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General Assets Account
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athaureaux6
Level 8
01-05-2023
04:25 AM
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Good morning online community,
Planning for this season, I will have a client who sold their laundry last year. The laundry had 30 washing machines and 30 drying machines. When filing the 4797 to report the disposition of assets, can the 30 washing machines be group together as one? I was trying to google and I read something called General Assets Account. Does anybody know how to handle that? To tell you the truth, I have never had to deal with a case like that before. Thank you and have a great day from NJ.
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dascpa
Level 11
01-05-2023
08:45 AM
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In case you use FAM (fixed asset manager) to import into ProSeries you can go to Asset > Schedule Tools > Dispose Assets to have the program dispose of multiple assets at once and allocate the sales price and costs of sale across all the assets. A great feature to speed up the process. You can use the same Schedule Tools to add in one purchase of the 30 assets and have the program then split into 30 separate assets. Works in both directions.
