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How can I prepare a Bulk Sale - One sale many assets as One sale?

Bruce5
Level 1
 
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Accepted Solutions
dascpa
Level 11

Use an Excel (or similar) sheet. List all the assets and their cost basis. Then in the next column come up with each asset's % of the total. In the next column allocate the sales price by each assets %, and do the same if there are costs of asset sales.  Finally in ProSeries mark each asset sold with their allocated sales price and cost of sale.  All will transfer to form 4797.

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11 Comments 11
jeffmcpa2010
Level 11

What type of property? Securities, Business assets, etc.

Knowing that someone will probably be able to help.

dascpa
Level 11

Works very well in Fixed Asset Manager.

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dkh
Level 15

ProSeries does not have the option to mark multiple assets on a depreciation schedule for one bulk sale.........sure wish it did though   

Bruce5
Level 1

I am using proseries professional to record the bulk sale  How can I accomplish this

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dkh
Level 15

You will have to allocate your sale price for each asset sold.  There is no bulk sale option within ProSeries.  

dascpa
Level 11

Use an Excel (or similar) sheet. List all the assets and their cost basis. Then in the next column come up with each asset's % of the total. In the next column allocate the sales price by each assets %, and do the same if there are costs of asset sales.  Finally in ProSeries mark each asset sold with their allocated sales price and cost of sale.  All will transfer to form 4797.

Bruce5
Level 1

Thank you for the suggestion

Have a GR8 Day!!

 

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clan
Level 1

How do I enter land in a bulk sale?

 

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msullivan
Level 1

Thanks. I was afraid of that.

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kgalland
Level 4

I have the same issue and I think I am once again forced to accept another limitation with Proseries. The list just keeps getting longer and longer. I don't know how the rest of you feel but the prices go up every year yet they don't seem to be able to handle very complicated returns. What are some other good alternatives? I realize the headache of switching which is probably why we all keep returning. It seems they have a monopoly especially with accounting software. 

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sjrcpa
Level 15

 Lacerte does bulk sales. While it is an Intuit product, it is totally different than ProSeries, and costs more.

As mentioned above somewhere, Fixed Asset Manager will also handle these. I have no knowledge of it. I think it's an addon for ProSeries.

The more I know, the more I don't know.