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Level 3
November 11, 2021
Question

prior depreciation does not flow through to asset entry worksheets

  • November 11, 2021
  • 14 replies
  • 61 views

due to a change in 2020 ProSeries, prior depreciation on assets is not flowing through to asset entry worksheets.  Additionally, prior depreciation does not appear on the deprecation reports.  This is a problem for sure.  Anyone else seeing this problem?

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14 replies

Just-Lisa-Now-
Intuit Community Champion
November 11, 2021
are you referring to assets not flowing to the new 2021 program when you transfer a client, or 2019 assets not flowing to 2020?
♪♫•*¨*•.¸¸♥Lisa♥¸¸.•*¨*•♫♪
cpa2helpAuthor
Level 3
November 11, 2021

I'm referring to ProSeries Professional 2020.  Several client returns with assets being depreciated are showing this problem in 2020 returns.  If you look at an Asset Entry Worksheet for Schedule C or Schedule E assets, the prior depreciation does not appear.  You can go to the link for "Asset Life History" to see what the prior depreciation amount should be and manually input that on the Asset Entry Worksheet prior depreciation line.  After doing so, the Depreciation Report will show the prior depreciation.  Otherwise, the Depreciation Report also does not show prior depreciation on those assets that "prior depreciation" does not appear on the Asset Entry Worksheet.  I have noticed some assets show prior depreciation correctly, but other assets do not show prior depreciation until you manually input the prior depreciation. 

That issue creates a lot of manual correction to get the Asset Entry Worksheets to show correct prior depreciation, and the Depreciation Report to show the correct Accumulation Depreciation.  If this problem is not noticed by the tax practitioner.  If an asset is sold this error creates incorrect gain or loss information for tax reporting.  In prior years, ProSeries automatically carried through the prior depreciation to the asset entry worksheets and depreciation reports.

Looking for a program fix that would globally fix this issue so practitioners do not have to manually update the depreciation schedules.

 

Just-Lisa-Now-
Intuit Community Champion
November 11, 2021
I had this happen to lots of clients that I inherited from my previous employer when he retired in 2015. Its been a hassle to manually adjust for these clients, so I understand what you mean.

I have not had it happen to any of my clients since then though. Be sure you're not transferring client files into the new year's program too early, lots of bits and pieces seem to get missed in early transfers...I know he always transferred as soon as the new product was available, I wait until as late in January as possible.
♪♫•*¨*•.¸¸♥Lisa♥¸¸.•*¨*•♫♪