Book Depreciation Pro Series

[plrraz]

Hi,

I picked up a new client that I need to prepare an 1120S for. They have book depreciation that their old EA would prepare and give a schedule & journal entry for their bookkeeper to record.  Old firm uses Lacerte, which I know has the book depreciation input so it can be calculated.

I us PS Basic for 99.9% of my clients, as I prepare mostly individual returns. I do not believe PS Basic has anywhere to input book depreciation, but as I sit in my Dr.'s waiting room, I started to wonder if in fact I have missed something in the PS Professional software - does it have the ability to compute book depreciation for the taxpayer - I looked (briefly), but did not see it.

I figured that if PS Pro does NOT have that ability, I will just create a dummy client and enter all the assets and set them up to calculate using the GAAP depreciation methods.

Am I missing an easier way (and yes, shame on me if I missed that there is the ability to calculate book depreciation) in PS Pro.

[jeffmcpa2010]

Excel spreadsheet?

I have done that before.

[dascpa]

Buy Fixed Asset Manager.  It will handle book, tax, state, AMT.

[taxes96786]

Do you have a copy of the 2022 return? Does it include the depreciation reports? If not, have the client get a copy from the prior preparer.

[MrMojo]

Ask client for PY's returns and see if a deprecation report is included. If not, the client will have to ask the old preparer for that report.

PS Pro uses tax depr but client can use book depreciation for financial reporting purposes so there will be a book-tax difference.

But... the book depr could be tax depr so you'll need PY's depr report to see if that's the case. Depending on the company, smaller companies may not use book vs tax depr so tax depr becomes book depr.

As someone already mentioned, purchasing Fixed Asset Manager would help.

Good luck!