Depreciation Carry Over

[MyGo2CPA]

I have a client renting equipment to the film industry.  With all the strikes last year the company lost money.

The Depreciation Total from QBD Fam is $704,764.  The amount when imported to Pro Series is $602,504.  I can't find anything in the 4562 that accounts for the difference.  There is more than enough in retained earnings to cover the total loss.  The company did not take any Section 179 deductions in 2023.  Will they lose the difference in depreciation, or will it carry forward to 2024?  

[TaxGuyBill]

I think you need to track down the difference.

Look at the "Depreciation and Amortization" worksheet in ProSeries that itemizes each individual asset and compare that with the depreciation of each individual asset in FAM to find out where the difference is.

Once you track down WHERE the difference is, come back and let us know if you can't figure out WHY there is that difference.

[MyGo2CPA]

I spoke with Pro Series Support.  After being told it was because the fixed assets were imported to Pro Series from QBD Fam (Intuit owns both) I called the Pro Advisor Support Team.  They connected me to someone in Pro Series who understands how the companies work.  Abdul was wonderful!  We found the difference in the prior year total Depreciation Pro Series was counting, but they still haven't responded to what caused the difference.  I overrode the number in Pro Series and I know my totals are right.  I have a complete CDR on the QB Desktop file that matches the entire balance sheet to the penny.  The numbers matched in the Fixed Asset Import to the QBD Fam (and it's 5 pages long) so I would warn caution...  Pro Series showed no errors on the review.  The client was losing $42,000 in Depreciation...