreciation equals the ending depreciation for all items, so also can't change that.

How do I fix this to get these items fully depreciated this year correctly?

Thanks!

ProSeries Fixed Asset Manager

This topic has been closed for replies.

Best answer by dd4vols

1) put your cursor on the cell that has .0.00 in current depreciation,

scroll across the top to asset>>scroll down to 'Override/reinstate", and click on it. Should turn that cell, and the ones below it to a red color, type in what you want in the current depreciation cell.

I've used "override/reinstate" lots over the years, to mostly correct prior accountants (and maybe 1 or 2 of mine 😁) mistakes,

T

TaxGuyBill

For the bottom picture, the last year for depreciation for the bottom picture was 2019, so that is why that is showing zero depreciation for 2020. As for why there is unrecovered/undepreciated Basis, perhaps the "prior depreciation" was entered incorrectly at some point, or perhaps it was less than 100% business use at some point.

As for the top picture, that is rather weird why it isn't showing any 2020 tax depreciation. If nobody responds here, you may need to call support about it.

dd4vols

Answer

Intuit Community Champion

1) put your cursor on the cell that has .0.00 in current depreciation,

scroll across the top to asset>>scroll down to 'Override/reinstate", and click on it. Should turn that cell, and the ones below it to a red color, type in what you want in the current depreciation cell.

I've used "override/reinstate" lots over the years, to mostly correct prior accountants (and maybe 1 or 2 of mine 😁) mistakes,

If an answer solves your issue, click on the "Mark as Best Answer" button! Makes it easier for people to find answers to similar questions that have already been posted.

K

kamageeAuthor

Level 2

This totally fixed it - and fixed a lot of my problems - thank you so much!!

Sign up

Login with SSO

Let's get you signed in

Login with SSO